Many professional services companies face similar challenges due to the nature of their work. They regularly have to deal with issues such as maximising billable hours, managing complex projects and planning for unpredictable demand.
But how do you overcome these obstacles? And what tools are there to help?
Professional services firms can struggle to reach their full potential if their core processes are working in silos (e.g. sales isn’t integrated into finance).
Overreliance on disconnected tools like Excel spreadsheets mean:
By having integrated systems, you can bring all your data into one place, making it easy to:
Not having a seamless time entry process can make it an arduous task. Employees will likely leave it until the last day to sort and by then, they’ve forgotten what hours they’ve worked.
This makes it easy to misreport time which – on its own – may not seem much. However, when all your employees are misreporting hours every week, this quickly adds up to an enormous amount over a year.
So, make it easier to capture time by investing in time and expense software that’s:
If you’re a new business, you’ll likely start with a couple of projects, a few employees and a small number of skills/resources to manage. You might also be managing your services through spreadsheets and disparate systems.
But as you grow, the challenges quickly become more difficult because you’ll have:
These factors add to the difficulty of you providing a good/profitable service to your customers.
With integrated systems, you’ll have better control of your processes which:
It’s important to understand the value a new solution will bring to your business before you start the implementation process. Some reasons include:
Want to learn more about how you can overcome challenges in the professional services industry? Watch our on-demand webinar where you’ll hear more insights such as:
To watch the on-demand webinar, click on the button below:
The right PSA software can help you manage time tracking, contracts, project management invoicing, billing and more. But with so many solutions on the market, it can be tricky to find the one best suited to your needs.
In our guide, we cover everything you need to know when choosing a PSA tool. From what features to look out to why your choice of vendor matters too, grab your copy by clicking on the button below.