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For professional services, why is using finance software so important?

18th Dec 2018
Brought to you by
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The Access Group provides integrated business management software.

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The professional services sector in the UK is believed to be worth almost £200bn.

Firms in this exciting, yet complex, industry have lots of different requirements when it comes to software, and these can vary depending on what the size of their client base looks like, whether they’ve specialised in a certain sector, and much more.

However, one type of software that all successful professional services firms require, of course, is finance software. From paying thousands of employees to extracting relevant data insights, professional services firms need effective and streamlined finance tools every step of the way.

Profit maximisation 

First off, a professional services firm needs financial software for just the same reasons as any other company. Aside from regulatory bookkeeping tasks such as reporting profits to the Exchequer, professional services firms also need to maximise their profits in order to satisfy their shareholders.

A good financial software package can help you to do this. Many packages can automatically identify areas of waste in the here and now, while others can create financial models forecasting where you are likely to lose profit opportunities in the coming months.

A data-driven industry

However, there are certain reasons why the professional services sector in particular needs to invest in good-quality finance software – and one of these is data. With many professional services firms actually providing data management facilities to their clients, teams in this sector often feel the need to practice what they preach by employing big data insights in their own firms. 

Financial software is a great way to allow everyone across the organisation to access the costs information they need: whether it’s HR looking for ways to reduce the onboarding costs when new employees start or it’s the client relations team looking for savings on each of their accounts, professional services firms always need concise and accurate data at their fingertips.

Big, systematic tasks

Professional services firms can, of course, be small in nature. However, this is an industry in which growth is often the name of the game and, as a result, professional services firms often employ hundreds or thousands of people.

In fact, this sector employs 13% of the UK workforce – and so it’s no surprise that the four most famous professional services firms are referred to as the Big Four! However, with size comes additional financial responsibilities. Top-end, highly efficient financial software will pay for itself many times over, as it can handle the complex requirements of paying the diverse range of employees, contractors and suppliers that large professional services firms need in order to function. 

Financial tools are important for any business. However, as this post has shown, there are all sorts of reasons why professional services firms particularly require this kind of software to get their work done. From managing large and complicated payrolls to staying afloat with data in a competitive field, finance software is a vital part of almost every professional services firm’s arsenal.

And with these tools also able to improve project management for clients and improve reporting through better access to more relevant information, it makes perfect sense for a professional services firm to invest in financial software.

Find out more about how to become more strategic in your role as finance officer by reading our whitepaper