As a professional services business ourselves, Aysling knows well what other B2B businesses need when it comes to running their enterprise, particularly engineering, software and IT groups.
B2B companies have different needs when it comes to project management than their B2C brethren:
They have complex projects to deliver.
They’re not selling clothing or widgets to consumers, they’re building homes, bridges, computer software, engines, etc. In other words, they have to carefully manage what often is described as “many moving parts.”
With those “parts,” come many outside vendors, contractors and, of course, internal employees. All need to be paid, or invoiced, hired/fired, and so on.
A PSA SaaS solution can help keep all of a business-to-business’ activities – from accounting to payroll to hiring/firing to project management to future-needs forecasting, and more, moving as the proverbial “well-oiled machine” they need in order for the company to succeed.
They have a great many people to invoice or pay.
A B2B professional services business, therefore, needs a much more robust billing and finance system than a B2C company needs.
In addition, because so many of these billing and finance tasks are – to put it bluntly – tedious, a B2B PSA platform that can automate many of the more critical-but-so-dang-mind-numbing tasks such as invoicing, gathering timecards, making payments, sending out tax forms at the start of a year, approving/signing contracts, and on and on and on…. could help tremendously with many of these tasks.
Tasks that could be automated with our SaaS PSA include syncing workflow management with project management and labor tracking. You also could follow your contractors’ and employees’ activities from assignment, presentation of deliverables owed to you, time sheet and invoicing submission, when they receive your payment/their salary, and so on. (In addition, much of these activities can be integrated with tools you already use, such as Twilio, Zapier, QuickBooks Online, and more.)
How much did that project really bring in?
After all costs (loans, equipment purchases, contractor/employee payroll, etc.) have been accounted for, how much did your PSA business net? How can you be sure?
It’s imperative, then, that your company uses a B2B PSA platform with full-bodied data and analytics capabilities.
How many hours did contractors and employees work on the project? How much did you pay them? Did you have to pay overtime? If so, how much? And did you bill the client the full amount (was it in your contract that allows you do to so)?
How much did your equipment cost? Did you have to repair/refurbish equipment? How much did that cost?
What about “baked in” costs such as retirement plan matching, health insurance costs, payroll taxes? (Remember, an employee’s actual cost is 20 to 30 percent more than their stated salary.)
What about rent for your offices? Do you need to rent space at the customer’s site? What about car rentals for employees? Parking? Gas costs?
These all add up!
And don’t forget “churn”: how many customers do you lose in a year or quarter? Losing clients to churn can mean your predicted income/revenue could be off by a great deal.
So a strong PSA SaaS is absolutely critical to your company’s bottom line.
Learn more about how the Aysling B2B PSA platform can help your business.