Believe it or not, there are companies that have effectively reduced time to invoice by up to 75%. How about yours? How long does it take your company to send an invoice to clients? How many days does it take from project conclusion to finally close all administrative tasks? Often, administrative and financial tasks are quite difficult to manage, on top of managing projects themselves.
This is particularly true for IT companies and for businesses that offer innovative services. For these organizations, management processes include everything, from guiding leads to planning operations, but also invoices management and reporting as well as the measurement of customer satisfaction.
Just thinking about it makes me dizzy. So, how do we survive all this? How can we reduce billing time? Simple: you need your own J.A.R.V.I.S.!
One For All, and All For One
We don't mean to literally go and get yourself a J.A.R.V.I.S., the virtual genius/butler/Siri slave of Tony Stark. Of course it's difficult to get one of those, unless you're one of the Marvel's big bosses. What we really mean is that you need to have integrated and versatile systems that can respond to multiple diverse requirements based on a single platform. Speaking of which, have you ever heard of Professional Services Automation (PSA)?
Think of how many software are used to manage your business from A to Z. Probably at the minimum, you use four different business systems: a CRM for lead management and a consolidated database of customers; a software for formulating budgets and allocating resources; another to create, send and archive invoices and another for the general reporting. All this means that you will need to open and use four programs simultaneously, train staff to know how to use them (risking that each specializes on just one and you immediately lose opportunities for collaboration), invest time and money on four licenses, four maintenance processes, etc.
Now, imagine instead that you have a single software that can be used throughout different operating systems and can do everything mentioned above. It doesn't just allow you to integrate customer management to the various phases of a project, but also optimize the entire delicate phase of billing and administration. Because of this, you can now have immediate reporting within the same system, reduce the time it takes to manage compliance and provide audit support, and be able to create invoices and send directly and/or automate invoicing without changing your platform. All this can be connected to each other and automated through PSA to improve the overall efficiency of your operations!
Adopting a single solution for all this also allows different professionals to intervene in general management according to their own particular point of view, without having to go through middlemen. For example, the project manager can control how many hours are devoted to a project, a business unit manager can monitor the overall performance of operations, while the administration will know in an instant when to close an invoice. It's not science fiction, unlike J.A.R.V.I.S. Many integrated systems and platforms, such as NetSuite Services Resource Planning (NetSuite SRP)can do all these. Aside from that, it's also Cloud-based, further simplifying the processes of any operation.
Improvements and Cost-Effectiveness
Moving from theory to practice is crucial. We'll give you ourselves as an example. Using an integrated Cloud-based system like NetSuite SRP, Extra reduced the time it takes to bill customers from 15 days to just a mere 5 days.
The savings in time and resources is tangible. A survey conducted by SL Associates of 100 companies that used this project management software show a significant improvement of all KPIs (Key Performance Indicators) related to the finance and administration. The data also showed a reduction in time to consolidate accounts by 20 and 35%, a reduction of the time it takes to close financial books by 40 to 70% and an increase in accounting staff productivity by 20-50% .
This kind of integrated system improves all the administrative and management processes and phases allowing the business to better respond to the challenges imposed by the market and to respond quickly to the clients' requests. These are improvements that even Iron Man would be impressed with!
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