Navigating the winds of change: A survival guide for service firms Part 1: Taming financial turbulence

Webcast:

Navigating the winds of change: A survival guide for service firms

Part 1: Taming financial turbulence

The unique nature of professional services organizations (PSOs) demands good financial management of the project lifecycle. From scoping and bidding through to delivery and invoicing, organizations need a central source of real-time, accurate data; standardized policies, processes, and methods; and metrics to deliver high-quality projects.

As firms face shrinking profit margins and increased pressure on billing rates, financial management becomes even more critical. Yet, most PSOs operate with a spreadsheet approach scattered across disparate siloed systems.

To grow the business and boost profitability levels, PSOs need to take the holistic path to financial management with visibility and integration across the business. From billing employee utilization, deal pipeline and quarterly forecasts to new client acquisition and revenue targets, PSOs need to identify KPIs and streamline finance processes, which in turn help add top line revenue and reduce bottom line costs through efficiencies.

If you are a finance leader in a PSO, you will understand that you now need to rethink how you view processes and the technology supporting them to be able to control multiple revenue streams through a single source of truth. Your role is no longer just about managing finances and budget, but also enabling other business functions, and the best step forward is by adopting a strategy that keeps you lean and agile.

To guide you in this direction, watch this webcast where we outline:

• What top performing PSOs do differently to manage their financials and optimize growth, revenue, and profits.
• What are the right strategies and KPIs to drive higher performance and profits.
• How technology allows your organization to leverage data from across business units as indicators of organizational health​.
• A demonstration of the dashboards in Microsoft’s Dynamics 365 Finance outlining the KPIs.