“Time is money:” an old saying but speaks to the truth especially for professional services industries. Professional services firms need a system that does more than just “track time;” they need an ERP solution to keep up with their complicated project accounting processes. Project-based businesses like architects, engineering firms, attorneys, accountants, and consultants need to satisfy a slew of accounting requirements while also meeting the needs of project managers and their customers. Make sure you have the tools to manage all kinds of projects, but that also have a full accounting perspective to provide real-time data and insights into your projects.
Let’s look at six of the amazing benefits you can expect for your professional service business with a modern ERP solution.
ERP cloud-based software gives you the best in security. Sure, you might hear about data attacks and vulnerabilities, but usually those threats are obsolete with cloud subscriptions. Cloud-based backups allow you to restore your data to the instance from moments before any attack. Think of it this way: rather than having your own in-house IT security expert, you are getting the security expertise from Amazon Web Services (AWS) or Microsoft Azure. Rest assured, your data is safe from external security threats and hackers and is always available to your employees and departments 24×7. Not only are you getting an ERP solution, but you are also getting state-of-the-art security for your data.
Accurate billing is one of the most common issues for all professional service firms. Due to the project-based nature of business, it’s crucial to record actual time spent on billable work. If you don’t, you’re missing out on hard-earned cash. With the right ERP solution, your business can track billable activities easily and accurately, knowing exactly how much time you spent on each client. This is crucial for accurate billing and ensures you are not missing any billable hours. With an ERP system in place, improved billing processes can help increase profits without extra work.
Stronger Internal Communication
Create a clearer decision-making process by having all departments share the same information in real-time. Now, everyone will have up-to-the-minute data which helps to facilitate better communication between departments. Misunderstandings and communication gaps between employees can be costly for any organization. Now, all departments can access the same reliable information and work in sync with each other without any barriers – a true single source of truth.
Simplify the Complex
Each client and every client project is highly unique, but they have things in common. Whether it’s a legal firm or engineering engagements, all require a high level of detail, tracking progress accurately, timely expense reporting, and proper invoicing. With the right ERP solution, you can give all these unique projects and clients a single profile. Assign and track expenses with ease. Add in project notes to be shared with the team, manage change orders, resource levels, and get an overall picture of your project and business with a single dashboard. You need a system that can give you visibility into your business for more effective and efficient decision-making.
Project Management Toolset
Employees are most important asset for any professional service business. Being able to choose the right people for the right projects are crucial, but so is tracking progress, performance and time. Learn how a modern ERP solution, with built-in project accounting and project management tools can help give you greater visibility into the health of your business. Easily monitor workloads and your resources, ensuring customer satisfaction is number one.
Automate Manual Tasks
One of the most advantageous benefits of an ERP solution is its ability to automate many time-consuming tasks that used to be done manually. Automating activities like invoicing, payroll, expense calculations, and timesheets not only saves time in the office, but also reduces the potential for human errors to occur.
We recommend Acumatica for your professional service business. This modern ERP solution offers everything you need to help run a smooth, successful, and growing business. Read how Acumatica has helped other Professional Services firms.
Learn why IntraCostal Environmental (ICE) chose Acumatica for their ERP platform. Or how choosing Acumatica for their ERP solution has helped Lifeway Mobility grow to be one of the top providers of accessible solutions and home modifications.