In order to keep growing and surviving in an increasingly competitive era, professional service firms must be able to adapt to the latest technology trends. One of the tech tools any professional service firm should consider is ERP software.
Companies in various industries use this tool to automate their business processes as well as optimize efficiency. Let’s dig deeper into what ERP software really is.
What is an ERP System?
An ERP (Enterprise Resource Planning) system is a back-office system used by companies to integrate various processes and make them simpler by automating them. An ERP system consists of multiple modules, some of which cover core processes in an organization, such as financial management, customer management, HR management, and also sales management.
Users can choose the modules according to their needs. There are three types of ERP system deployment; on-premise (installed on the user’s server), cloud (managed by the vendor/mostly provided in the form of a web-based app), or hybrid (a combination of on-premise and also cloud).
5 Main Modules of ERP Software for Professional Service Firms
A good ERP system should serve companies from various business sectors, including professional service firms. There are at least five important modules of an ERP system that professional service firms should consider.
Reservation Management System
Any consulting firm should use a reservation management system. This tool enables consulting firms to arrange schedules, allows clients to choose consultation dates and times online, and also avoids no-shows via automated reminders. Managers can see the availability of consultants in real-time, so there won’t be any collision schedule. To make it easier, you can use booking management software to optimize customer service with ease of online reservation.
Accounting System
Accounting is one of the most important elements in any company, especially service-oriented companies that carry out various transactions with clients (or also vendors). The accounting system helps users in many areas. For instance, it can automate accounting procedures, manage budgets, calculate asset depreciation, automate bank reconciliations, create invoices, generate financial statements, and even forecast cash flows.
CRM System
In a service-oriented company, sales activities are critical to support the company’s continuity. Therefore, The higher the revenue generated, the greater the opportunity for the service company to grow. Now, you can increase revenue with a CRM system because the sales cycle is faster, and also the sales team can focus more on the best prospects.
HRM System for Professional Service Firms
The HRM module not only helps manage employee salaries in professional service firms but also simplifies many more processes. For instance, it helps with the recruitment process, records attendance and leave, handles reimbursement requests, manages the employee transfer process, and also much more. This feature also works as one of the best ERP software. With HashMicro’s ERP software, users can choose the features they want in their HRM system.
Contract Management System for Professional Service Firms
One of the worst scenarios that can happen to a service-based company is losing important documents. However, thanks to the ERP system, all important documents such as client contracts, vendor contracts, building lease contracts, etc. can be maintained digitally in a centralized repository. With HashMicro’s ERP system, users can choose one out of three types of the contract management system they want; project-based, rental-based, and also contract document.
Additional ERP Software Modules for Professional Service Firms
In addition, here are three nice-to-have top professional service automation software modules that are worth considering implementing in your service company.
Survey Management System
Client feedback on your services is a valuable resource that can help improve your business. For this reason, the ERP system provides one of the modules that can help you easily gather reviews from your clients. With the customizable survey format, you can create an unlimited number of survey forms.
Project Management System for Professional Service Firms
For service companies handling projects, the project management system is a module worth considering. Through its Kanban board, you can monitor project status more easily. Projects can be moved from one stage to the next using the drag-and-drop function.
Asset Management System for Professional Service Firms
An asset management system will be very useful for service companies that have many assets spread across various departments (or locations). For instance, the asset management module makes it easier for teams to track asset locations, manage asset ownership and also transfers, schedule maintenance, and much more.
Conclusion
In conclusion, an ERP system is a back office system used by businesses to integrate and automate various processes. It is made up of various modules, some of which cover core organization, and also users can select modules based on their requirements. There are many reasons to use ERP software from HashMicro. Above all, it is a Cloud-based ERP software with cutting-edge technologies such as business intelligence. Don’t wait – Test the free demo now and explore!
