The Biz Box: Services

PSA solutions – integrate your processes for time tracking and invoicing

Written by Richard Francis on . Posted in Services

We see that many businesses struggle to get a grip on their staff utilisation. This has a negative impact on their ability to make accurate plans and to adhere to agreements.

It is crucial that you have good insight into the activities of your employees to get the best from your resources. In addition, it is essential to closely monitor administrative inefficiencies and process errors. These can lead to your hard-earned money never reaching your account.

Software strengthens your business operations

Lean does not only concern manufacturers. Particularly in professional services improving efficiency can have an enormous impact on the margins of your projects. Preventing wastage during activities and processes reduces your costs. In addition, you get a far more accurate image of what your company is doing and where it is going. The market changes rapidly and therefore it is important to respond quickly to developments with the correct insights.

What do PSA systems offer?

Professional Services Automation focuses on streamlining processes for financial management, invoicing and strategic business analyses. In short, this assists companies in refining processes that have the largest impact on efficiency and profit.

Deployment of people and billability are the top priorities

Obviously it is important to be paid as quickly as possible when you complete a project. It is therefore important that you deploy your available resource capacity effectively and that the hours worked are correctly invoiced. The right software gives you the insight you need to deploy the right people in the right places. This ensures the efficient completion of the project and it protects your profit.

The correct PSA solution supports your entire process, from quotation to cash. It ensures full integration of all components, so that no information can be lost from the system. It is also important that your consultants can easily enter their information into the system. Managers in turn must be able to approve this quickly and simply. And finally, you want your invoices to be created from the system without hassle or errors.

Win-win, due to effective time tracking and invoicing

Smart registration systems, linked to automatic invoicing, improve your cash flow. Software that supports time tracking on a daily basis ensures that your information goes into the system faster and more accurately. No more hassle trying to remember what was done four weeks ago.

A lot of manual work is made superfluous by integrating your time tracking with your invoicing process. This saves time and prevents errors. Your invoice is ready at the touch of a button. You can also rest assured that no information has leaked from your system during the time tracking. In summary, two issues contribute to increasing your cash flow. 1) Invoices are sent to customers faster, often reducing your DSO (Days Sales Outstanding). In addition, the system prevents your hours being lost and this in turn results in less loss of turnover. 2) Accurate invoices are not only paid faster, but also lead to better reporting and improved decision-making on what projects are best to take on.