Professional Services Software
Professional services software automates key business functions and provides visibility into day-to-day operations and financial information.
ERP software solutions that serve the professional services sector facilitate employee collaboration, while significantly reducing the manual tasks associated with project management, project accounting, and invoicing.
While there are several ERP solutions that include service software functionality, not all ERP packages offer functionality capable of managing the needs of contractors or professional service companies. The ERP selection process must focus heavily on the needs of the service personnel. These needs include help desk support, ticket entry and management, technician dispatch, field service repair, spare parts management, in-house repair, maintenance contracts, job-based estimates, and billing.
Within the professional services industry, commercial and corporate real estate organizations require an industry-specific ERP solution to manage the transactions of property-based inventory such as office, retail, industrial, residential, or corporate and branch offices.
A real estate software solution tracks property and all tasks associated with the lifespan of an asset, including the original acquisition of real estate property, lease administration, space management and assignment, grounds maintenance, rent escalation, incoming rent payments, and the ultimate disposal of the property.
In addition to tracking core business transactions, a real estate software package tracks and analyzes real estate portfolios and facilitates decision-making through detailed cost and revenue accounting and reporting.
In the financial services industry, a quality ERP solution includes strong financial management software that is fully integrated with the organization’s core functional areas of manufacturing, shipping and receiving, and sales order management.
In robust ERP systems, the transactional data generated from these departments is available for immediate review via online inquiries, ad hoc reports, and real-time dashboard data. These capabilities offer full financial visibility into the organization’s payables and receivables with real-time access to inventory levels and sales forecasts.
Professional Services Software Requirements
- Project management
- Resource management
- Calendar management
- Employee timesheets
- Expense reports
- Workforce collaboration
- Document management
- Cost accounting
- Contract management
- Invoicing with milestone billing dates
- Revenue recognition
- Human resources management
- Business intelligence
- Ad hoc reporting