Organisations will require a range of core back-office solutions to ensure the smooth running of their business. At a minimum, a successful professional services firm will need financial management and accounting software, HR management software, employee engagement solutions, CRM software and time recording solutions. In addition to this, to run successful projects professional services organisations will also require professional services automation (PSA) to help them allocate consultants and track progress with clients.

There are five key pillars to ensuring project profitability for professional services firms:
- Ensure automation is in place
- Give your employees the tools they need
- Dashboards and reporting
- Timely and accurate billing
- Get a clear view of your cash flow

Find out more in our recent blog with leading sector journalist Kevin Reed

Using PSA software will ensure that professional services firms are not over or under-utilising team members. PSA automates allocation of employees to different projects, taking away the complex nature of scheduling and planning for professional services firms.

Having the right software in place which enables finance teams to get a clear view of cash flow is critical, but not possible if professional services firms are relying on old technology. Firms need to ensure they are using a Cloud-based finance and accounting solution which not only has robust reporting capabilities but also in-built cash flow capabilities.

Employees will only want to stay when they feel valued, rewarded and motivated. In order to do this, frequent communication with staff is critical. One way of achieving this is by adopting employee engagement software, which will enhance your touch points with your team members.

Making sure you allocate the right employees to projects, and that projects are monitored effectively, is critical to ensure time is maximised in the right way. Most professional services firms do this by implementing PSA software as well as having a connected back-office suite of solutions comprising of CRM, HR software, performance management and finance and accounting software.