Acumatica Project Accounting captures everything that affects your project profitability and ensures each project is tight as can be
In today’s fast-moving digital arena, having all the necessary information that pertains to your business can be the most powerful weapon in your arsenal. This can be even more pertinent in professional services organisations. With everyone communicating digitally, and expecting to receive both insight and instruction at a moment’s notice, it’s crucial for companies operating in the services industry to up their game and ensure that all the right information is flowing through the right channels, both when it comes to employees as well as customers.
Here are a few reasons why a serious and tightly focused approach to project accounting – one that takes full advantage of cloud-based systems – can lead to profit, growth, and a healthier working environment.
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Taking control of your data is a no-brainer
Let’s face it; all businesses have a lot of information flowing through their doors at any given time. Be it information about deployed resources, the status of projects currently running or a simple matter of processing client feedback, the fact remains that data collection is something that needs to be done, and it needs to be done in a way that is both efficient and clear.
Slacking off on this front is not just irresponsible in the abstract sense, but creating a data bottleneck can lead to severe infrastructural problems for your company, which will often have immediate adverse effects on project profitability.
Getting your data in order may very well be the key to sorting out problems you may not even know you had – because the worst of it has yet to sneak up on you. So it’s best to nip it in the bud before it does.
Clearer communication is the pathway to results
One of the advantages of having a clear system for your project accounting is that your communication with staff and clients is instantly made clearer from the word go. Once the relevant data is accounted for and your priorities are itemised in a way that you can see them and account for them with no confusion or ambiguity, you can get to what’s really important for your business to grow and flourish.
It all starts with managing relationships and making your deadlines. Competing on value is necessary, but the real challenge is to be better than the competition at ongoing relationship management. Only an integrated business ERP for the service industry will provide the powerful 360-degree view of your customers’ activities, requests, and projects that your company needs to stay ahead of the competition. Acumatica Cloud ERP can help tackle the issues of customer relations and productivity simultaneously.
Delegation made easy
With a fully integrated cloud-based system that is in tune with your business needs, you will also be able to delegate the various necessary tasks that the work entails with a renewed sense of purpose. And let’s not minimise or underestimate the value of clear delegation of tasks – employee discontent tends to mushroom rather violently when the people under your wing aren’t quite sure what it is they’re meant to be doing, and when.
By having a system in place that keeps all the people working for you fully informed on what is expected of them at any given time, you can severely cut down on the discontent that tends to simmer when unclear instructions lead to frustrating professional back-alleys.
In this way, it is not only the efficiency of your work force that stands to gain, but also the overall satisfaction of the people working for you. And it’s a commonplace piece of wisdom that both of these things tend to go hand in hand.
A keener eye on your accounts
The organisational benefit of a cloud-based system that caters to your business infrastructure also extends, naturally enough, to the financial side of things in a very obvious way.
First off, it can help you have greater control over your financial accounts, by ensuring that all the relevant information is flowing through the appropriate channels, in a way that is clear for you to understand.
This will not only enable you to be in the clear as far as your financial health is concerned, and thus safeguard the legitimacy and seriousness of your business, but it will also ensure you are billing your clients in the most effective way for the services you are delivering.
Secondly, this will once again have a positive snowball effect on your profits, since it will ensure that your attention is riveted to all of the ways in which you can expand your business to be beneficial for both your clients and your bottom line.
The healthiest way to stay on top
It goes without saying that staying organised is a crucial aspect of any business operation.
After all, a business is made up of a variety of different cogs, all of which need to be clicking into place at a healthy pace if the engine that powers your business has any chance of succeeding in its goals. Any business leader should know that, when they’re handed the chance of being able to see what these cogs are doing at any point in time, they should grasp it with both hands.
With integrated financials, customer management, project cost tracking, service automation, and time and expense management, Acumatica Cloud ERP provides the capabilities and features small- and mid-sized service businesses demand from professional services automation software.