On the surface, invoicing for professional services organizations seems like a simple concept. For services organizations just starting out, oftentimes it’s as easy as downloading an Excel invoicing template for consulting services, punching in your hours and rate, rendering a services invoice, and sending it to the client.
As your Professional Services Organization grows and evolves, the software and tools you use to be successful will inevitably change over time as well. Eventually the time will come when your simple time and expense or basic project management software will no longer be sufficient for running your business effectively, and you will need to consider implementing a more robust and comprehensive project management tool such as a Professional Services Automation (PSA) solution.
Every business wants to grow quickly, but not all are equipped to support fast-paced growth while still operating successfully.
For services businesses, growing quickly is a great sign because it means the service you’re providing your clients is resonating with them, solving their problems, and they’re likely telling others they know that you can solve their problems as well.
The most mature professional services organizations and the ones who consistently deliver successful projects and foster long-term customer relationships, are those that offer high levels of organizational visibility across departments, have optimized business processes and integrated systems, focus on profit improvements, and have moved away from a one-time project focus to an increased emphasis on delivering great customer experiences for life.