What could you achieve when you put your project and financial data together?
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In competitive, project-based industries, every bit of insight counts. That's why Deltek PIM is already highly valued by architects and engineers as they manage information across their projects.
But, successful projects go beyond deliverables. With project accounting and financial management connected to project information, project managers have the details they need to deliver better, more profitable projects.
This blog will explore the benefits of integrating your project information and financials for a single version of the truth and look at the many benefits of keeping all your project data and financials connected.
Disconnected project dashboards waste your time twice
For firms that juggle project information between a PIM platform and other disconnected accounting solutions, there are several opportunities for inefficiency and risk to creep into your processes.
Without a trusted integration between your solutions, you run the risk of unnecessary manual effort as users move information between systems. This also adds human error to the equation, which can lead to costly mistakes.
Then, when managers start to analyse project data, they may only see part of the story. Without all project financial data and project insights at their fingertips, they could miss vital connections that allow them to choose an informed, decisive course of action.
It's a problem that firms try and solve in ways that often creates more complexity and more manual processes. But really, these businesses need to combat this challenge with simplicity and a straightforward, solution from a single provider.
One source of truth for all project insight
A complete, integrated system helps firms avoid the pitfalls of disconnected, siloed project information and project financial data. It puts an end to manual data handling and transfer, and gives decision-makers a single pane of glass to help them move forward with confidence.
Deltek’s Project Information Management solution coupled with an industry-proven project-based accounting solution offers your firm precisely that, with a system for all your project details from yesterday, today and tomorrow. And because your people can directly enter all data into one place, there's no need for data re-entry – just improved insight and efficiency.
Together, Deltek’s PIM and project-based financial management solution offer everything your teams need to know about their projects, including:
- Contact, enquiry and project databases
- Timesheets and expenses
- Budgeting and fee forecasts
- Project profitability and financial insight
- Invoicing and document approval
And that's just a small sample of what’s available. Firms that want more control can go beyond basic project accounting to better manage their business and get even deeper insights.
When everything's together, everyone wins
By consolidating project information and financials in one place, you help all roles in your firm work faster and more effectively.
Project managers can better forecast and manage resources and pipelines. They can also reduce uncertainty and risk across your firm with dashboards that help them assess how changes affect fees and resources.
Principals can get comprehensive views of the business – fast. And with real-time reports and the ability to factor by probability, they can see how changes in project stats impact forecasts as and when they happen.
Financial leaders can streamline cost and charge rate management, shorten billing cycles, and capture more accurate timesheets and expense reports
Your whole firm benefits too
Once your people start working faster, and with more project and financial visibility, great things start happening in your firm:
- You become more profitable because you can better track cash flow, down to the project and client level.
- You become more proactive with greater insight into project deliverables and financial performance earlier to make adjustments if needed and keep projects on track
- You become more efficient as your people can spend less time chasing information across systems – and spend more time executing projects.
- You become more consistent as leaders get the insights they need to make more informed decisions.
- You become more aware of potential risks and hazards because you can track the financial position of your business in real time.
And when you start to see these benefits, your clients benefit too; from working alongside an even stronger, leaner, more effective firm.
To learn more about Deltek Project Accounting and how it can bring even more features to your Deltek solution, do not hesitate to talk to a Deltek Expert.
Industry-tailored software for managing practice and project finances
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