From the outside, having a professional service business looks like a simple case of employing people and selling their time. But we know that under the surface it’s a whole lot more complicated than that.
Firstly, finding good people is hard. Training new staff takes time and resources - and can take senior team members away from more productive work. There are the obvious KPI’s that you can track like non-chargeable time, chargeable hours and recovery rates. But, how do you decide what a charge out rate should be in the first place?
As a professional services business ourselves - we’re proud to be at the forefront of innovation within the sector. Using tools to automate invoicing and cash allocation as well as having a deep understanding of the tools out there that can help with team scheduling and communication.
A big area we want to see more businesses focusing on is that of the systemisation of procedures. Why? Because this is what helps guard against knowledge lost during staff turnover, helps lower paid staff take on seemingly complex tasks - and makes your business more valuable to potential buyers.
As part of our outsourced finance department offering, we specialise in helping the following professional services businesses;
In summary, we believe that to really get the best out of their business, those in the professional services sector should have an experienced finance director to help them with their decision making. They also need to make sure their accounting information is accurate and available in real time, so they can make decisions using the right data.