Professional service automation is taking the business world by storm. This process is where procedures and tasks are automated through a software application. Service-oriented businesses, project managers, consultants, and many more are using this process. It is designed for any industry that relies on information and knowledge. The industries that can benefit from this include engineering, marketing services, management consulting services, advertising, and architecture.
With this process, businesses get real-time information throughout a project's entire lifecycle. Businesses get the information and insights they need to be proactive. It's an extra layer of visibility.
The bottom line is that professional service automation can increase profitability. Here is an outline of why.
Time and Expense Tracking
This process allows for time and expense tracking to be done automatically. Companies can easily track time and expenses across individual employees, teams, and projects for real-time profitability. This way, monies can be adjusted as needed.
Expense management is always very important with any project, and professional automation services allow companies to do this. If budgets aren't adjusted frequently using up-to-date and accurate data, projects can run off course and result in overspending, which will hurt the overall revenue and cash flow of a company.
Companies can easily plan for resource allocation with this process. They are able to view all of their resources. It gives companies the ability to plan and make staff decisions. This ensures that everything is done not only on time but within budget.
Billing & Invoicing
Professional service automation eliminates the issues surrounding the billing process. This process automatically creates invoices that can be connected with software like NetSuite or Quickbooks. Companies can easily track customer rates and expenses. When there is a gap between invoicing and payment collection, it causes a slow down in cash flow. This isn't a good situation for a company and reflects poor overall business health.
Every project must always be carefully and accurately monitored. With professional service automation, project managers and team members can collaborate in real-time. Potential issues can be identified and fixed quickly. It eliminates the hassle of chasing down updates. Businesses get accurate updates. And this is done all on one platform.
Fully Integrated CRM
Customer Relationship Management (CRM) allows companies to manage customer relationships and the wholesale pipeline. It keeps all of the information in sync. Businesses can see all of the information at one and just on one platform. It is an extremely efficient aspect of professional automation services.
The professional service industry is growing rapidly, and with this growth comes the need for a Professional Service Automation (PSA) solution to help automate the overwhelming workload.
According to SPI Research, “professional service automation provides organizations with a solution to efficiently plan, sell, execute and charge for work. PSA gives team members the tools to collaborate and collect knowledge that can be further used to optimize business processes. The net effect of PSA is a more productive and profitable business, as well as improved levels of predictability and client activity." Simply put, professional service automation injects business value.
While professional service automation comes with different functions, everything is in sync. This type of software can easily propel your company to a new level of growth and performance. If you are considering automation services for your company in order to increase your profit, you need to check out Netsuite for client accounting services. Many companies use this software and it has rave reviews with a host of benefits for your company.
Reach out to AccountingDepartment.com today to learn more about how making the switch to NetSuite and automating professional services for your company can take you to the next level.