Here’s Why Your Professional Service Business Needs Accounting Software

by Adagio Admin | Feb 03, 2021

here-why-your-professional-service-business-needs-accounting-software

Do you or your firm track time and disbursements against clients or projects? Do you need progress billing and detailed reports to track WIP easily? Are you perhaps billing different consultants/project managers or other staff at different rates?

Often accountants, lawyers, management consultants, and engineers will attempt to manage these requirements using complex applications and spreadsheets.

These hurdles result in issues like delayed invoicing due to the time it takes for the team to collect the information needed to generate the invoice manually. Your struggle to have insights into the firm’s performance is painful, especially if your time is spent keying in data that you’ve had to chase down from a program with limited invoicing capabilities.

With Adagio Time & Billing for professional services, your staff time, workflow, approvals, billing, and receivables are streamlined and recorded to produce accurate and detailed financial statements.

Here’s a few advantages to accounting software:

Accurate billing

Your client relationships and integrity heavily rely on your firm's performance, and part of this performance manifests in how you invoice them. The need for accurate and detailed billing is essential when time is involved.

Adagio Time & Billing for professional services intuitively allocates the information going into the accounting system, resulting in more accurate reporting.

Payroll integration

Often, companies use numerous spreadsheets full of disconnected payroll data to create meaningful reports. Accounting software for professional services bridges the gap to improve your payroll processes, integrating with payroll providers to track time, wage differences, vacations, taxes accurately, and more, providing an exceptional payroll solution for your firm.

Adagio Time & Billing for professional services fills the gap to improve your accounting processes by integrating with payroll provider Paydirt.

Report Drill Down

Drilling down your reports to gain visibility about “who is doing what, for whom, for how long, at what cost and how much delay” will increase your overall firm's efficiency and provide valuable insights.

Adagio Time & Billing for professional services helps create invoices to identify the time related to each task.

Easy billing, your way

Billing by the minute, hour, project, or a retainer? Accounting software for professional services captures data in an automated and accurate format. Less human errors and less time doing data-entry enables better invoicing and better collection of receivables.

With Adagio Time & Billing for professional services categorize every bit of information, with as much or as little detail as you want to appear on your invoices.

Improved Performance

Don't have the time to micromanage time spent by employees?

Adagio T&B tracks employee time and allows for more controlled or more autonomous time entry by staff. You set the level of controls in place to suit your firm's needs: how many hours they worked, how many administrative hours, how much of it is billable, etc. Add in a tight audit trail and approval process, and the results are enhanced efficiency for your office.

Adagio Time & Billing for professional services allows for easier write up or write down before billing when reviewing your WIP.

Reduce Administrative Work

Many firms have poor use of professional hours. A common struggle is accumulating data, and re-keying from one program to another to allow for the level of customization that professional services required. The time spent is then transferred onto the client project. Automating and integrating reduces administrative work and allows time to be billed for more added value services – enabling your firm to generate better revenues.

Clearer Revenue Forecast

Accurate WIP requires the proper gathering of the time and disbursements consumed on client projects or services. Accounting software for professional services offers vital elements of managing your firm's WIP. Simply set the parameters you want to see in your WIP reports like staff, project, client, or other variances, and examine what is currently being worked on. Turn the resulting details into a forecast report and quickly produce YTD statements and more.

Conclusion

Accounting software benefits businesses of all kinds, particularly service-based firms that bill their clients on time and tasks performed. There is no fixed price like that of a retail shop, hence a robust system is mandatory.

Here is why Adagio is the perfect fit for your professional service business.

Adagio Time and Billing is designed with professional services firms in mind. It bundles best practices and operational know-how into a single elegant, and easy-to-use application.

  • Create unlimited number of client profiles, files, work, disbursement codes, and staff profiles.
  • Manage and maintain project, staff involved, work progress, and budget.
  • Supports multiple rates, including cost rates, special hourly rates, cost-plus contracts, and lump sum fees.
  • Billing that delivers as much or as little details as your clients want to see
  • Tracks and accounts for WIP in real time.
  • Staffs can track their time and disbursement with Pop-up Timekeeper.
  • Client Inquiry drill-down to client information as you enter invoices.