The Secret to a Successful Agency Month-End: Best Practices for Deltek WorkBook

March 29, 2023

Agency month-end can be a stressful time, particularly when it comes to finance, operations, and marketing efforts. A lot can go wrong if the proper procedures, tools, and systems are not implemented. Even for seasoned agency veterans, the financial close process can be daunting. However, with Deltek WorkBook, a robust, all-in-one agency management software, agencies can streamline their operations, increase margins, and boost their profitability.

Invoice Accurately and Timely

One of the critical components of a successful agency month-end is accurate and timely invoicing. Invoices should be generated and sent out in a timely manner to keep cash flow steady. Deltek WorkBook automates the invoicing process, ensuring fast and error-free billing. Furthermore, invoice templates can be customized to match your agency’s branding for a more professional look.

Take Control of Revenue Recognition

Revenue recognition is another essential aspect of agency month-end. Deltek WorkBook makes it easy to recognize revenue based on project milestones, ensuring that the agency’s financials are accurate and up-to-date. The software also has an automated revenue recognition feature, which simplifies complex accounting procedures, reducing errors and increasing efficiency.

Streamline Resource Allocation

Resource allocation is an essential aspect of agency management. With Deltek WorkBook, managers can quickly determine which resources are underutilized, overutilized, or idle. This information allows managers to allocate resources optimally, making sure that every staff member is fully utilized while avoiding burnout. This feature also enables managers to maintain a balanced workload across the agency, improving morale and productivity.

Synchronize Time and Expense Tracking

Time and Expense tracking is crucial for agency profitability. Deltek WorkBook offers a platform for staff to keep track of their time spent on individual projects and expenses incurred. These data inputs are automatically synchronized with the overall financial system, simplifying the process of data entry, and avoiding errors. That way, your agency’s monthly financial reports will be 100% accurate.

Keep an Eye on Margins

Margins are an essential financial metric for any agency. With Deltek WorkBook, you can stay on top of margins across various time frames, including individual project margins, employee margins, and overall agency margins. This feature enables managers to identify areas where cost savings might be possible, ensuring that the agency is operating efficiently and profitably.

By implementing the best practices outlined above, you can take advantage of the software’s full capabilities, ensuring that your agency’s monthly financial close is a smooth, hassle-free process. Take control of your agency’s finances today and enjoy the benefits of optimized agency management with Deltek WorkBook. Contact us today to schedule your demo, and have a happy month-end!

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