A flexible and comprehensive financial management system meets the needs of the diverse Professional Services Industry, which is known for meeting business requirements that can change project to project.
To keep pace in this industry, organizations need to understand project management, contract management, and accounting processes to be competitive. Streamlining and reducing the operational cost of the business will help to maximize the bottom line.
What’s the best bet forward? Breaking down silos. By stepping away from the traditional approach, companies can find more efficient processes. For instance, project management teams that work on unique projects, creating complex billing and accounting processes can greatly benefit from working within one software solution.
ERP for the professional services industry delivers improved value by modernizing an organization’s operational infrastructure. Cloud solutions such as Acumatica, modern Software-as-a-Service (SaaS) systems enable businesses to optimize both back-end- and front-end processes to create a fully integrated, coordinated system. Professional service firms have the opportunity to break away from disparate practices and merge operational practices into an integrated solution.
The U.S. professional services industry, in 2017, included 1.2 million firms and 9 million employees and saw annual revenues climb to $1.76 trillion. Small-to- medium-sized (SMBs) businesses represented 99% of the total software and IT services market alone.
Here are some of the things to look for when choosing a modern ERP system:
Flexibility, Scalability, and Adaptability
Address unique pain points and drive value delivery in professional service solutions. Limitations exist: deadlines and budget top the list. It’s the role of the firms to alleviate these challenges to be able to deliver adequate ROI to clients.
Adjusting to unique situations quickly and executing services with top-line functionality is expected of professional service firms. A cloud-based ERP solution will enable an organization to deliver agility through its deployment and application options in real-time.
An ERP can optimize operations by providing a valuable “single source of truth.” Connections between data streams can be bridged, reducing and eliminating disparate silos — all of which provides for overview on ongoing processes.
Modern cloud-based ERP solutions produce comprehensive financial updates that help teams track projects — whether it’s finance, scheduling, or anything reliant on evolving metrics. This on-demand data helps business leaders provide data-made decisions that are based on reporting processes. Keeping track of cost, revenue, and human resources through modern software helps firms ensure consistent, accurate operational management.
Firms should expect instant, seamless communication between business units and customer segments. This is a new thing, as traditionally these areas were limited due to traditional forms of interaction. Today, people work virtually and in locales spanning the globe. A cloud-based ERP provides continuous connectivity between siloed units within the business.
Being able to access company information and insights anytime, anywhere, provide new ways to do business. Systems that allow the company to connect front-end customer relationship management (CRM) processes and other applications, as well as ways to reconcile back-office operations are the best bet to invest in.
Compiling data delivery that is compiled from decentralized sources provides financial tracking for the entire organization. Fiscal reporting is a key factor in software suited for professional service firms.
Enhanced reporting should be available at every function and integrated into the ERP system. This keeps relevant information on business transactions that can be tracked and maintained in one simple view. The firm’s value chain reflects precise revenue and cost management. Improve the accuracy of fiscal statements through cloud accounting functionality. Real-time data helps to track billable hours for each employee, while the software keeps the organization aware of any regulatory updates that could impact compliance.
Eliminating manual processes streamlines operations by mitigating both time and financial costs — not to mention user error. Modern ERP software suited for professional services supplies the companies with the budgetary tasks and helps to ensure consistent project-based fiscal statements. User-defined data fields provide ways to keep track of deliverables and produce detailed reports per item.
Automation software built within an ERP solution can shape project timelines for the better, and improve team communication during execution. Employees are able to react to real-time information that gives accurate input on situations as they arise. There’s always the opportunity for expansion: marketing, sales, and finance can be brought onboard, which gives leadership the chance to align functions of the business with higher reaching company goals.
Getting Started with Acumatica and Cloud 9 ERP Solutions
Acumatica is the fastest-growing provider of Cloud ERP software for small- and mid-sized businesses. The best cloud and mobile technology has gone into the creation of adaptable and integrated applications that can be streamlined to meet an organization’s processes and give added visibility that can help to improve operations and accelerate growth.
As an Acumatica Gold Certified Partner, Cloud 9 ERP Solutions is a proven leader working with professional service firms. Acumatica has everything professional service firms require to be industry best … all in one integrated package.
- Advanced general ledger for project specific tracking
- Contract management linked to employee timesheets and expenses
- Pipeline management and CRM
- Customized workflow and approvals