Reimagining Project Success Through Fintech Innovation
By Michael Heinsdorf, Director of Product Alliances and Corporate Development, Deltek
As long as businesses have existed, they have been diligently working to shorten the time it takes to recognize revenue from their customers and better control vendor payments. For hundreds of years, these efforts were centered around physical manifestations of currency, ending up with forms of payment that stood in for currency, such as checks.
As banks and businesses adopted electronic payments and started embracing Enterprise Resource Planning (ERP) systems, electronic payment capabilities became available. According to a March 2020 study from PYMTS, over 40% of businesses still have a heavy reliance on physical checks for B2B payments.
Evolution of Financial Technology
We’re all familiar with the phrase: ”The check is in the mail” or some other variation when dealing with both inbound and outbound payments. However, with physical payments, like checks, there is no real way to confirm that this is true; it’s harder to manage and track, leaving organizations open to liability and risk.
But this is changing; throughout the last few decades, the finance business has steadily evolved. The innovation of financial technology, or Fintech, now makes it possible for faster, more convenient, and sometimes cheaper ways of managing payments. With this capability, Finance departments can now leverage the power of electronic payments for both themselves and their customers, providing project-based businesses proven methods to manage their unique project needs and cash flow. Sending and receiving payments on projects is essential to the efficiency of a project-based business.
As part of Deltek’s ongoing mission to drive purposeful innovation and make our products easier to use, we’ve been paying quite a bit of attention to this emerging trend. Fintech helps organizations better manage their financial operations and processes by utilizing specialized technologies, making the day-to-day for finance professionals easier. And as a result, we’ve incorporated innovative technologies to support dedicated Fintech features within our project-based solutions.
Our latest integration built into Deltek Costpoint allows electronic submittal of invoice, inspection, and acceptance documents. These capabilities allow Deltek customers to import bank statements and credit card transactions, generate payment files for EFT and ACH payments, and manage vendors and vendor payments. And by incorporating Fintech capabilities into Deltek's industry-leading products, project-based businesses can digitally streamline and automate their current inbound and outbound payment processes to improve their cash flow. Deltek is committed to finding the right Fintech features that effectively support our customers and power their project success.
Expanding Deltek offerings to add value is a core belief and expanding our financial services capabilities through Fintech is one way that we believe we can help our customers with the complexity of sending and receiving payments.
But this is just the beginning, be sure to join us at Deltek Insight 2021 for the unveiling of our latest product offering as we take our Fintech efforts to the next level! Learn how Deltek is modernizing the experience for your customers, decreasing your costs, improving accuracy and reducing reconciliation – all while increasing financial security and compliance standards.
Learn More About Deltek Payments
Deltek Insight 2021 − September 15
About the Author
Michael Heinsdorf is a member of the Deltek Product Alliances Team, and responsible for finding and managing Deltek's AECO and Fintech partners. He works with prospective Marketplace members to determine fit, integration possibilities, and value to Deltek customers. Michael is a registered Professional Engineer (PE) in electrical engineering, who practiced for over a decade before making the move to AECO technology, first with AIA MasterSpec, then to Deltek. Connect with Michael on LinkedIn.
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