Professional services automation (PSA) software is generally used to help companies in professional service industries manage client projects and resources. These solutions provide an effective way for users such as auditors, contract reviewers, account managers or lawyers to streamline project operations. PSA solutions can enhance visibility into highly complex projects and are a specialized alternative to common and general project management or resource planning (ERP) solutions. As such, PSA software can come equipped features like billing and invoicing, resource allocation, expense management, labor allocation, or time tracking. Read the full software guide...
Professional services automation (PSA) software is often utilized in significantly regulated industries and legal environments. The primary goal of these solutions is to streamline and reduce the burden of processes for users such as contract reviewers, testers, auditors, and attorneys or solicitors. These processes can usually include service delivery, administration, and new business generation.
In particular, PSA solutions enable users to generate workflows and enhance the testing or reviewing of operations. To achieve these outcomes, PSA solutions can offer a variety of features including project management, time management, resource management, document management, sales management, financial accounting, and billing and invoicing. Through these features, users can benefit from enhanced visibility over their projects.
Furthermore, many PSA solutions are tailored towards the needs of specific business verticals and processes, such as financial auditing, IT services, or consulting to name a few. These specialized solutions can be very useful as they generally provide a range of industry-specific capabilities, therefore, it is certainly worth considering how beneficial a desired solution will be for your business’ unique needs. Additionally, considering that PSA solutions can be used for such a large amount of business processes, it is crucial that users opt for a solution that will easily integrate with their existing software stack.
|API||Application Programming Interfaces (APIs) are programmatic intersections with external products or platforms that allow for custom integrations with your own solutions or other solutions you are using.|
|Billing/Invoicing||Issue bills and invoices to customers, often combined with tracking capabilities for outstanding payments.|
|Budgeting||Planning and tracking capabilities for financial budgets and plans often used to manage funds across different departments or for investor / shareholder oversight.|
|Data Export||Exporting functionality can be used to streamline the migration of data sets and information across systems, platforms or applications.|
|Data Import||Importing functionality allows you to use data sets from other systems or platforms to cut down on data entry requirements or to more easily migrate records from similar applications you have used in the past.|
|Expense Tracking||Track employee travel and other expenses to stay on top of budgeting requirements and reimbursements.|
|External Integrations||Integrations with other software products or platforms to improve efficiency and compatibility across systems.|
|Forecasting||Forecast upcoming expenses, sales, revenue, user levels, etc. through the use of predictive methods and past data.|
|Inventory Tracking||Stay on top of inventory levels, to manage the storing, reordering or production of stock items.|
|Multi-User||Supports more than just one user account and generally allows for collaboration with colleagues.|
|Notifications||Includes notification support and sends you alerts with information on important events and other time sensitive instances. For example through push notifications on mobile phones or email notifications.|
|Project Management||Manage projects from conception through the planning stage to delivery and post-project reporting phases. This allows organisation teams to organise resources, plan budgets and improve efficiency in the delivery of project objectives.|
|Resource Management||Manage company's internal and external resources efficiently.|
|Scheduling||Schedule tasks, resources, appointments, payments, communications, etc.|
|Task Scheduling/Tracking||Schedule and track tasks and deliverables in form of to-do-lists.|
|Time Management||Monitor and optimize how you're spending your time.|
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