Software for Professional Services

The right software can play an important role in driving the success and growth of a professional service firm. When solid business practices are supported and extended through software, information flows rapidly to where it is needed, repetitive or time-consuming tasks get handled automatically, and people throughout the organization are given the support and tools they need to perform at their best.

The defining characteristic of a professional service firm is a people-intensive business based that applies its specialist knowledge to help clients. As a result, the software most commonly used by professional service firms focuses on their (i) employees (ii) knowledge, and (iii) clients. This includes:

• Time and Expense
  
• Knowledge Management
• Human Resource Management (HRM)
  
• Professional Service Automation (PSA)
  
• Customer Relationship Management (CRM)
  

There are also many specific software applications for each specialty - such as structural analysis software for civil engineers; geographic information systems (GIS) for surveyers, and case management software for lawyers.

Nonetheless, the common attributes shared by professional service firms mean that the generic software types above are useful to all professionals. Each of these types of software can go by various other names, so below is a quick summary of each type:

Time and Expense

Also known as Time and Billing; Timesheets; Expense Management; Time Management; etc

Time and Expense software is all about recording people's time and expenses against specific activities on a project. This allows the firm to keep track of what resources were used, how this compared to initial expectations, how profitable the project was, who is working on what, and many other such issues.

Knowledge Management

Also known as Document Management; Knowledge Base; etc

Knowledge Management looks after the documents, insights and knowledge produced by the firm. This needs to be captured and stored appropriately, so it can be called upon when needed in the future. After all, knowledge is a critical asset of the successful firm, and the more effective ones are better are retaining and leveraging their experience and knowledge to do work more effectively and efficiently in the future.

Human Resource Management (HRM)

Also known as HR Automation software, HR Management software, and Human Resource Information Systems (HRIS)

Human Resource Management software looks after the people aspects of running a professional services business. This includes critical functions such as recruiting, training and development, payroll, benefits administration, and performance appraisals - as well as maintaining a register of key employee information. The extent to which firms manage their human capital better than their competitors can be a real advantage in the professional services sector.

Customer Relationship Management (CRM)

Also known as or related to Sales Force Automation (SFA), Contact Management, Campaign Management, Issue Tracking, etc

Managing the interface with customers is critical in any business, but it is particularly important for professional service firms given the variable, project-based nature of their work. Pro-actively managing the sales pipeline is fundamental to success as a services firm, and requires strengthening existing relationships as well as attracting new business. For those firms with retainers and ongoing service commitments to clients, then the areas of issue tracking and customer management systems need to be considered. And with professional service firms devoting increased efforts to marketing, many are finding campaign management software to be an important investment.

Professional Services Automation (PSA)

Sometimes referred to as an Enterprise Resource Planning (ERP) system for a professional services organization.

Well established or rapidly growing professional service firms often rely on an integrated suite of software to keep their business operating seamlessly. This integrated solution is commonly known as Professional Services Automation (PSA) software, and can include a range of modules such as CRM, HRM, Timesheet, Knowledge Management and more. Given that they require a more substantial investment than standalone solutions, PSA systems are typically adopted when the issues arising from many disparate systems becomes an obstacle to the firm's growth. 

 Find the right software for your professional services firm
There are many choices you will face in choosing the right software for your services firm. Should you buy separate software for each function, or should you get an integrated practice management or professional service automation (PSA) solution? Should the software be installed on your servers or hosted by the vendor? Do you need internet or mobile phone access? And many other questions…

Rather than trawling through the many available options yourself, why not use Software Shortlist’s expertise to help you find software that is right for you?

Software Shortlist helps you build a shortlist of the best software to meet the unique needs of your services firm – quickly and easily. Time is money, after all!