Every company that provides a service has a time when they move away from spreadsheet and manual-based processes.  The answer is then dedicated software that reduces improves reporting, margins and profits.  It also empowers staff with expense management tools.  Services companies may not always know exactly when that time has come, but they know when it’s passed.  They start to see the impacts on the business.

 

Here are 5 signs that can help you determine if the time is right for your services business.

 

1. You’re invoicing with Word and Excel
   Many service based companies are sending out their invoices via Microsoft Office.  That may be fine for a small business with 20 or so users.  Traceability & effective management of resources become untenable without a specific solution as your business grows.
2. You’ve expanded to multiple offices and countries but still don’t have a handle on the skill sets in each
   Once a services company grows and expands, keeping track of who has what skills and where can be a monumental task.  Especially when there is no bespoke software.  Without the software, companies may need to use contractors which is an added cost.
3. You know you can get more out of your people but don’t know how to
   This is the fundamental benefit of professional services automation.  To minimise bench time and get the right people on the right project, you need to be able to track them.  That requires software.
4. You are over-servicing clients
   Ensuring client success is an important goal.  However, spending 200 hours on a 100 hour project is not recommended.  That’s not only a huge cost overrun but a huge lost opportunity cost for people that could be doing work.  Software solutions allow businesses to track how much work they’re putting in.  In turn, they can identify their most profitable clients.
5. You’re over/under staffed
   In Europe, restrictive employment laws make letting go of unutilised staff a long process.  That means you have to track your forecasts to ensure you’ve got the right staffing levels.  Excel can do this, but
   ERP software will determine this with precision and efficiency.

 

Of course, pressures from growth don’t only impact management of resources.  As companies grow their staff and revenue, their financial systems need to keep pace as well.  Tracking projects and skills in Excel lead to inaccuracies with manual entry.  The same problems haunt businesses that do the same with their financial data.  Forward-thinking services companies are reaping huge rewards from having a single system.  These systems unite services, financials and CRM.  Organisations automate and manage key aspects of their business across the complete bid-to-bill lifecycle.  This lets them stay competitive, gain efficiency and deliver quality services.

 

Contact us today to see how Cofficient can help your services company.