What is Professional Services Automation? Our Cloud Software Experts Explain
Professional Services Automation (PSA) is a set of software programs that automate and optimize day-to-day operations. Have you ever spent late nights working on complicated employee scheduling, adding up endless invoices, or dealing with the headache of working out project revenues?
With PSA software, all of that can be automated! Here's how it works (and how SCS Cloud's technology experts can help you implement it!)
What is Professional Services Automation (PSA)?
Professional Services Automation, also referred to as PSA, is pretty much exactly what it sounds like: it automates core business processes such as accounting, billing, project management, expense tracking, and resource management.
PSA software solutions were designed to help your business run as efficiently as possible. It's most beneficial for businesses with billable hours because instead of spending hours completing tedious tasks, you can use those hours for billable work. PSA software automates all those tasks! Plus, it helps your company become so efficient that you're optimizing time, recouping lost billable hours, and making more revenue.
PSA can be a function of software that does other things. For example, NetSuite is a multi-functional software because it includes PSA as well as CRM, ERP, and financial management capabilities to name a few.
Core Functionalities of PSA Software
While not all Professional Services Automation software are created equal, they all contain some of the same core functionalities:
- Resource management - the ability to manage costs, resource allocation, and project assignments
- Project management - accurate reporting on project status and profitability, helping managers optimize tasks and billing.
- Accounting & billing - handling most aspects of business accounting, such as profitability, expenses, budgets, and billing. This helps make sure all clients are billed on time and all projects stay within budget.
- Timesheet management - create and track project timesheets, properly allocating billable hours to each client. This also helps to optimize for future projects and profitability.
- Team management - PSA software should be able to automatically designate tasks to the proper staff members based on past projects, projectivity, and workload. This also includes the ability to send reminders about deadlines and ensure everyone stays up to date on the phases of each project.
How to Choose the Right PSA Software
There are many different kinds of PSA software out there for you to choose from, so how do you pick the right one?
It all boils down to what your business needs and the size of your business. Some firms specializing in PSA software only work with large enterprises, while others cater to small boutique firms. Here at SCS Cloud, we work with businesses of all sizes and we'd be happy to create the best PSA solution that fits your needs.
While we've worked with many different PSA software, our favorite is NetSuite OpenAir.
For high-quality, professional services automation, our specialists typically recommend NetSuite OpenAir.
NetSuite OpenAir combines project management, resource management, project accounting, timesheet management, expense management, and professional service dashboards to streamline your daily operations. It utilizes data from all areas of the business to provide intelligent and intuitive decisions. The best part? It provides real-time visibility of all of these business areas!
The cloud technology experts at SCS Cloud know the ins and outs of this advanced software, so we can help you enjoy everything NetSuite OpenAir has to offer as a PSA.
Benefits of PSAs
Our cloud software experts are great at helping our clients discover the many benefits PSAs have to offer. Some of the top pros of Professional Services Automation include:
- You'll save time (and money!) - Instead of spending hours on business processes such as billing, accounting, and scheduling, you can work on projects that make money! PSA software will take hours of work off your plate.
- Increased profitability - PSAs can help you spot (and take) opportunities for raising revenues and cutting costs that you might have otherwise missed. Plus, without spending time on other business functions, you'll have more time to dedicate towards billable hours.
- Safer file storage - everything done through PSA software is stored in the cloud, meaning all of your data is backed up on remote servers. With the cloud, you don't have to worry about keeping hard drives around or figuring out a backup plan if your office suffered a fire or a flood.
- Convenient project management - PSA software can be accessed from anywhere at any time, so you can always check in with your company's projects.
- Enhanced integration with other software - PSAs can easily be integrated with other programs, such as Customer Relationship Management (CRM) systems.
Cons of PSAs
While there are incredible benefits to PSAs, there are a few potential downsides, including:
- You need to invest time and resources - we can work with you to find a solution that fits your budget, however, getting PSA software properly implemented can be time and resource-heavy.
- It needs to be widely embraced - to properly automate workflows and track productivity, your employees will need to adopt the software and properly input everything. If they're inaccurately tracking their time, billable hours, or tasks worked on, the software will have difficulty providing optimization for future projects.
The potential disadvantages mentioned above are easy to overcome. With the proper implementation and company-wide adoption, your PSA software will be up and running smoothly!
Schedule a Free PSA Demo Today!
The data your professional services automation software captures is invaluable for the productivity and profitability of your business. If you're ready to learn more about how PSA software can help your business, contact us today for a free demo!