Professional services firms face a litany of unique challenges rarely if ever experienced by companies that specialize in the creation, distribution, and sale of physical goods. With so many moving parts in professional services relationships—varied billing structures, changing timelines, risks for cost overruns, and so much more—the challenges stack up.
For managers at professional service firms, it starts out simply enough. Collect a few timesheets each week, bill for a few different codes, and invoice clients for a few different projects. However, each new consultant, each new service, and each new client adds another task you need to complete each week.
At MIBAR, we understand the challenges that managers at professional services organizations face. For nearly three decades of helping companies select, implement, and operate business technology, we’ve not only helped professional services firms like yours, we’ve continued to improve our own processes as a professional services firm.
Expense reports, timesheets, invoicing, revenue recognition—we’ve been there and done that, just like you. However, the right tools, technologies, and processes make the job easier. Today, we would like to discuss with you the role of technology in improving your client relationships, profitability, and productivity at your professional services firm.
Enterprise Resource Planning
At the heart of any good business is Enterprise Resource Planning (ERP). Designed to provide a single, unified suite of applications that connects your business across finance, sales, and service, the right ERP can connect your entire organization and help leaders to make timely, well-informed decisions.
- Streamline Finance: ERP is designed to streamline processes, freeing up the time and resources needed to accelerate growth, drive innovation and remain competitive.
- See the Entire Organization: Easily calculate and track key performance indicators for your unique professional services firm. Easily see and report on such metrics as utilization, overrun, margin, revenue, and more.
- Empower Your Team: By taking a unified approach to professional services, ERP is just the beginning. Add CRM, PSA, and more as you build a complete solution that supports your entire organization and increases productivity
Customer Service Management
Your clients and their success should be at the heart of your professional service firm’s strategy, and the best way to make this happen is to tear down silos to gain a complete view of your client. By taking a unified approach—ERP, CRM, and PSA, you can harness the following benefits and more.
- Immediate Information, No Hiccups: Disparate, siloed systems can prove difficult—especially if your staff is already stretched thin. A unified approach removes the risks, errors, and effort that goes into the entry-and-re-entry process that occurs in siloed systems.
- The Right Information, Readily Available: Your highly-paid consultants should be focused on helping the client—not entering and re-entering data. An integrated approach ensures productivity without repetition.
- Ready to Grow: As you grow, adding staff should be an exciting moment, not done in a fit of desperation. The right CRM for healthcare organizations allows you to grow your team at your own pace. Better yet, it will grow with you.
Professional Services Automation
Sometimes, the hardest part of managing consultants and others at a professional services firm is the background work. Hunting down employees for timesheets, scanning and reimbursing people for expense reports, billing clients, revenue recognition, and more—these are all necessary tasks that take time to complete.
- Take Control of Your Projects: Project Management capabilities enable project managers and team members to collaborate on projects and maintain current and accurate project status, allowing managers to proactively identify and resolve potential issues with each engagement.
- Optimize Staffing and Utilization: Have the right people on the job. Resource management gives project managers the power to optimize staffing and minimize the time consultants spend waiting for something to come through.
- Ensure Accuracy throughout the Project Lifecycle: Project Accounting connects project activities with company financials, improves accounting and billing throughout the project lifecycle, and streamlines time and expense management while providing extensive reporting capabilities.
- Manage Timesheets: Often the hardest part at any project-based business, getting timesheets turned in accurately and on time can pose challenges.
- Ease Expense Management: The paper-based expense report is so last century. By automating the process, with the right technology, you can improve productivity, enable compliance, maximize accuracy and minimize fraud.
- Bill and Invoice with Ease: Billing and Invoicing Management automates one-off invoices as well as complex recurring, time and project-based billing. A flexible solution will give you the ability to bill in multiple ways ranging from project work to milestones or based on a schedule.
The professional services world relies on many unique metrics and key performance indicators that don’t exist in other sectors. However, the rise of business intelligence software has made it easier than ever to slice and dice the information available no matter the source. At MIBAR, we know business intelligence, and we will help you turn source data into insights with easy-to-use, easy-to-read dashboards.
Professional Services Made Easy: Meet MIBAR
For nearly three decades, our team has helped clients throughout the New York area and across the Northeast to select, implement, integrate, and operate the right technology for their business. We’ve spend nearly thirty years perfecting the implementation process and have helped hundreds of companies like yours to make the move to robust software designed to handle the needs of their business—now and in the future. Learn more about our process here, read our case studies, and get in contact with us for a free consultation.