Professional Service Firms need Time and Expense software to minimize ‘The Friday Dash’
‘The Friday Dash’ is a common challenge for professional services firms where employees look to finish their tasks before the weekend – including getting all their expenses and timesheets handed in or uploaded.
This industry-wide challenge is a consequence of poor legacy systems that don’t offer the productivity needed to avoid the time constraint that leads to time and expenses to be entered inefficiently and leads to costly financial mistakes.
Professional service firms rely on accurate billing for profitability. So, what can be done to solve the problem? Short of having phones provide consultants with an electric shock, as requested by a firm I recently spoke with.
This blog explores how ERP solutions that provide productive workflows can solve the Friday Dash – keep reading to learn how to resolve this issue in your firm.
What is Time Tracking software?
Time tracking software allows firms to make intelligent decisions about pricing, running projects, and scheduling teams. Keeping a clean, legal trail of work hours ensures compliance with working time laws.
Many firms don’t emphasize real-time client-specific tracking. Even fixed-fee projects benefit from understanding time spent to price future contracts effectively.
Professional service teams often deal with repetitive manual work and reactively manage projects, making it challenging to meet client expectations, let alone consistently track working hours.
ERP software for service-based organizations can help manage projects, resources, and utilization rates for billable staff, track essential metrics, and streamline processes for better efficiency and profitability.
Typical functions include time recording, billing, reporting, and resource utilization. Integrating these features with accounting, CRM, and payroll systems improves operational efficiency, prevents lost revenue, and speeds up billing cycles.
Modern ERP solutions provide visibility into mid-project profitability as projects grow in size and complexity, enabling firms to optimize processes continually.
Click to read Streamline operations and increase profitability (Gated)
What are the benefits of an integrated time and expense solution?
An integrated time tracking tool increases productivity by preventing money and resource wastage. Employees can more easily consolidate and monitor their data, spending less time on admin and more on closing deals.
Mobile apps allow remote employees to record time and expenses, keeping data updated. Tracking productivity identifies bottlenecks, leading to happier consultants and increased productivity.
A fully integrated ecosystem provides a single source of truth, enhancing visibility into performance, budgets, and more without fragmented data.
Centralized data entry enables a “funnel-to-cash” approach, streamlining project approvals, visualizing performance, and automating processes with preconfigured templates.
How can Unit4 help you make the time and expenses process more efficient?
Unit4 offers solutions tailored to professional service firms globally, with functionality to support project-focused processes.
Our ERP solution helps win, execute, and bill projects accurately, supported by software for ERP, Human Capital Management (HCM), and Financial Planning and Analysis (FP&A).
With the right technology, your firm can focus on what matters: attracting, supporting, and retaining clients. Learn more about our professional services solutions or talk to sales today.
