Supporting Your Firm's Growth Strategy Requires More Than Just Accounting Software

Posted by Laura McQuaig on October 21, 2019

Bid Decisions

Every consulting firm reaches a point when they question if they have outgrown their current processes and technology solutions.  Assessing how your employees spend their valuable time, and how useful your current systems are at supporting your business processes is simply part of any good growth strategy. As your client base increases, so does your need to employ more efficient processes supported by purpose-built, integrated technology.

The first technology system that consulting firms usually purchase is to manage their financials – a system like Sage®, Xero® or Quickbooks®. But many firms find out too late that managing financials in the generic, stand-alone system they started the firm with may be hurting more than helping. Since stand-alone financial systems can’t manage financials at the engagement level, it is next to impossible to make engagement-based decisions. These solutions do provide company-wide financial information, but typically not in real-time, making the financial data they produce unactionable. They also require inefficient, manual aggregation of information to get a true firm-wide view of sales and marketing efforts, engagements, resources and revenue pipeline.

In addition to a static or siloed view of your business, you could be losing hours and hours of employee productivity using multiple un-integrated systems to manage things like finances, resources, client data and invoicing. According to IDC, workers, on average, spend 36% of their day in lost productivity – looking for and consolidating information from un-integrated systems, at a financial cost of thousands of dollars per worker, per year. Disparate systems also put consultancies at risk of vulnerability to poor cash flow, human error, and lack of mission-critical metrics.

 

Join the November 7th Webinar: ‘Is Your Consulting Firm Outgrowing Your Accounting Software?’


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When your firm has reached the point of needing more actionable, accurate, and efficiently-collected data to make business decisions, a fully integrated, project-based solution like Deltek Vantagepoint is your best bet. The benefits of using an integrated Professional Services Automation (PSA) solution like Vantagepoint include:

  • Support of the entire engagement lifecycle as opposed to looking at financials via a business-level view only.
  • Real-time data for decision-making – from lead management to staffing engagements and time/expense, to invoicing and engagement-based financial reporting.
  • Integration of data from all of its sources to eliminate collection and aggregation errors and multiple entry.
  • Automation of traditionally manual processes so that your staff can focus on what they do best.

If you think your firm isn’t yet ready to move from a stand-alone system to one that manages all the aspects of your business, you can simply integrate Quickbooks to Vantagepoint whenever you’re ready using an easily-configurable API. As a result, you’ll have access to an entirely new and more actionable set of financial data, including revenue recognition reports, and more.

Please join us for the next Consulting Solution Speed Session event, Is Your Consulting Firm Outgrowing Your Accounting Software?, on Thursday, November 7th, at 2 pm ET to see how a consulting-specific PSA solution can support growth while recapturing lost costs and efficiencies. You’ll also see how to integrate your Quickbooks or other financial system with Deltek Vantagepoint, and keep using the financial system you’re comfortable with.


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