2017 0308 webinar_project_accounting_pst
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The document discusses the challenges of managing project operations and financials for services businesses. It describes how a lack of integration between systems for sales, project delivery, and accounting can lead to inefficiencies like redundant data entry, errors, and a lack of visibility. The document then presents Intacct, a cloud-based financial management solution, as a way to automate processes, integrate data across systems, and provide real-time insights into project and financial performance. An Intacct demonstration is offered to show how it manages the entire project lifecycle from one system.
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2017 0308 webinar_project_accounting_pst
- 1. Project Accounting and Financials for Your Services Business
- 2. 2 Preferred Provider Business Solutions Topics • Managing project delivery and project accounting • Project performance in the context of company performance • Achieving automation and visibility with Intacct: Demonstration • Summary and additional resources
- 3. 3 Preferred Provider Business Solutions Managing Project Operations and Financials Is Hard to Do CUSTOMER PROJECTS BOOK DELIVER BID BILL
- 4. 4 Preferred Provider Business Solutions Billing Delays & Errors Lack Visibility into Available Resources Work Team Silos Increasing Non-Billable Overhead Project Delivery Delays Managing Project Operations and Financials Is Hard to Do BOOK DELIVER BID BILL Revenue Recognition Challenges CUSTOMER PROJECTS MORE Complexity MORE Variability Geographically Dispersed Resources & Customers Revenue Leakage
- 5. 5 Preferred Provider Business Solutions Billing Delays & Errors Lack Visibility into Available Resources Work Team Silos Increasing Non-Billable Overhead Project Delivery Delays BOOK DELIVER BID BILL Revenue Recognition Challenges CUSTOMER PROJECTS MORE Complexity MORE Variability Geographically Dispersed Resources & Customers Revenue Leakage Declining profit margins Missed opportunities Increasing project overruns Business Risks of the Status Quo Can Lead To Missed Opportunities Declining Profitability Dissatisfied Customers
- 7. 7 Preferred Provider Business Solutions Status Quo STEP I: Sales enters quote/order into CRM system
- 8. 8 Preferred Provider Business Solutions Status Quo STEP I: Sales enters quote/order into CRM system STEP II: Sales operations re-keys order into finance system
- 9. 9 Preferred Provider Business Solutions Status Quo STEP I: Sales enters quote/order into CRM system STEP II: Sales operations re-keys order into finance system STEP III: Services re-keys order into PSA system
- 10. 10 Preferred Provider Business Solutions Status Quo Step IV: Project manager uses Excel to check implementation resources schedule STEP I: Sales enters quote/order into CRM system STEP II: Sales operations re-keys order into finance system STEP III: Services re-keys order into PSA system
- 11. 11 Preferred Provider Business Solutions Status Quo Step IV: Project manager uses Excel to check implementation resources schedule STEP I: Sales enters quote/order into CRM system STEP II: Sales operations re-keys order into finance system Step V: Finance re-enters time and expense to book order submit invoice and recognize revenue STEP III: Services re-keys order into PSA system
- 12. 12 Preferred Provider Business Solutions Status Quo Step IV: Project manager uses Excel to check implementation resources schedule STEP I: Sales enters quote/order into CRM system STEP II: Sales operations re-keys order into finance system Step V: Finance re-enters time and expense to book order submit invoice and recognize revenue STEP III: Services re-keys order into PSA system Data entry/re-keying Lack of controls Manual tracking of revenue recognition/billing Errors/inaccuracies Fragmented, cumbersome reporting Process Problems # of Customers # of Projects # of Resources # of Locations
- 13. 13 Preferred Provider Business Solutions Capture Comprehensive Data Automate Project Delivery and Project Accounting
- 14. 14 Preferred Provider Business Solutions Capture Comprehensive Data Automate Project Delivery and Project Accounting Resource Scheduling
- 15. 15 Preferred Provider Business Solutions Resource Scheduling Project, Task, Budget Capture Comprehensive Data Automate Project Delivery and Project Accounting
- 16. 16 Preferred Provider Business Solutions Resource Scheduling Time, Expense, Materials Fixed Price $ Project, Task, Budget Capture Comprehensive Data Automate Project Delivery and Project Accounting
- 17. 17 Preferred Provider Business Solutions Resource Scheduling Billing $ Revenue Recognition Time, Expense, Materials Fixed Price $ Project, Task, Budget Capture Comprehensive Data Automate Project Delivery and Project Accounting
