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Introduction

For any company, profitability is the keyword! Companies often tend to get waylaid in the processing of figures and profit levels. Many times, SMEs and startups can’t even figure out where they have gone wrong. More often than not, the problem lies in streamlining and integration. Crucial resources are wasted in managing too many disconnected things related to organizational management, resource planning, and employee functionality. Companies need to focus on having Professional services automation.

Three critical disconnects inadvertently trigger frequent “fire drills” within your organisation each month, often undermining profit levels without your immediate recognition of their profound impact.

1. Fluctuating Costs:

Many companies utilize various management solutions from different IT firms, ranging from project management to report generation software. These tools, often from different providers, come with distinct billing models based on their features. The cumulative addition of these software tools and their subsequent updates or add-ons results in escalating costs that may impact your company’s budget.

2. Streamlining Challenges:

Diverse software solutions with varying maintenance timelines can clash, causing workflow interruptions and decreasing productivity and customer satisfaction. Office and HR software should harmonize to enhance employee efficiency, yet often, this integration is lacking, leading to additional maintenance costs and duplicated features across multiple software.

3. Manual Transfers:

Operating multiple software systems for different departments may appear process-oriented externally but often leads to internal discrepancies. Updates of one software may not seamlessly integrate with others, causing employee frustration and time wastage. Manual data transfers, invoice discrepancies, and other issues arise, hampering workflow efficiency and cash flow management.

These seemingly small issues, when aggregated, can lead to significant operational flaws. For startups or SMEs, such discrepancies could risk losing credibility with customers, affecting profits and market positioning.

Streamlining Your Business Through Hybrid HR +Professional Services Automation Software

Professional services automation (PSA) is a cloud-based HCM & HRMS SaaS solution to the above-mentioned fundamental problems that SMEs and Startups face every month. PSA also boosts the credibility of SMEs while pitching to investors.

Investors tend to invest in startups that have robust management systems in place. This qualifies as the first thing that they see when choosing a company to back. Next comes the business model and idea integration into the product or service provided. If you look closely, investors are always backing up organizations that merit systematic processes in place. Uber, Oyo Rooms, Ola, and Flipkart are a few examples of Indian companies that have integrated, and streamlined PSA in their businesses, and all of them enjoy great backing from investors.

PSA Software: A Complete Guide For Understanding, Evaluating, And Implementing Professional Services Automation Software

The PSA market is projected to grow at a Compound Annual Growth Rate (CAGR) of 11.7%, reaching $1,244.8 million by 2022 from $716.5 million in 2017. The segment of small and medium-sized enterprises (SMEs) is anticipated to mirror this trend, experiencing an even higher CAGR in the professional services automation market. (Source: MarketsandMarkets)

SMEs and Professional Services Automation

SMEs also stand to benefit from the deployment of professional services automation on the cloud. Cloud-based Service Management Platforms offer cost-effective alternatives to on-premise solutions, potentially reducing IT infrastructure and maintenance expenses. The market’s influx of small vendors has expanded affordable options for organizations. Factors like real-time monitoring, scalability, cost-effectiveness, and enhanced efficiency drive SMEs toward adopting professional services automation (PSA) solutions, resulting in a sharp rise in their adoption.

Read our blog 4 ways PSA Solutions can minimize security risks

Our Professional Services Automation

Our comprehensive PSA system empowers engineering companies to prioritize productive teams and satisfied clients, freeing them from internal system intricacies. Through automation, we steer organizations towards superior products, content teams, and delighted clients, ensuring top-tier PSA services. Backed by exceptional support, our software ensures peak profitability for engineering firms while preserving morale and saving time and money.

Diverse management software—project management, payroll, expense management, cash flow, client invoicing, and report generation—comes with varied billing models based on features. These varied charges for updates or add-ons can significantly increase overall costs, impacting your company’s budget and expenditure.

Tracing it back to its origin, professional services automation originally surfaced as a small piece of project accounting software. From there, PSA has become a fundamental fragment of project-based engineering and other professional services.

Although businesses today are already well-acquainted with other software categories such as customer relationship management and financial management, professional services automation is comparatively new and unfamiliar, but imperative.

This article will introduce you to features of PSA and how you can approach its enablement for your business.

Features of PSA Software

Professional services automation is a platform that improves business operations through the seamless automation of multiple business activities. It is essentially a predominant alternative for your multi-vendor solutions for project management, employee management, time tracking, billing, etc.

It is obvious that the PSA tool works on the efficient idea of having a single, strong, and valuable foundation (read: aspects automation) instead of multiple disoriented systems.

PSA software is specifically beneficial for organizations that deliver managed or billable services such as engineering services companies. Simply put, the primary customer of PSA is an organization that provides chargeable assignments as their principal source of income.

Considering this, let’s analyze the key features that PSA can offer to a managed or billable services organization.

Project Management

PSA contains a bracket of modules for advanced project lifecycle management. Here’s how you can realize project margins and cost with PSA:

Proposals during the sales cycle for reduced errors improved project plan and decreased probability of any delay.
Configuration of contract terms to ensure adherence to policies. This includes systematic adherence to purchase order policy, experience reimbursement, and other rules related to client approvals.
Efficient project governance for risk tracking and early mitigation of issues
Management and tracking of changed orders after analyzing the comprehensive impact of financials and timelines

Employee Management

How to onboard new employees in 3 easy steps in this digital age!

PSA tools are equipped to match the project demands with the right available resources. With PSA by your side, you can achieve the following:

Allocation of resources based on skill-set
Allocation of resources after considering cross-project requirements
User-based permissions

It helps in proactive planning – leaving no room for last-minute challenges.

Expense Management

If you wish to track assigned tasks, analyze performance forecasts, and record recurring expenses, PSA is your destination. Most of the PSA tools support on-site or online data entry for regular entry of expenses. This helps in the predictive forecast of expenses on a category basis.

The categorization further empowers approvals for expense claims, which are immediately updated for the approver and submitter without delay.

Client Billables Management

The PSA application is frequently integrated with the core accounting software of the organization, and as a result, it offers specific features such as profitability analysis and billing. Additionally, PSA efficiently tracks invoices of customers to mitigate revenue leakage.

These invoices are often created through a batch automated process and dispatched to the client with relevant information. Of course, the user has the power to configure invoice formats such as local tax policies, language-specific changes, etc.

Project Cash Flow Management

As discussed above, due to PSA’s in-built capabilities of automating bills and invoicing, cash flow automatically improves. Factors that contribute to this are:

Timely invoicing and billing
Reduced customer disputes
Improved accuracy of billing

Together these factors contribute to the cash flow of the organization.

Reporting and Analysis

When you are dealing with services, it is not possible to quantify the service units sold. You can’t put a number to this statistic. Hence, performance management becomes complicated.

This is why the PSA software is pre-equipped with reporting potentials. Utilizing industry-specific KPIs and metrics, it is possible to gauge the performance of the business.

Conclusion

Since you have gained significant knowledge of the professional services automation features, it is the right time to start implementation. We at Juntrax can help you in your PSA implementation journey by understanding the basic requirements of your SME or startup and then move forward. From there, we can help you deploy and utilize the PSA software. Schedule a demo right away.

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Are Disconnected HR and Professional Services Automation (PSA) Softwares Hurting Your Employees’ Productivity?