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Overcoming Financial Growing Pains in Professional Services
| In our services-centric economy, many project-based companies that provide technical and business services are fine-tuning their marketing strategies and business models to pursue growth. And the most recent benchmark report from SPI Research shows those efforts are paying off. The average net profits for the professional services organizations surveyed grew more than 10 percent for the fifth consecutive year.Of course, as those firms grow and expand, they place an added—and changing—burden on the finance organizations that support them. Transaction volumes begin to climb. Workflows grow more complex. Real-time reporting requirements increase.
And the demands to do more while holding the line on staffing and overhead become almost impossible to meet when you’re trapped in a sea of spreadsheets, outdated information systems, and patchwork processes. Maybe the challenges look familiar to you:Lower productivity as finance gets bogged down with more manual data entryTime-consuming global consolidationsA lack of visibility into project profitabilityBid to bill process disconnection across sales, project teams, and financeLack of confidence in being able to scale |
