6 Reasons Your Professional Services Firm Needs an ERP Solution

6 Reasons Your Professional Services Firm Needs an ERP Solution

“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.

Best-in-Class Security

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.

Better Billing

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.

Bucket of BrushesProject 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.

The Road to Profitability for Project-Based Industries

The Road to Profitability for Project-Based Industries

Do you have a project-based business?  If so, have you ever heard the saying, “a project accountant has one foot in accounting and the other in project management?”  It’s true, but with the right ERP solution you can give your accounting team access to the project information without having to play project manager.   

Project-based businesses need a powerful project-based system to match.  From construction to marketing to engineering, firms rely on project accounting to give them accurate information.  It allows your accounting team to record costs and revenues associated with all your different project, thus providing you with more useful reporting and in-depth insight into your operations. 

What is Project-Based ERP? 

To put it simply, project-based ERP is software that supplies a complete view of your company’s processes, by projects.  It provides the capability to manage multiple projects, functions, and variables within one system.   This single solution can collect and analyze data surrounding an entire project all at once.  For example, you can track and measure metrics like labor costs, customer retention, inventory turnover, and more.  With greater visibility into your current projects, you are able to plan better, assess progress, and collaborate easier. 

Project Accounting is responsible for managing the budgets, billing, and profitability of projects that involve any combination of employees, contractors, materials, tasks, and more. Each item can be assigned to projects and tasks with specific billing rules assigned to each task.  Without a system centered around projects, your business suffers.  

 60% of SMBs use manual methods for project management, non-project management software, or nothing at all to manage projects (Software Advice)  

Acumatica for Project Accounting 

Acumatica Project Accounting integrates with your core financials: general ledger, accounts payable, accounts receivable, sales orders, purchase orders, inventory management, and CRM. Project Accounting allows project managers to create budget forecasts and track actuals against estimates through the project’s life.  Then, projects are included in all your company-wide reports. 

Acumatica Screens

No matter what industry your business is in, if you have a project-based business and are NOT using a modern, project-based ERP solution, you might be hindered by many pitfalls.  Learn how Acumatica Project Accounting can help with: 

  • Scope Creep 
  • Project Risk 
  • Accurate Estimates 
  • Managing the Project Close 
  • Revenue Recognition 
  • Time Keeping and Schedule Management 

Let us show you how to gain a complete view of project-related costs for materials, labor, services, and inventory items with Acumatica Project Accounting.  Download this free Acumatica eBook:  6 Opportunities and Potential Pitfalls on the Road to Profitability.