The New York Post recently reported that Microsoft will allow employees to stay remote permanently. The software giant has reportedly told its employees to feel free to work from home…forever, even when its offices open back up.
The COVID-19 pandemic has turned what once seemed like a luxury, to a safety measure – WFH – (working from home) is not going away anytime soon. As a matter of fact, it likely is going to be a permanent option, especially for those in PSOs (Professional Services Organizations).
For many of those in the professional services business, working from home is nothing new but the options for tools required to work from home are increasing rapidly to supply the pandemic-driven demand, leaving many PSOs to ask two questions:
- With all this uncertainty, should I be investing in new tools?
And - Which tools are right for me?
For Professional Service organizations, 2019 was a very good year. According to a recent survey, SPI Research, (a company dedicated to helping PSOs improve productivity and profit) found that most PSOs saw revenue growth (10.6%) and revenue per consultant and per employee reached new all-time highs. They surveyed over 6000 firms over 13 years and they came to this glaring conclusion: change is constant in the professional services world. Each year brings a different challenge, whether it be disruption due to geopolitical, socioeconomic or tech disruptions, these very disruptions and changes are what drive people to seek professional services – that expertise is needed to navigate us through uncertain times.
Accountants, IT services consultants, and lawyers are a few examples of professional service roles that have seen a boost in their business since the pandemic hit. People are seeking expertise from accountants on how to manage their finances, government aid in funding for businesses and more. IT and software consultants are inundated with setting people up to work from home. Unfortunately, lawyers are having to deal with family law, estate settlements and many other legal issues caused by the pandemic. Despite continued COVID-19 turbulence, business is still good for PSOs, with plenty of interesting work and no shortage of client challenges.
Understanding the right tools to help keep these services going beyond just managing debits and credits is no easy task. Navigating through a thick jungle of software options, the procurement process of a new software solution is a project in it of itself. Many PSOs question if the work of deciding on the right solution is time well spent. One thing is certain, the technology that exists is ample and boasts a pre-COVID-19 trend that is now here to stay – Cloud platforms.
Identifying the features and functions that create productivity improvement while addressing the major concern of working from home is very important. Workflows, document management, security, dashboard reporting, inter-company communication, scalability, project accounting, and project billing are just a few of the capabilities that PSOs are looking for and need in order to adapt to this “new normal”.
Professional service organizations need an accounting solution that is cloud-based, scalable, flexible, and intuitive for their teams, whether they are spread out globally, nationally, or even municipally. Finding a solution that meets all of your requirements for integrated time and expense management, multi-entity consolidations, and is robust and adaptable enough to grow with your business over time, actually narrows down your SaaS options. As a true cloud financial management system, built to meet the needs of all professional service organizations from the very small to large, multinational companies, Sage Intacct strives to promote the success of your customers and the PSO industry.
We’ll leave you with these three tips:
- If you haven’t started to investigate ways to deliver more of your professional services virtually, you need to start that yesterday. This is somewhat about the technology but really what it boils down to is how you build, sell, AND deliver your professional services. Your organization’s remote capabilities aren’t just how you can replicate onsite services to virtual services. PSOs need to think about how WFH is not going anywhere fast and is the way their competitors are moving.
- If you’re already heavily invested in providing your professional services virtually, then make sure that your internal management is able to follow the same practice. Many PSOs will have their consultants working remotely but still have the bookkeeper/accountant coming in one or two days a week. It’s time to practice what you preach. Leading by example has always been the best way to get the message to prospects and customers. Confidently telling your clients that your entire operation is able to function remotely with tools like Sage Intacct and its fully integrated Cloud applications, instils confidence with your prospects and clients that you know all about this virtual world and frankly, make them feel better and more secure amid the uncertainty.
- Take a deep breath. Everyone is having to make massive adjustments, both at work and at home. Change and uncertainty are real factors in this pandemic. We are being given a unique and unprecedented experience that calls for innovative solutions and processes to better manage our service offerings. So, take that deep breath and think creatively.
The pandemic has hit businesses hard, both positively and negatively. While there are many predictions out there, one thing is certain, this isn’t the end of the world as we know it but rather it’s only the end for the old ON PREMISE, ONSITE world. The majority of businesses are in the adjustment phase of remote work. North49 can help bring PSOs to a place where they are productive, efficient, secure and comfortable. Contact us to learn more about how Sage Intacct can help your professional services business.
About North49
North49 is a Sage Authorized Partner and Sage Development Partner. We help our customers to improve, automate, and streamline their processes to become more effective and strategic in managing their business.
If you'd like to discuss your situation to see where we may be able to help, book some time on my calendar.
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