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Productivity

The Benefits & Features of PSA Software

March 22, 2020 By René de Jong
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Project management is an industry that’s been around for thousands of years (ancient civilizations needed it to construct impressive pyramids). But things look a little different today; the dawn of the SaaS market has moved project management tools online to keep up with digital business demands.

The most seamless and intuitive of these tools are PSA (Professional Services Automation) systems.

So, what is PSA software?

PSA software environments provide online solutions to help your business manage:

The overarching purpose is to bring all the facets of project management into the light, where they can easily be seen and dealt with. And professional services firms - architects, accountants, marketing and advertising professionals, lawyers, and consultants - are the best candidates for PSA software to help streamline their businesses and and improve operational efficiency at scale.

Businesses using PSA software
have reported seeing a
45% increase
in project margins
.

PSA software has been proven to cut costs and increase revenue, making it a viable resource for service-based organizations and project-based businesses alike.

Using PSA software to affect your bottom line

In a 2017 end-user survey conducted by Service Performance Insight, 68 businesses from around the globe reported the following gains from using PSA software:

  • 45% project margin increase
  • 50% decrease in revenue leakage
  • 12% increase in on-time projects
  • 12% increase in on-budget projects
  • 47% decrease in billing cycle
  • 21% decrease in project staffing time

Additionally, best-in-class, service-based companies are 80% more likely to utilize PSA software than their counterparts.

What you can expect from using PSA software

More visibility. More control.

PSA software gives you a singular point of information, with real-time data that can be clearly seen and accessed by your entire organization. This pinnacle level of transparency helps business leaders and managers to more easily pinpoint weaknesses and strengths and address them immediately.

Better decision making

The dramatic increase in visibility for both project managers and employees/contractors alike empowers everyone on the team to make better decisions when it comes to time, budget, and more.

Less administrative work.

It’s often demoralizing, costly, and downright mind-numbing to keep up with admin tasks in growing startups and small businesses that perhaps don’t have the resources to hire administrative staff full time. PSA software can automate much of your admin processes for you, freeing up the time and energy you and your team need to grow your business.

Global business is easier.

Whether you have multiple team members in different locations or multinational clients, PSA software creates that singular point of truth where all parties can have a handle on their projects, regardless of where they are geographically.

Scale your PSO.

In addition to back-end capabilities like billing and time and expense that PSA software offers, premium platforms  can actually help you scale your service-based business like never before. By bringing together sales, operations, financials, and projects all within the same environment, smart PSA software gives companies the organizational foundation they need to scale more quickly and easily.

Get the most out of your PSA software

In conjunction with the standard benefits and capabilities like budget tracking and invoicing, killer PSA software platforms will have more advanced features that can really revolutionize service-based firms. Those features include:

  • Smart contracts
  • Smart invoicing
  • Ability to recycle successful strategies
  • Smart time tracking
  • Integrations with platforms like HubSpot
  • Calendar integrations with G Suite + Outlook
  • GPS tracking
  • Other self-driving and automated learning capabilities

Looking for PSA software with the best benefits and smart features? Try PSOhub today, for free.

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