Professional Services Organizations typically focus on several key activities – increasing employee utilization, capturing and forecasting billable hours, streamlining project management, and enhancing collaboration and sharing across the enterprise.
Often, tracking all of the aspects of a project or contract is the biggest challenge in the professional services industry. So, how do you efficiently use resources across billable projects, and at the same time make sure that each project is efficiently planned and controlled from initial quote to final billing? Integrated information management. To really achieve efficient day-to-day control, you need integrated information systems incorporating project accounting. Below we will share 9 ways Microsoft Dynamics GP can give your professional services organization more control.
Contract/project/cost code detail—See every detail of each project and track, monitor, and access all information, activities, budgets, costs, and billings related to specific contracts, projects, and cost codes.
Time entry and billing—Track the true costs of a project by capturing the amount of time spent and detailed notes related to any project, which can then be used for simple documentation, possible subsequent billing, and better quote generation in the future.
Activity-based or fee billing—Easily bill fees accurately by logging specific activities related to a project and generating billings for those activities based on predefined fee structures.
Cost recovery billing—Capture all expenditures, for specific projects, whether generated by employee reimbursements, vendor invoices, or internal resource usage, and bill those cost items based on predefined billing rules.
Web-based time/expense reporting—Enter, edit, and approve detailed time and expense transactions when they happen in the field through a Web-based application, increasing cost recovery, efficiency, and accuracy.
Cash basis financial reporting—Generate financial statements as required on a cash-basis or modified cash-basis, in addition to traditional accrual-basis financial statements.
Process improvement—Tighten schedules and reduce costs by creating reusable templates and processes, automating core business functions and optimizing them over time.
Business agility—Quickly adapt to sudden change with better access to and finer control of your information. By combining resource optimization with improved decision making, you can better respond to changes in business priorities, competitive pressures, new technology, and even economic downturns.
Team collaboration—Effectively manage teams even when spread over long distances using Web-based collaboration tools and communication portals.
For more information, view the entire brochure or visit Brittenford’s Professional Services or Microsoft Dynamics GP page. Please share this post with those in professional services organizations looking to regain control.