Professional Services

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How can a project-centric solution bridge the gap between your finance and operations departments?

Clients are at the core of any professional service firm. Ensure that client projects stay on time and on budget with the right project management tools. Track client activities from the proposal phase to profitability review, and enjoy greater insight into their needs and requirements.

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Better understand the profitability of your projects

Know how many hours were spent on a particular project to better track costs and revenue. Automate changes for employees who are billed out at different rates depending on the task or activity to monitor projects in real time.

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Review staff utilization, performance, and billable levels

Have a detailed view of resource utilization rates to maximize billable time. By categorizing your projects, you can also report on staff members’ performance levels based on the time they entered. Review workload levels to have a better idea of your staffing requirements for the current backlog as well as future projects.

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Real-time customer and project-specific reports

As time is entered into the system, project and account managers can review key customer information to sooner address issues or cost overruns. You may review your information by project, department, or client to have a greater insight into the costs of your internal operations and your overall profitability at any time or phase of the project.

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Improved
cash flows

With a fully integrated solution, time information becomes available within the financial solution as it is entered, reducing the need for double entries and the amount of time required to create invoices. Invoices can then be sent to clients in a more timely manner, also reducing the risk of disputed charges.

Do you have all the information you need to effectively manage your clients? Read our eBook about the 7 essential reports to manage a project-based business.

How can you use this tool within your organization?

Flexible project tracking to review budgets vs. actuals

Manage project budgets by phase, and track costs and revenue in real time as time and expenses are entered into the system. Change orders and re-evaluate budgets as required during the evolution of the project. Maintain control of all financial details to have a more accurate view of your project’s profitability levels.

Timesheet integrated to projects and financials

Enter time and expenses more easily with a web-based timesheet. Make sure time is being coded to the project that corresponds to the appropriate financial project structure. Additional features, such as comments and attachments which can be joined to daily tasks, will help the billing department finalize their invoicing process more quickly and efficiently.

Centralize customer details

Have a better visibility of client activities by including all pertinent customer information in one environment. This streamlines processes and ensures that information stays up to date, giving everyone in your organization a better customer portrait in regards to past and current projects, financial details, and upcoming opportunities.

Project-specific reports and KPIs

Access project information in real time with over 20 project-specific, out-of-the-box reports. Consult a project’s health card with company- or department-specific targets to review project status at a glance.

Plan your staff and other resources in ongoing projects

Allocate staff members to specific tasks with your planning tool in order for them to review their tasks from their timesheet and stay up to date on current priorities. In addition, time will be coded to the correct project and activity, reducing the number of adjustments required on the part of the manager or finance team.

Flexible billing capabilities to meet your clients’ requests

Mix and match different billing types within the same project depending on the different contract details. Modify Word-based templates to meet your clients’ specific invoicing requirements.

Is a project accounting solution right for your organization? Read this article on How a Project Accounting Solution Can Help You With Your ABCs.

Benefits for every user across your organization

Management

Thanks to the integrated project management solution, you will have the global view and extensive analysis capabilities that you need to review the health and profitability of your different clients, departments, or lines of business.

Administration

An integrated project accounting solution reduces the number of manual and double entries, and makes the invoicing process smoother. Invoicing codes give you a better understanding of what can be billed within this cycle, and custom templates decrease the time required to adjust invoices before they are sent.

Staff Members

A web-based time and expense tool allows staff members to enter time from anywhere. Tasks may be directly allocated and pre-populated within their timesheet, therefore notifying them of their current priorities and reducing the amount of time required to enter their daily activities.

IT Director

A complete solution based on the Microsoft platform is easier to maintain when it comes to updates and modifying reports, since all the information is stored within SQL databases.

Bridge the gap between your finance department and your operations team. Read this article to learn how Project Suite can bring your entire company to speak the same project language.

Signs that you may need a new system

Still not sure if a project management solution would be right for your organization? Read these eBooks to see if you recognize these hurdles:

15 Red Flags: Is Your Accounting Software Hurting Your Business?

Maybe it is your accounting solution that needs to be optimized to fit your current realities. Learn more about these 15 red flags that might be hindering your organization from moving forward.
>> Learn more about potential signs

Are you suffering from invoicing insomnia?

Within the world of professional services, invoicing needs are often much more complex than that of typical manufacturing firms. A lot more detail is required beyond the price of an item multiplied by the quantity, and descriptions are typically longer than just part numbers. Due to the variety and complexity of billing services, professional service firms may face additional challenges when billing deliverables, time, or expenses.
>> See how you can remedy your invoicing issues

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