If you are providing PSA – Professional Services to other organisations where you are selling time and advice the chances are you are billing on a time recorded basis and managing this under agreed projects or contracts. When it is the key income source it’s important to make sure you achieve objectives for your clients and that you are billing accurately to minimise future queries which could delay payment.
Project management, resource utilisation and reporting are additional important features of your PSA which when integrated with your FMS or enabled within your ERP can deliver the complete bid-to-bill process for your services business.
A primary focus for many tends to be the time recording capabilities and the employee expense management process as these are essential to the management of billing and control of costs and margins. Online based tools to deliver timesheets and out-of-pocket expense claims deliver the capture of digital records out to the employees doing the work with your clients.
In the project management office the ability to review and approve these costs allows for the early identification and proactive resolution of potential issues that might impact the client experience or the billing and collection cycle. Being integrated or part of your FMS and/or ERP delivers project accounting as you connect the project lifecycle to your financial management and reporting processes.
It is possible to start with a simple time recording or employee expense claim process and layer on the more sophisticated control points of a complete PSA solution over time. Wave’s partner providers offer best-in-class solutions either as add-ons for Infor SunSystems FMS or the Oracle NetSuite ERP core offers.
To learn more about the capabilities of our PSA solutions watch these videos provided by our partners.
And this next video provides an overview of the expense management component of our PSA solution.
Let’s get the Oracle NetSuite take on what is needed to manage a services-based business. Watch their overview video below.
If you are using the Infor SunSystems FMS take a look at the capabilities offered from our partner systems@work who have over 20 years of experience working with SunSystems. If you are interested in how Oracle NetSuite ERP handles these same capabilities and requirements then head to our Oracle NetSuite page below.