Five Features of Professional Services Automation Software to look for in 2020

Whether it is project management, accounting, or team collaborations, all organizations and companies face some issues and obstacles. Some can be resolved quickly and make the project look good. That is like dodging a bullet. It is a short-term solution. It is okay to run into troubles now and then, but what is more important is finding a good long-term solution for it. Professional Services Automation software caters to those exact needs. Maybe you already know what PSAs are, and you are looking for a Professional Services Automation (PSA) software? Look for these five features while purchasing a PSA for your organization/ company/ enterprise.

 

What is Professional Services Automation Software

 

What is Professional Services Automation Software?

For everyone out there making multiple things happen and running into troubles, PSA is for you. Professional Services Automation Software is a tool that will help you manage all the needs of your organization. From inventory management, costs, accounts, team collaborations, and more, PSAs aid in managing all of these.

 

They help you plan, supervise, and implement your project. What is more interesting is that when you plan and try implementing a project, it tells you the costs and whether your plan is over budget or just adequate.

 

Five Features of a PSA to look for in 2020

While the capacity and tasks that a software can perform may vary from one to another, here are five most crucial features that you should look for when you’re investing in a PSA:

 

01: Project Management

The foremost feature to give priority to is, without a doubt, project management. There are many project management tools out there, but if you get it in a PSA, you will not have to look elsewhere. What kind of tasks does a project management tool perform?

  • Keep track of the progress of projects
  • Notifying if a certain project is off track or behind
  • Helps in assigning tasks to members and fixing deadlines
  • Provide action plans
  • Provide a platform or a way to share the resources with the group of team members

 

A few characteristics of a good project management feature are:

  • Bidding
  • Contract Management
  • Cost Management
  • Submittals
  • Bid Comparison
  • Conceptual Estimates

 

These traits help you estimate the costs of your project and suggest ways to fulfill the criteria of cost and budget.

 

02: Billing & Accounting

Generating bills of all sorts, be it a project or a practical bill, is an integral part of the business. If there is an intricate billing tool to generate invoices, it can be quite helpful. These bills are customizable according to your business needs. Here are a few of the functions that a billing tool performs:

  • Keep a record of all the invoices in one place
  • Generate bills according to the needs and nature of your business
  • Notify when a customer or client pays a bill

 

Apart from these basic functions, it is important to look for a reliable billing tool for the following elements:

  • Automated Billing
  •  Automated Transactions
  •  Billable Hours
  •  Check Printing
  •  Credit Card Processing
  •  Invoices
  •  eCommerce

 

Bookkeeping and handling accounts are not easy, and sometimes it is also not everyone’s cup of tea. It is challenging to deal with all the expenditures, revenues, invoices, and taxes, which can become quite stressful. With the use of a good accounting module, these kinds of troubles can vanish. A Professional Services Automation software that has an accounting module can keep stress at bay. You can also integrate the accounting module that you are already using, such as Sage, Quickbooks, etc. An accounting module should have the following capabilities:

  • Manage and monitor invoices and keep track of where they are in the billing process. Where they are in the process can help you review the invoices and prevent or minimize postponements
  • When you lodge a project accounting, gaining expenditures, client gratification, and systematic arrangement in your PSA software is responsible for an accountable accounting module
  • Every detailed calculation about expenditures and revenues

 

Sometimes an accounting module also keeps track of individual client needs. It knows the preference of your client. Such a feature can help us understand the preference of the client and cater to their needs. It is also worthy of mentioning that such data can be extremely valuable for market research.

 

There are some functions that you should look for in a reliable accounting module:

  • Accounts Payable
  •  Accounts Receivable
  •  Payroll Processing
  •  Budgeting and Forecasting
  •  Multi-currency
  •  Tax Compliance

 

03: Resource Management

Keeping an employee track record is just one thing you need to do to manage human resources. With a PSA that has a resource management tool, you can do a lot more. It helps you understand the following:

  • Which employee has the skills to do a time-bound task
  • Punctuality of an employee
  • Keep track of who is assigned what
  • Availability of an employee for a particular task
  • How has the employee performed and progressed over time
  • It takes into account metrics that matter to you as employer metrics such as the number of working hours, assigned hours, and days worked

What is more to this tool than it appears is that it can also add to the business intelligence. It can help you look for new employees and the matching skills that are required.

 

Here are some of the features that a good resource management tool has to offer:

  • Allocate Resources by Skill Set
  •  Cross-Project Resource Allocation
  •  Forecast Resource Needs
  •  User/Role-Based Permissions
  •  Timecards

 

04: Time and Expense Management

Tracking the costs and time spent on particular tasks and projects can help give valuable insights into the team’s productivity. A tool that tracks productivity and cost efficiency is essential to the financial health of a business. To keep your business at the top of billable and non-billable hours of employees helps:

  • In reducing the chances of errors
  • In avoiding and allotting overtime for employees as per need
  • In saving time and hassle as it has a uniform record-keeping system

 

Using this tool can also help you identify the expenses that are incurred and the nature of it. Such a tool can help you allocate your resources to a product or service that is more in demand than the ones that have a comparatively lower demand. Some other tools to look for in a time and management tool of a professional services automation software are as follows:

  • Expense Tracking
  •  Multiple Time Trackers
  •  Overtime Tracking
  •  Time Sheets

 

05: Team Collaboration

The most crucial feature of a valuable PSA is a team collaboration platform. Having a team collaboration platform can drastically improve productivity. Here are some more advantages of a team collaboration platform in a professional services automation software:

  • It helps to assign tasks to different team members or collaborators
  • It helps get tasks done efficiently to boost productivity by setting deadlines and tracking progress
  • It increases the transparency of work
  • It encourages employee engagement with the team leader
  • It gives a strong sense of camaraderie amongst fellow team members that make the workflow smoother by knowing each other’s strengths and weaknesses
  • It helps remote contributors and members from around the world to work together

 

Look for these features in a team collaboration platform of a PSA:

  • File sharing
  •  Secure Data storage
  •  Messaging channel
  •  Integrates with other Applications

 

The above-given are some of the main features that you should look for while choosing the PSA that is best for your business. Of course, there are many other features to PSA software, but these five are the ones that cater to the basic needs of any business.

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