8 Reasons Your Small Business Needs an Innovative Project-Based Accounting Solution

Posted by Deltek on May 3, 2021

SMBs Need Project-Based ERP

Power Your Small Business with Project ERP

As a small business owner, you face unique challenges that require you to carefully balance your limited time and resources with running your project-based business. One way to alleviate some of these challenges is by embracing new technology−like an enterprise resource planning (ERP) system−that can serve as a strategic tool and provide a competitive advantage. 

While it may sound complex, and some may think it is just for enterprise businesses − it’s not! ERP systems bring together your organization’s disparate tools and processes to help you become more efficient and effective, all in one easy-to-use solution. Deltek's innovative project-based accounting solutions−or Project ERP−adapt to businesses of all sizes allowing you to make better-informed decisions in real-time while supporting your compliance requirements.

And, while other ERP solutions work with all different types of businesses, they don't allow for the customization you may need, especially without the use of third-party bolt-on components. Instead, Deltek's comprehensive project and accounting management solutions, built specifically for the project lifecycle, put your projects at the center of your business and your software.

 

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Whether your small project-based business focuses on government contracting, architecture and engineering, construction, consulting, marketing, or another industry, our solutions can help improve your productivity, boost collaboration and increase profitability – now and as you grow. If you haven’t considered Project ERP for your small business, here are eight reasons why Deltek may be right for you:

  1. Winning New Business: Project ERP’s customer relationship management (CRM) helps you manage, track, and forecast opportunities. It also allows you to create campaigns and track the progress of prospects through the sales cycle. With proposal automation, your small business can streamline pursuing and winning projects while reducing sales costs and enhancing proposals with accurate and competitive pricing and scoping.
  2. Managing Your People: Your employees are at the heart of your organization and likely your biggest asset. As a small business, you need to recruit, develop and deploy them wisely. A Project ERP solution lets you see how and where you use resources, assign them to revenue-generating projects, measure seasonal fluctuations for labor forecasting and more accurately plan for resources needed in the future.
  3. Collaborating with Teams: A Project ERP all-in-one solution allows for clear communication among consultants, team members and clients, leading to project success. Whether your small business needs this capability now or in the future, supply chain management provides a single channel where you and business partners can collaborate, analyze and forecast based on holistic knowledge of product lifecycles, inventory and equipment location.
  4. Increasing Project Productivity: Project ERP’s financial and project-management solutions give your small business complete and timely visibility into project and financial status, risks and opportunities. Time & expense entry and reporting are fast, easy, and accurate with customized alerts that warn executives and project managers about potential cost overruns and schedule slippage without having to wade through lengthy reports.
  5. Improving Cash Flow: Create accurate invoices quickly with Project ERP because labor and materials costs are connected to the right level of your project and are validated for accuracy at the point of entry. As a result, your small business customers are more likely to pay on time, accelerating cash flow now and into the future.
  6. Tracking Your Financials: Gain visibility into historical project costs, performance, and risks/opportunities and manages all your small business’ project information with a Project ERP system −from pursuit through procurement of materials, project delivery and collections, all in one place. It also streamlines back-office processes to improve cost controls, cash flow and profitability.
  7. Leveraging Business Intelligence: Project ERP is a one-stop-shop for viewing and assessing metrics by project, department, account, customer, organization and vendor−replacing many solutions with one automated solution. This business intelligence converts your small business’ data into actionable knowledge that facilitates faster, better-informed decisions as well as strategic planning and initiatives.
  8. Automating Compliance: Traditional ERP can’t always enforce business and accounting rules upfront, so violations are caught late, during reconciliation or audit. With Project ERP, rules flow down to the project level, taking the guesswork out of compliance and making it more uniform for your small business.

Your Partner for Growth

With thousands of small business customers, we are committed to meeting your challenges through the entire project lifecycle—from identifying, winning, managing and delivering successful projects–and  preparing you for growth when the time is right.

Supporting small businesses is something that Deltek does every day, providing valuable resources and solutions to help you to adapt, evolve and grow. And when you are ready, Deltek’s Quick Launch consulting offering, designed specifically for small and medium businesses, will help you go live with your new solution quickly and efficiently.

 

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To learn more about how Deltek can power project success for your small business, subscribe to our Deltek Project Nation newsletter and follow us on Twitter and LinkedIn.