- 18. 18 Preferred Provider Business Solutions Manage Each Project with Confidence • During project delivery – Actual and budgeted hours, costs – Project, task status – Revenue, expense, profit – Recognized/Incurred – Forecasted – Resources, billing • Upon project completion – Revenue, expense, profit – By project – By customer – By service type – Revenue leakage
- 19. 19 Preferred Provider Business Solutions A Consistent View for Operations and Finance • Accurate • Consistent • Auditable “Double Vision” 492,396 716,838 1,257,528 457,924 612,176 1,249,538 1,276,567 1,136,594 1,184,563 32,8103 16,619 1,031,192 46,436 14,457 1,233,563 1,092,085 1,258 197 1,103 3,830 32 1,108 2,558 4,970 (40,017) (39,539) Confidence
- 20. 20 Preferred Provider Business Solutions Topics • Managing project delivery and project accounting • Project performance in the context of company performance • Achieving automation and visibility with Intacct: Demonstration • Summary and additional resources
- 21. 21 Preferred Provider Business Solutions Process Challenges Extend Beyond Projects Resource limitations Manual processes Data stored in multiple places Dependence on spreadsheets New standards and rules Oversight/controls Core Processes • Project delivery • Project accounting • Quote-to-cash • Revenue management • Procure-to-pay • Period close • Consolidations • Financial management and reporting
- 22. 22 Preferred Provider Business Solutions Automation Drives Immediate Efficiencies Better Every Day Automate • All financial processes • With seamless integration across business systems Manage • Adapt to the way your business changes • Optimize financial resources Deliver • Audit quality processes and financial reporting • Accurate and timely financial and business intelligence $150K + Typical annual benefit < 6 months Payback time 250 % ROI
- 23. 23 Preferred Provider Business Solutions Automation Sets the Stage for Further Growth Once you’ve mastered day-to-day complexity … Make my business more efficient … you can think long-term Drive performance and growth
- 24. 24 Preferred Provider Business Solutions Insight to Answer the Bigger Questions Key Performance MetricsWhat our services customers want to know • What is the profitability of our service delivery? • Will our cost structure support our growth? • Which “whole” products are profitable? • How can we manage spending to boost growth? Utilization Project Profitability CAC CLTV
- 25. 25 Preferred Provider Business Solutions PROFITABLE GROWTH VISIBILITYAUTOMATION BEST-IN-CLASS FINANCIAL FOUNDATION Productivity Multiplied FINALLY WORKING TOGETHER Decision Clarified DRIVING INCREASED PROJECT MARGINS Foundation for Scaling Your Services Business
- 26. 26 Preferred Provider Business Solutions Achieving Automation and Visibility with Intacct Sales Services Finance What We Will Demo Today
- 27. 27 Preferred Provider Business Solutions STS International Uses Intacct to Increase Global Business Visibility Now it is easy to quickly get a thorough view of profitability by any time period, any business unit, any geography, any project, or even any individual employee.. – Mike Munson, Controller ”“ CHALLENGES • Needed multi-entity, multi- currency capabilities • Time-consuming, complex manual consolidations • Manual data entry and data accuracy • Lack of visibility into labor costs and project profitability GAINS WITH INTACCT • Shortened global consolidations from several months to just weeks • Cut a week of data entry each month • Achieve data-driven business decisions $100,000 Saved In headcount costs 25% Time Saved/Mo
- 28. 28 Preferred Provider Business Solutions Services Companies Rely On Intacct Real Value 11,000+ Growth Companies Growing with Intacct 95% Customer Satisfaction
- 29. 29 Preferred Provider Business Solutions Built for Success 10+ year track record of delivering results Top tier investors Choice of accounting and finance experts worldwide Top-rated workplace Industry awards 25 Best Small Biz Apps
- 30. 30 Preferred Provider Business Solutions • Try Intacct with a free 30-day trial http://www.intacct.com/trial • Attend an upcoming webinar http://www.intacct.com/webinars • Follow us on Twitter @intacct • Connect with us on Facebook http://www.facebook.com/Intacct • Contact us directly info@intacct.com | 877-437-7765 Interested in Learning More?
- 31. Thank you! info@intacct.com | www.intacct.com | 877-437-7765
- 32. 32 Preferred Provider Business Solutions Key Terms • nonprofit accounting software • cloud erp • finance software • cloud erp software • cloud financial software • saas accounting software • erp accounting • financial software • cloud erp solutions • online accounting • cloud financials • cloud erp systems • saas metrics • cloud-based erp solutions • simply accounting • saas financial software • asc 606 • online erp software • best financial software • best-in-class erp • online finance software • erp accounting software • business financial software • subscription billing • ifrs 15 software • erp software • financial management software • cloud accounting software