This is the digital age. Almost everywhere you look, there is a lot of tech involved in business operations. You have smart technologies such as Internet of Things (IoT), Artificial Intelligence, Machine Learning and cloud that are transforming your office automation.
Despite all the technological advancement, it has been observed that there are various small and legacy accounting solutions used by companies all over the world that are actually adversely affecting the efficiency of staffing firms.
This beats the entire purpose of automation, as technology is supposed to be an enabler and not a limitation. That’s why what we are witnessing now is a global migration to cloud-based ERP software solutions offered by leading international brands.
There are several reasons why cloud-based ERP is an ideal option for staffing solutions providers.
Customized project billing: As a global staffing firm, you need to constantly focus on acquiring new projects and clients. Thus, it could be a real pain to deal with a legacy system that creates challenges every time you try to change it. If you want to deploy customized billing as per your terms, then you need to find a provider that offers you the freedom to do so.
With advanced ERP software, you can set up time and materials billing, fixed-fee, billing that is based on value and even an option such as milestone billing. There is also an option to generate highly customized invoices which can show your clients and customers a very simple itemized billing and complex project summaries. Such a system can save a lot of time and deliver better cash flow, and the ability to merge different billing conditions on a single project or create a consolidated invoice for different projects.
Simplified time entry: The best thing about cloud-based ERP is that you can access it anywhere, anytime. Thus, you can let your consultants enter their time on the projects from wherever they are as long as an internet connection is available. Such time and expense entries are automatically tagged to customers, projects and tasks that facilitate a detailed analysis of a project’s performance.
Cutting down revenue loss: Cloud-based ERP offers the ability to integrate seamlessly your company’s finances, operations, and sales functions. Through a single dashboard, your managers can gain insight into various elements such as budget vs. actual billing and unbilled expenses and billable hours vs. unbillable hours. It can also allow all the people associated with the project to check the status and evaluate the performance, make course corrections, etc. With such a high level of understanding and information, all the people can evaluate their roles better and how they affect the project’s performance.
To say it succinctly, the billing of projects has become highly advanced and legacy systems are unlikely to handle the modern business dynamics. You need trustworthy data, reports, and integrated easy to access dashboards which can be personalized to deal with different needs and responsibilities. The right type of cloud-based software can ensure timely collaboration and action to help your business grow.