We notice that many businesses still struggle to get a handle on their utilization, affecting their ability to make accurate plans and promises that can be kept.
Without genuine insight into the workforce’s activities, it’s difficult to make the most of your resources. And to compound matters, administrative inefficiencies and process failures often stop earned money reaching the bank.
Software to strengthen your business
In the services sector in particular, increasing organizational efficiency can have a dramatic impact on the margin your projects generate. Being lean is not just for manufacturing businesses. Trimming out waste activities and processes reduces costs and makes a much clearer, more accurate picture of what your business is doing and where it’s headed possible. The market is changing fast, and the insight to respond to developments within the appropriate timeframe is essential for success.
What do PSA systems have to offer?
Professional Services Automation solutions focus on streamlining the processes around financial management, billing organization and strategic business analytics. In short, they refine the core business processes with the greatest impact on efficiency and profitability.
Top priorities – utilization and billability
When you’ve completed work, you need to make sure you’re paid for it – and that it happens as quickly as possible. It’s therefore essential that available capacity is not only deployed effectively, but that the hours worked are billed correctly. The right software tools create the insight you need to put the right people in the right places for efficient project completion and protected profitability.
In addition, a PSA solution will support your entire quote to cash process, fully integrating the various steps to ensure no information can escape from the system. Your consultants will be able to enter their information easily, managers then approving them simply and quickly to generate invoices without fuss or error.
Effective time and billing offers a win-win
Smart entry systems linked to invoice automation can be doubly effective in boosting cashflow. Software that supports simple online registration on a daily basis gets your information into the system quicker and with greater accuracy – no more forgetting what was done four weeks ago.
Full integration with the invoicing process then saves manual activity, reducing both mistakes and time taken. Press a button, and you’ve got the invoice ready – safe in the knowledge that no information has leaked from the system in the process of registering hours to create the bill. The resulting cash flow boost comes from two directions. Invoices go out quicker and more often to decrease DSO, while preventing hours from going missing decreases revenue leakage. Accurate bills are not only paid quicker, but lead to more accurate reporting and better decision making about projects the business is ready to take on successfully.
More Business articles from Business 2 Community: