Time is Money for Professional Services Firms: 3 Ways Acumatica Can Help Maximize Your Time and Profits
Posted on: May 29, 2015 | By: Jim Bertler | Acumatica
Most professional services know how important and true the old phrase “time is money” can be. Lawyers, accountants or consultants base their billing off the services they provide, so we know this time is really valuable.
Acumatica, a cloud based ERP software, has helped professional service firms do a lot more than just keep track of time. Professional service firms also understand how important it is to keep track of their supply chain, which is really a supply chain of their services.
Professional service firms can benefit greatly from an ERP system that can help predict their demand, place their staff and account for other activities. Cloud ERP and accounting software can help professional service firms manage their various different business activities that take place day-to-day.
Here are 3 ways that Acumatica can help professional service firms handle their various business activities:
Commitment Management
Professional service firms require powerful project management processes and software. There are instances when one commitment could potentially have various projects in a couple of different places, and the manager needs to be able to have a clear picture of what is going on in each project. They will also need access to a clear view of project progress in real time, tasks that have been completed, and issues that still need to be addressed.
Accounts Receivable Management
There are numerous ways for professional service firms to bill clients. Service fees might be set on a fixed fee or quotation basis, or by time and materials, or by project completion percentage. Who is completing the work i.e. a senior consultant, junior partner etc. will certainly affect the billing rate. Travel expenses are usually the responsibility of the client, so tracking and reporting them based on the client, the individual performing the work and project is really crucial.
Services performed and then invoiced to the client need to be received, then applied to the correct business activity, and aged. When there is a lot going on with the account, the firm needs a real-time, and easy to understand picture of profitability of a certain project or commitment.
Employee Management
A big part of being successful as a professional service firm is being able to present the client with the best service at the perfect time. Being able to do this is mostly just matching the staff with what’s required for the client’s project. There is usually the perfect person on your staff for a client’s project, and you usually need an “inventory” of your employee’s skills, and well as their schedule and availability. If you’re tracking your employee skills inventory really well, you can also find where you are lacking and may benefit from a new hire.
Your employees also need to be constantly connected to be the most productive. In and out of the office, your employees need to be able to communicate as effectively as possible, and it helps if everyone is informed about what is going on with different projects in real-time.
There is a lot to know when it comes to running a successful professional service firm. Planning and having the correct tools are critical. If time is money, it is important to make the most of your time to maximize your firm’s profits, and choosing Acumatica when deploying Cloud ERP software will certainly point you in the right direction, and set your firm up for success. Find out how your firm can save time and money with Acumatica. Contact us to set up a consultation.