Digitally Transform Your Cash Flow with Deltek Payments
By Warren Linscott, Chief Product Officer, Deltek
Streamlined financial processes are the lifeblood of any project-based business – and with multiple clients and vendors in your supply chain, there are often numerous payment scenarios companies must deal with. Work in progress, project milestone billing, complex invoicing, billing, payment and disbursement requirements can all vary across projects and industries.
What may be unique payment scenarios for any non-project-based industries is part of the day-to-day project and corporate financial process in project-based industries. If you are still relying on sending and receiving paper checks for the last mile of your account receivable (AR) and account payable (AP) processes, you know very well the cash flow headaches that can result with manual processes.
Deltek Payments is a suite of financial tools that helps government contractors, architecture and engineering firms, and construction companies move away from manual processes when managing payments. Deltek Payments empowers U.S.-based Deltek customers to accept digital payments, present their customers with integrated payment portals, and to pay suppliers digitally. It is uniquely built for project-based businesses–including Deltek Costpoint, Deltek Vantagepoint and Deltek + ComputerEase users–helping them to modernize and digitize their payments processes, lower days sales outstanding (DSO), reduce reconciliation, and save money.
Modernize Your Payment Experience
Accept Electronic Payments
Payment portals are a natural evolution of Fintech or financial innovation and provide customers with online access to their invoices, past payments and the ability to pay you digitally. This advancement allows businesses to get paid faster by accepting digital payments and optimize company cash flow by replacing manual processes with digital transactions. And by seamlessly connecting a payment portal to your project-based solution, your Deltek ERP will serve as the system of record while allowing you to generate invoices without applying any changes to your current workflow.
In addition, customers can accept ACH, credit, and debit cards, all with reasonable rates for transactions. This gives Deltek customers the ability to surcharge credit card transactions and be billed separately for all fees – which means that the amount you invoice is the amount that shows up in your project-based ERP.
Deltek Payments generates invoices that customers can access from a branded payment portal to make full or partial payments, store payment methods, review all of their invoices, and more - making AR processing faster and easier for Deltek Project Nation. The ability to import or have payment data show up in your Deltek solution saves a tremendous amount of time and reduces associated admin costs for Deltek Payments customers.
Pay Your Suppliers Electronically
Every customer has a specific vendor invoice approval process, which ultimately results in that invoice being included within a payment run generating a check or ACH payment. With a check-based payment, the check must be printed, stuffed, and snail mailed, while the AP team waits for the check to clear. An ACH is better, but still puts the onus on your AP team to follow up over the next three or more days–to maintain up-to-date vendor and payment information.
With Deltek Payments, you can easily manage and track all your outbound payments to your vendors in one place. In addition, customers can mitigate payment fraud risk with audit trails for all payment types and offset liability for payments to a trusted service partner. And by modernizing your digital payment experience with Deltek Payments, your project-based solution can electronically pay all of your vendors on your behalf. This means that once the payment run is complete, you can record that payment as being made and free up your AP team for other tasks.
To learn more about Deltek Payments check out this innovative session from Deltek Insight 2021. Register for an Insight All-Access Pass to view on-demand, through October 28.
Product Innovation & Industry Focus Session
About the Author
As Deltek's Chief Product Officer, Warren Linscott is responsible for driving the go-to-market and product strategy for Deltek's global business. Warren has over 20 years of senior management experience in enterprise software delivering key solutions to professional services firms and government contractors. Connect with Warren on LinkedIn.
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