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6 Reasons Professional Service Firms Should Switch to Cloud ERP

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Project-based businesses and professional service firms depend on successful project management, and successful project management begins with having the right ERP (Enterprise Resource Planning) system.

An integrated, full-service ERP such as Microsoft Dynamics 365 will automate your business processes, saving you money and resources spent on non-billable tasks. Once only a dream, Cloud ERP is now coming into its own, and there are compelling reasons for you to consider getting on board.

Here are 6 reasons why project-driven firms switch to Cloud ERP:

1. Automated processes

Automation can increase the speed of your business processes, and speed can give you a competitive advantage. An efficient ERP with connected systems and common data provides the visibility, efficiency, focus, security, and cost savings you need to remain competitive.

Think about the value and convenience of automating contract initiation, renewal, realignment, amendments, billing configuration, sales tax management, workflows and approvals, discounting, security, and administration. Think about the resources saved, not just in costs, but in work hours. And to have all these processes running on a single integrated solution means savings in additional software and workarounds.

2. Contract management

Contract management involves complex billing, time and resource allocation, and realignment and renewal processes. Microsoft Dynamics 365 can streamline all of these while eliminating the worry of incorrect or duplicate data entry. Your team can concentrate their efforts on producing results rather than on administrative tasks.

3. Resource and project management

Efficient project management requires the best utilization of resources. With tasks automated, your team is freed to work on billable assignments. With all your resource information in one system, the right employee and equipment can be matched to each job. Employees will have access to the data they need to complete their projects, and management will have visibility into each milestone of the project.

Automation and a common database also improve coordination and collaboration across teams to solidify customer satisfaction and loyalty.

4.Unified business systems.

With a unified system, it’s easy to enter data, generate reports, and share a single, up-to-the-minute version of the status of a project. A unified cloud-based system is more accessible than an on-premise system in today’s mobile business environment. Sales reps, technicians, and management, with permissions, can have access to the data they need to keep working even when away from the office.

5. BI and analytics

Microsoft Dynamics 365 allows you to benefit from sophisticated BI (Business Intelligence) tools and predictive intelligence. Decision makers are armed with the data they need to initiate action. Systems such as Microsoft’s Power Platform allow team members to see data in a format that is easily digestible and understandable. Custom dashboards give you a way to slice and dice information in any way that is useful to you.

6. Compliance

A modern full-service ERP such as Microsoft Dynamics 365 Cloud ERP is a must in these days when compliance is an issue. Companies that adhere to GAAP standards are now required to comply with new revenue recognition guidelines detailed in ASC 606 & IFRS 15. To make this a reality, companies need a system designed and certified to meet these guidelines. Microsoft Dynamics 365 streamlines and automates the functions required to comply with the new standards.

Moving to a cloud-based system with all applications operating on a single data platform opens up opportunities for professional service and project-based businesses to truly thrive in a competitive marketplace. When choosing an ERP for professional services and project-based businesses, consider the increased speed, the use of seamlessly connected systems, a single source of data, modern BI and Predictive Intelligence tools, and revenue recognition processes. All these, and more, are available with Microsoft Dynamics 365 Cloud ERP.

If you are ready to explore what Microsoft Dynamics 365 can do for your project-based or professional services business, contact our experts at Velosio and ask for a free demo.

By Velosio,

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