In business, one party creates a product and the other party pays to consume it. However, your service-based business might not be quite as simple. You may have to create a different plan for each client and keep good track of the billable hours spent on that project. You are likely juggling multiple projects at a time. You may need to meet clients in different locations and will need access to project information anywhere. If many projects are on-going and have not yet been billed, you many find it difficult to see the broad picture of your company's finances in real time. If your company is service-based, Professional Services Automation (PSA) software could be perfect for you. Here are four reasons why.
Quickly Assign Projects
Different clients are going to request a great variety of projects. Some projects will be better suited to an employee with specific skills or experience, such as a lawyer that has worked many divorce cases or an accountant that has worked a lot with companies in a particular industry. You also want to be sure that you're not assigning projects to en employee that is already bogged down with assignments. Therefore, technology project management software will put all your projects into one space where you can easily be reminded of what employees specialize in and who is already working on projects. That way, you can choose the best person/people for the job.
Easily Track Hours, Resources, and Progress
A large-scale project that includes many different tasks can get disorganized very quickly. In order to keep everything together, a PSA software can provide the means to track hours spent, resources needed, and tasks completed. Having all the information in one space will ultimately save you a great deal of time and can make billing and budgeting much more manageable. This will also allow employees working on separate parts of the project to collaborate more easily and see clearly how their work fits in to the whole. This will also ensure that small tasks don't become forgotten accidentally and you can wrap up projects in a more timely manner.
Have Offsite Access
In certain industries, many aspects of a project may take place in a few different locations, such as engineers designing a specific product for a client who needs it on their company property. Also, working remotely is convenient for employees who want to protect their health or save time that would be wasted on a long commute. PSA software can give employees access to their projects from anywhere, helping them finish those projects quickly.
Observe Company Finances in Real Time
With all the project data being added to the PSA software, you will more easily be able to understand how your company is doing financially. You will not have to wait for the bills to be sent and paid before knowing what your revenue is going to be. With all the information about projects on one database, you should quickly be able to tell which projects are over or under budget. PSA software can even send you regular reports based on the data it collects.
For more information about how PSA software could benefit you, reach out to a company that provides this software.