Professional service organizations (PSOs) face a number of challenges during the day-to-day running of their business. One substantial challenge is managing cashflow; with payment and billing processes which can become overly complex due to the large amounts of incomings and outgoings associated with project delivery.
See more at: http://www.deltek.co.uk/mediacentre/blog/automate-billing-to-improve-cashflow#sthash.0O30Anot.PHyfVJjn.dpuf
This can become more obvious as PSOs grow, where ‘good-enough’ systems become extremely slow or even come to a complete halt due to their inability to manage the complexity of differing invoicing models (retainer, time & materials etc.) and payment term requests from clients.
An effective way of dealing with this challenge is to introduce automated billing as part of a broader project-based ERP system. It will allow the creation of accurate invoices in less time by connecting your labor and materials costs to the right level of a project. Transactions are validated for accuracy at the point of entry, meaning that invoice creation becomes more automated and predictable, with fewer errors.
What’s more, project-based ERP allows businesses to take complete control of their cashflow, making everything clearer, and providing detailed reports that can be used across all departments. The system also helps businesses to analyze their accounts in much more detail and identify any issues that are at risk of occurring well in advance, ensuring they can be rectified before they become serious issues.
By automating billing businesses can hugely improve cashflow as well as reaping benefits such as better reports and higher efficiency, leading to significant cost savings.
See more at: http://www.deltek.co.uk/mediacentre/blog/project-erp-insight-helps-you-to-make-savings#sthash.3YnGqw2W.nHDch4Et.dpuf
Legacy finance systems are often costly to maintain in comparison to new project-based ERP (Enterprise Resource Planning) systems. This is because legacy systems are often more time consuming and financially taxing. Productivity is lost due to time spent maintaining and fixing an outdated system and time spent continuing to use a process that no longer fits the business.
Are legacy systems costing your business a fortune? – Learn more at http://www.deltek.co.uk/mediacentre/blog/are-legacy-systems-costing-business#
Professional Services firms have long faced the challenge of getting the most from their workforce. Without clear insight into where efficiency can be optimized, or where cost savings can be made, these organizations could be pouring money down the drain.
Learn more about how project-based ERP can help you save money at: http://www.deltek.co.uk/mediacentre/blog/project-erp-insight-helps-you-to-make-savings#sthash.3YnGqw2W.nHDch4Et.dpuf
The Northern Virginia Technology Council has selected Deltek Kona to participate in a competition to showcase its technology at Destination Innovation – where companies will compete for the top prize of Most Innovative Company offering the next big thing.
Kona is competing in the social category against seven other companies – and only four can move forward to the next round. Learn more about Destination Innovation and while you are at it, vote for Kona and show your support. Polls close at midnight Friday (ET) so please vote today!
For More Information
To learn more about Kona Business visit our website or download our Kona product sheet.
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With consulting market experiencing growth, is your firm positioned for new markets or changes in service portfolio? Deltek’s ClausThorsgaard looks at key consulting trends & advises what firms can do to respond. http://ow.ly/tu64B