5 Ways a PSA Software Can Help You Track Your Client Billables More Efficiently

Learn how you can effectively use a PSA software to increase your client billables

Introduction

The professional services industry is growing at a rapid pace today, attracting a large number of new players to enter the segment. To successfully navigate such a growing market, professional services firms, including consultants, engineering services, and project management, are in constant need of tools to grow their business and rise above the competition. 

This is where professional services automation (PSA) software comes into the picture.

What Is PSA And How Can It Help With Increasing Billable Hours?

Professional services automation (PSA) is a critical tool designed as a project management software and a resource management software rolled into one simple platform.

It is essentially an enterprise resource management tool designed for firms within the service industry. For example, a good PSA software offers multiple benefits, including invoice management, time tracking, expense tracking, document management, and more to assist the operations of a professional services firm.

How Does PSA Software Help in Billables Utilization?

For any service-based business, one of the top concerns is staying on top of billable resources to make sure that all billable hours are tracked and invoiced in a hassle-free manner. 

PSA systems can be a game-changer for professional services organizations that sell billable hours as a service. Right from automating billable hours tracking to template-based invoicing, PSA software can ensure that you get it right every time. 

Further, increased accuracy in the billing leads to more satisfied clients and reduced human-related errors, thus making the billing cycles more accurate and transparent. 

5 Tips to Efficiently Track Your Client Billables Using PSA

Here are some of the ways you can use a PSA system to help your firm increase the number of client billable hours –

1. Automated Time Tracking

Automated time tracking using professional services automation software can be a great solution to get more billable hours as it ensures that none of your hard work is wasted, while accurately accounting for all the work that you’ve completed. 

It also saves you from the hassle of filling cumbersome and lengthy timesheets at the end of the week with all the tasks you’ve completed. It is a tedious and challenging task to estimate the amount of time you spent on drafting client emails, recalling the number of meetings you’ve attended, and compiling all the data into a concise timesheet.  

2. Capture All The Time Spent – Billable or Not

In a professional setup, time should be accounted the same way as organizations account for the money. By keeping an account of where all the time is being spent or how it is spent using a PSA software, top management can make appropriate decisions and changes to realize more of the clients’ billable time. 

3. Tracking and Invoice Automation

Using a good PSA system, organizations can accurately log and automatically charge the clients’ next invoice once they perform an hour of work against a project. The best part is that all of this happens automatically, without anyone having to consolidate various reports to make it happen. 

This becomes possible because PSA reduces the amount of coordination and manual reporting that is pretty common in service organizations. With fewer non-billable projects to worry about, your team can actually focus on work that is profitable.

4. Allocate Resources More Proactively

Proactive resource allocation to ensure that the maximum amount of time is spent working for clients requires a lot of work and detailed planning. A high-quality PSA software allows you to have better visibility of the entire resource pool available, giving you the power to allocate time better and increase your billable hours. This way, you can get the right resources in front of the right customers.

5. Effective Delivery

One of the benefits of PSA is its ability to easily and accurately collect data about the working hours that people are actually putting in, instead of just giving a weekly total. Further, it also helps to ensure that all your proposals are in better sync with how the work will be delivered, making the billable utilization and realization rates more accurate.

Conclusion

PSA systems carry immense value due to their ability to help organizations deliver profitable and successful client engagements. One of the other effective ways that a PSA helps professional service organizations is by realizing the maximum value of the available resource time, also known as billable utilization.

Choosing the right PSA system, such as Juntrax allows your firm to create significant positive results for both your clients and your company in the long run. Juntrax offers excellent PSA solutions specifically designed to support various stages of the professional services delivery lifecycle.