How a PSA Tool can Support Professional Services
In the IT world, industries like the manufacturing and distribution sectors can often benefit from tools tailored to their needs. However, the professional services industry is often forgotten, even though professional services firms also need tools that meet their specific needs, processes, and realities. This is why I’m taking the opportunity today to talk about PSA tools and how they can support professional services firms.
Even though the foundations of accounting are the same, the jargon and concepts can differ quite a lot. Moreover, professional services firms often have specific needs in terms of invoicing. They have to manage several client accounts and projects at the same time. This is why a professional services automation tool, often shortened to PSA, can greatly improve their processes.
What’s a PSA tool?
It’s a tool that integrates all aspects of a services firm, including business development, timesheets, and invoicing. Everything is then integrated to accounting. Several types of PSA tools are available depending on the size and needs of the organization. To make it easier to understand our solutions, JOVACO has created a graphic introducing our main business solutions to help you visualize them. Today I want to tell you about the 3 main parts of JOVACO’s solution: the ERP, the web solution, and the CRM.
The ERP is the heart of our solution. It comprises the accounting system, the timesheet, and the invoicing module. It help you accelerate your invoicing cycle and your cashflows by streamlining processes. By integrating finances and operations, you can obtain reports with real-time data for better visibility on costs, revenue, and losses. Moreover, the solution facilitates both simple and complex project management with intercompany and multicurrency features.
The web solution was designed for operations. The goal is to offer employees the tools they need so they don’t have to rely on the finance team. Employees can fill out their timesheet, expense reports, and even their leave requests from anywhere. Our solution also lets project managers create and deploy projects automatically and provides access to management reports with real-time data.
The CRM does much more than business development, requests for proposals, and marketing. Clients are at the heart of services firms, and Microsoft Dynamics 365 facilitates access to client data and files. Project managers can view progress of their projects with various key performance indicators. They can also access past projects, project invoices, and any other relevant data.
How can a PSA tool support business growth?
The concept of our solution is to offer an integrated business management solution to which clients can add various modules as their firm grows. For example, we developed a module to manage purchase orders that includes multiple approval workflows. Our solution even covers HR management. By implementing our solution, clients know they’re investing in a long-term solution that offers everything they need to support their growth.
JOVACO has been specialized in the implementation of ERP solutions for professional services and project-based firms for more than 25 years. To learn more, read our blog post One week in the Lifecycle of a Project with JOVACO Project.
About the author
Jonathan Chatel is Director of Business Development at JOVACO Solutions since 2017. Thanks to his various professional activities, he has since deepened his knowledge of Microsoft technologies and business solutions, a world that evolves so quickly it can be hard to keep track. He is now sharing his knowledge of Microsoft products in everyday language to keep you informed about this fascinating universe.