For small-to-medium-sized businesses, it’s common for the leadership staff to not only manage the business but also still be executors heavily involved in day-to-day client projects. This leaves little time for managing the overhead of the business and adds stress to the pressures of running a successful company. Most likely, you’re also then the person tasked with finding a solution, but where to start?
PSA (Professional Services Automation) and PM (Project Management) software are often confused because at their core they offer the same key values of getting your business more organized and increasing productivity. Where they differ is in the way they get this done and the resulting benefits.
In this blog post, we break down the difference between the two software, and how to evaluate your existing needs to see which solution is the best fit for your SMB.
What is PM Software?
Project Management software helps your individual employees work smarter. Primary features include project task management to set deadlines and to assign team members responsibilities, as well as file sharing, and communications tools.
As a result of improved internal project workflows, you can expect to meet deadlines more efficiently and increase your clients’ happiness with your work. This, in turn, may lead to higher profits if your team is more productive and producing better client relationships.
Any company can be a fit for the PM tool, regardless of industry, target market or project types, since the technology is built with employees in mind, rather than servicing a client. Because of this, most software has a one-size-fits-all model that your company will then have to tweak and customize to your exact use case.
What is PSA Software?
Professional Services Automation software helps build a smarter business strategy. Going a step further than just tracking the success of a project, PSA software is built to ultimately track and manage the success of your business.
Features include some of the PM basics like project/task management and resource allocations, layered with time/expense tracking, budgeting, and invoicing and payment processing. Custom reporting can then be built off of the data captured within the tool to measure the KPIs that are important for evaluating the success and growth of your business. Examples of this include: if your budgets are on track, where to allocate your team, what projects are turning the highest profit, and what gaps need to be filled to avoid a low revenue period.
If used every step of the way, PSA tools will benefit not only your employees’ internal workflow struggles, and give you company insights, but also improve your client relationships. Invoices will be more likely to be generated and paid on time, with accuracy, and in a customized format.
Designed with professional services firms in mind, PSA tools are best suited for firms that are looking for an all-in-one solution from time tracking to invoicing to collecting payments. Companies that need only part of the feature set, like clock in-and-out time tracking or just project management, are better suited for a more simplified product.
The benefit is, if you are a professional services firm that meets the needs set for a PSA tool, the product will already be tailored to your use case with minimal time spent customizing.
To learn more about BigTime Softwares PSA solution, and to see if it’s the right fit for your firm, contact our team today.
About the AuthorMore Content by Trilby Lawless