value-psa-softwareManaging a professional services firm the manual way can be tedious, time-consuming and at times feel disorganized, but you know this. Often the first signs that your firm is in the right spot to invest in a professional services automation (PSA) software comes from internal struggles. It may be difficult to predict your revenue cycle, invoices are a lengthy process for every client, and double data entry haunts you in your sleep. 

Making a new software investment is daunting for small firm leaders. In some cases, it may even seem unnecessary if you or your team are able to accomplish the work, even if it takes you double the time needed. 

“Proof of value” is a common request of CIOs at larger companies, and if you’re pioneering for a PSA software to help lighten the firm’s workload, using a proof of value model is the best way to help your firm leaders see the light. Vocalizing the internal struggles are a good place to start, but the below value messages are what will drive home the idea that’s it’s time to work smarter, PSA software checks all the boxes to do so. 

Benefits of PSA Software

Measurable Impact on Business Performance 

Firms who utilize a PSA solution can expect an increase in growth margins. Simply put the automation of each phase of your engagement lifecycle leads to an increase in productivity and profitability. 

By tracking time, expenses, budgets, and resources all in one place, it’s easy to stay on top of important business KPIs to ensure things never go off track and be able to forecast accurately for the future. Customized reports can be pulled in real-time for the leadership team, rather than having to compile data from Excel sheets and hope for accuracy. 

Tracking those key metrics also allows for stronger staff management and allocation on projects. More insights into staff’s time available and project status allow for a more productive workforce with a decrease in bench time. 

Strength in Consolidation 

When most firms first start out, they grow by adding on systems or technologies to solve individual needs as they come up. There may first be a need for time tracking, then project planning, until their tech stack starts to look like a spider web. 

Once a PSA software is introduced, many of the operational technologies previously needed can be consolidated. Much like a game of telephone, the fewer links it takes to function properly a higher accuracy level and lower error margin can be expected. 

For the technologies that are still valuable for feeding information into your PSA hub, integrations come into play. Instead of spending extra effort managing a CRM and accounting software in addition to a new PSA tool, you can integrate the cloud-based systems to talk back and forth seamlessly. This reduces the time spent on the double-entry of data and allows each system to do its job in flow with one another. 

Direct Improvement for Customers 

Last but not least, the important value for your leadership team to see if how it will provide direct improvement for their brand’s relationship with customers. With an improved and more synchronized internal workflow, invoices and projects are more likely to be generated on time and with accuracy. 

Being able to improve your project and business management has a direct overflow into your customer retention based on their perception of your work quality and professionalism. Invoices templates can be customized with your firm's branding and include a direct link for clients to pay by ACH or credit card. Making it easier for your clients to pay on time and remove the hassle of mailing in checks or going back and forth about wire transfers. 

If they’re still uncertain, the best part of it all is everything is measurable with a PSA software. You’ll be able to see the results and track the improvement in your firm to see if your custom structure within the software is working for you. 

To learn more about BigTime’s PSA software or to use a free trial of our tool to see if it’s the right fit for your firm, request a personalized demo here.