Acumatica for Professional Service Firms
Posted on: January 5, 2015 | By: Craig Thompson | Acumatica
Professional service firms are unique, differing greatly from manufacturers and distributors. With professional service firms, time is money – services are your product. Yet, professional service firms do more than just track time; they must also manage their supply chain of services. The processes surrounding professional service firms do not have to be conquered alone. Cloud ERP and Cloud Accounting software can help firms manage their unique activities such as:
With professional service firms, managing cash is at times difficult. Services may be based on quotes or fixed fees, on time or materials and also based on percentage of completion. Billing may be based off of different terms per client or per engagement, with rates varying based on who is performing the work. After billing is deciphered, expenses such as travel also come into play.
Services invoiced then need to be collected, applied to the correct activity, and aged. Among all of 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.
Professional service firms always seek to provide the right service to the right client at the right time. Providing the right service depends on matching staff with the requirements of each specific client project. In order to make this a success, professional service firms must have an “inventory” of staff skills as well as future availability. Ensuring staff productivity is also important, making certain that each staff member stays connected to the firm at all times.
Managing the Firm
Developing your practice is essential in order to spring growth into your company. Identifying potential new clients is critical daily in order to ensure progress. Since new business often comes from satisfied clients, a professional service firm must have an active presence on networks such as social media.
With a professional service firm, “time is money”, so why not encourage money well spent by deploying a Cloud ERP system, such as Acumatica. Acumatica can help you manage all the essential elements of your professional service firm with ease. To find out how, contact Logan Consulting, a Chicago based Acumatica partner.
2020 Nucleus Research Report on ERP Technology