Questions asked during online meetings and around the office are revealing and insightful—into the health of the firm and adequacy of systems used to manage operations. A typical professional services firm structures its business processes around the personas involved e.g. Project Managers have defined a role with responsibilities as will other roles such as Resource…
In this article, we’ll break down the Professional Services industry and explain where it is right now and what that means for you. Professional services cover various company types, including consulting, architecture and engineering, software publishing, IT services, marketing, etc. They all focus on providing specialized services rather than selling products. For example, accountants help…
As consulting firms grow, it’s easy for project team members to feel burned out. With multiple projects going on at the same time and projects comprising different team members, communications can bog down. Documenting progress, finding information, and confirming task status all take up too much time. As a result, the various team members—from marketing…
For project-based service firms, the end-to-end quote-to-cash process—from quoting to revenue realization—is often hailed as the holy grail of project automation. The key is to establish a “Data First” culture. This involves identifying the data your firm needs to make decisions and improve operations. Once you define the data you require, you can then find…
To be successful in the long term, engineering firms must deliver exceptional value to every client while each one of their projects stays profitable. As anyone in the business will tell you, it is easier said than done. Beyond the not-so-simple task of construction, engineering firms must excel at various administrative processes, including project management,…
A successful architect knows how to craft exceptional designs that stand the test of time. An architectural business should know how to execute those designs from idea to construction consistently and at a profit. Success in architecture requires precise project and financial management, along with effective customer relationship management. Only some firms have access to…
Key Performance Indicators (KPIs) are metrics used by Professional Services Firms to set goals for continuous improvements, track and measure business performance, and take action when the plan falls apart. With the right KPIs in place, firms can shift toward more outcome-based engagements – using accurate, real-time data to win bids, track progress, and show…
The professional services industry is changing rapidly, with current economic and market conditions accelerating those changes. Firms must embrace new technologies and rethink everything – from business processes and service offerings to how they engage clients – if they want to survive in today’s competitive environment – let alone thrive in the years to come.…
Overview Often, there’s some confusion as to what actually constitutes project accounting. A general definition of project accounting is tracking financial transactions by specific projects. Tracking may include project costs, billings, and any associated revenue. What project accounting actually represents in a company is based on several factors including company type, project volume and company…
Progressus 11.4.1.22 release notes is now available, featuring a variety of enhancements aimed at expanding the robust functionality for professional services and project-based businesses. The March release notes brings key enhancements, particularly improving Expense and Resource management. This update enriches the suite’s capabilities, ensuring a more robust and efficient workflow. Enhancements to Expense and Resource…
