Accounting Software for Professional Services

What's it like to manage financials for an organization that sells services instead of goods? Complicated. 

You might need to analyze profitability for multiple entities. You might have contractors all over the world, or customers all over the web. And you may have a small team handling a large amount of diverse tasks. Meanwhile, you must constantly adapt to the needs of your customers and your market.

Sage Intacct cloud accounting software helps you address all of the above without spreadsheets and headaches that many professional services firms experience today.

Profitable Growth

One of the most important issues facing professional services firms is profitable growth. As you grow your revenues and perhaps geography, the complexities associated with project accounting, multiple billing rates, milestone billing, different tax and regulatory requirements, worker compensation, and more can undermine both cash flow and profitability.

Here are five ways to ensure profitable growth:

  1. Maximize Annual Revenue per Billable Consultant: goal is typically over $200,000 per consultant
  2. Maximize Annual Revenue per Employee: goal is over $180,000 per employee
  3. Maximize Billable Utilization: goal is over 70%
  4. Minimize Project Overrun: goal is under 5%
  5. Maximize Project Margin: goal is 40% or higher

Learn more by downloading our 5 Key Performance Indicators (KPIs) for Professional Services Firms Research Note at the top right of this page.

Managing Finances

The key to achieving these five goals is the effective management of all revenue and cost information. Your accounting software is the hub of all of this information. It must provide an infrastructure where costs and revenues can easily be analyzed and where key members of the executive team can drill down to better understand areas of success and areas of improvement.

Sage Intacct cloud accounting software delivers this clarity with the following:

  • Project Accounting: track and see all your financial and non-financial project data in one place and keep projects productive and profitable
  • Invoicing, Billing & Accounts Receivables: get paid faster with automated and recurring billing, send invoices by email, attach project documents, and offer more payment options to clients
  • Dimensional Chart of Accounts: track revenues, expenses and profitability for any department, location, customer, vendor, employee, item, class, and project while also simplifying your chart of accounts – from setup through real-time reporting; you also get one-click conversion from cash-based to accrual accounting
  • Multi-Entity Accounting: combined with Sage Intacct's dimensional chart of accounts, you can track financials for each business unit, division, department, branch, location, or other business entity with multi-currency management and global consolidation capabilities
  • Salesforce Integration: links the best-in-class cloud accounting software with the best-in-class cloud CRM, giving you a 360 degree view of every client
  • Time & Expense Reporting Integration: Sage Intacct is integrated with numerous time and attendance and expense reporting software, including Expensify and Nexonia
  • Revenue Recognition: if you also sell software, when and how to properly recognize revenue is critical

The Resource Group

We are the leading Sage Intacct accounting software reseller and integrator in Seattle, Portland and throughout both Washington and Oregon. We've implemented Sage Intacct for many professional services firms, including:

We believe that Sage Intacct is the best accounting software for professional services firms because of the clarity it gives you on project and overall profitability.

Contact us to learn more about accounting software for professional services firms

5 Key Performance Indicators (KPIs) for Professional Services Firms

Accounting Software for Professional Services Top 5 KPIs Research Note

Download our research note by filling out the form below to learn how you can achieve more profitable financial success:

For More Information

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