As a professional services firm or project-based business, there are two key factors to maximizing revenue – utilization and billing rate. While individual firms have some ability to manage billing rates, it is primarily driven by external factors – market fluctuations, economic issues, labor availability, regulatory changes – driving supply and demand. Utilization, on the…
I’m a southern boy, born and raised. At this time of the year, I can’t stop thinking about pecan pie. I wasn’t sure what makes it so delicious, so I asked my aunt, who my belt would agree makes the best pecan pie. Apparently, it has a lot to do with quality ingredients, order, and…
Here is a quick tip for an error related to data import of Project work breakdown structure – Draft entity using the Data Management framework in Dynamics 365 for Finance and Operations. If you are trying to import the Project work breakdown structure – Draft entity (ProjProjectWBSDraftEntity) and you are getting the error below, follow these steps to get…
As part of Velosio’s commitment to providing solutions and services to help professional services firms meet their organizational goals, we’ve extended Dynamics 365 Finance and Operations, Enterprise Edition with broad and deep functionality built specifically to address the needs of project based companies. Our Contract and Revenue Management Module effectively handles all aspects of contract…
Regardless of location, size or industry, most companies face unparalleled pressures in today’s fast moving marketplace. Continuous change is increasingly the new normal rather than the exception. The same forces that have disrupted so many businesses, from manufacturing to publishing, are creating challenges and driving change in professional services. Professional services organizations that are best…
In the current economic climate, professional service firms are acutely aware of the threat posed by the erosion of profit margins. Without proper planning and monitoring, project margin erosion can sneak up on you gradually. Everything appears to be in order until, suddenly, nothing adds up. And erosion can accelerate quickly. Margin erosion is a…
In the highly competitive AEC marketplace, knowing and anticipating a project’s expenses correctly provides a definite advantage when competing for a contract. But, even in the best of circumstances, cost estimating is complicated and there are myriad risks and uncertainties to consider. First, it’s important to understand the complexity of cost estimating. Companies should invest…
