Profit Planning Monitor: An Under-Utilized Vision Tool
Professional services organizations using Deltek Vision are often using Project Planning and General Ledger Budgeting to forecast firm needs and manage firm expenses in different ways. When creating a project plan, one of the most powerful metrics that can be analyzed is the Estimate-At-Completion (EAC) value. EAC is a calculation of Job-to-Date (JTD) Spent + Future Planned Values. When the EAC exceeds your contract value, it is a sign to your project manager that there is a potential issue that needs their attention. The use of EAC within Vision companies is typical with companies that are using Project Planning, but did you know that you can easily develop the same view for your General Ledger using Vision’s Profit Planning Monitor?
The Profit Planning Monitor report can be configured to use JTD Income Statement values for periods in the past and General Ledger budget values for periods in the future. The report includes an Annual Rolling Forecast column that adds these values together to give your firm visibility into what your year-end will look like as the year progresses. This information is incredibly powerful when it comes to tax planning, budget adjustments, and monitoring trends within your firm.
In order to produce a Profit Planning Monitor Report with a Rolling Annual Forecast at your firm, the first step is to create a General Ledger budget within Vision. General Ledger Budgets must be assigned to an Organization, but can be grouped together to make the budget as simplistic as you would like. Vision includes features to assist the population of your budget values, such as the ability to spread annual values automatically. Firms that are using an external general ledger budgeting tool have the option to import these values as well.
Once the budget is in place, you can create an annual Profit Planning Monitor report that can be used all year to monitor your expected year-end results. Select the applicable annual budget from the General Tab. If your firm uses Account Groups on your Income Statement, you can use the same groups on the Profit Planning Monitor.
You will use the report’s dynamic Actual/Budget columns that are available and configurable on the Columns tab.
Once you have configured the report, your report should look similar to this:
As you can see, the Profit Planning Monitor is an extremely valuable report that can be used regularly by your executive team to ensure your year stays on track.
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About the Author
Stephanie Staats has been a Deltek business consultant since 2016, focusing on the Vision and Vantagepoint solutions and is passionate about using Deltek's solutions in innovative ways. Prior to joining Deltek, she spent nine years as the business manager for a structural engineering firm leveraging Vision for all aspects of the company’s analytics.
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