3 Ways Acumatica Can Grow Professional Service Firms
Posted on: May 25, 2016 | By: Craig Thompson | Acumatica
Professional service firms are unique and greatly differ from manufacturers, distributors, and even one another. If you're in the service industry, you know that time does in fact equal money. Professional service firms do more than track time, they manage their supply chain of services. The processes surrounding your professional service firm don't have to be conquered alone. Cloud ERP and Cloud Accounting software like Acumatica 5.3 can help firms manage their unique activities such as:
Managing cash can sometimes be difficult. Services may be based on quotes or fixed fees, on time or materials and also based on percentage of completion. Billing could be based off of different client terms per engagements, which causes rates to vary based on who is performing the work. After billing is deciphered, other expenses like travel can come into play and can open up another can of worms when determining just where your cash is going.
Services invoiced need to be collected, applied to the correct activity and aged. Among these activities firms need to determine the probability of each project. With this measure, professional service firms can support decisions regarding billing rates, travel arrangements and staff assignments with ease. Acumatica allows users to do just that in its new sales order reporting module. Acumatica's cloud ERP software gives users the ability to analyze sales and profitability by customer, order, item class, customer class, date and more so that you never have to worry about losing track of your money again.
Managing the Firm
In order to spring growth within your organization, it is crucial to develop your practice. Identifying potential new clients is more than just another daily operation, it is critical for your firms future success and growth. Since new business often comes from satisfied clients, a professional service firm must have an active presence on social media to keep their clients in the loop of their practices. Acumatica 5.3's marketing automation connects outbound marketing activities with CRM lead flow and processes to synchronize key activities within your firm. Using Acumatica's automated workflow can enhance and increase your credibility against competitors.
Professional service firms are also faced with the responsibility of providing the right service to the right client at the right time. Providing these services relies heavily on matching your team with the requirements of each specific client project. In order to make this success, professional service firms should have an “inventory” of staff skills as well as future availability. It is important to know which talents to utilize for which project and even more important to ensure staff productivity. Acumatica's cloud ERP software system allows for transparency within your organization because it doesn't charge per user. Acumatica is fairly priced by usage, making it easy for everyone in your organization to stay in the loop and aware of your businesses projects and practices.
With a professional service firm, “time is money” so why not encourage money well spent by deploying a cloud ERP system like Acumatica 5.3. Acumatica can help you manage all the essential elements of your service firm with ease. Contact Logan Consulting, a Chicago based Acumatica Partner to schedule a consultation or demo so that you can hear firsthand how Acumatica Cloud ERP could help transform your organization.
2020 Nucleus Research Report on ERP Technology