Everything You Need to Know: Fixed Price Contracts and Revenue Recognition for Professional Services Firms

Author: Categories: Professional Services, Profitability, Project Management, Visibility

Everything you need to know about managing fixed price contracts and revenue recognition for professional services firms

Managing fixed price contracts is a source of struggle for many professional services firms. Both private organizations and public companies need to paint a picture of how complete a project is in order to run revenue recognition. In addition, companies need to do so in a manner that is justifiable to its board, shareholders, auditors, and the IRS, all while … Read More

Can Artificial Intelligence Identify Your Most Effective Project Managers?

Author: Categories: How To, Professional Services, Project Management, Projector

Can Artificial Intelligence Identify Effective Project Managers

I harbor no illusion that the current state of artificial intelligence and machine learning is advanced enough to be an effective substitute for a talented, experienced, passionate project manager. For me, a more interesting question is whether these techniques can help improve success rates within the project management discipline. Could artificial intelligence and machine learning identify the most effective PMs … Read More

5 Myths of Measuring Professional Services Profitability, and How to do it Right

Author: Categories: How To, Professional Services, Project Management

When it comes to measuring professional services profitability, many firms have a myopic focus on revenue generation and resource utilization with the hopes that profitability will be there in the end. While revenue growth and healthy utilization are essential, forgetting to manage your profit margins can have a dramatic impact on the business’s performance. The most successful professional services firms … Read More

Professional Service Contract Structures – Comparing 6 Different Models

Author: Categories: Professional Services, Project Management

Professional Service Contract Structures

At the core of every professional services engagement there is a contract structure that dictates the expectations of each party. While strong results are ultimately what every client wants, the contract structure that surround consulting a project plays a significant role. It dictates who bears risk, when money changes hands, and the how final product is to be delivered. As … Read More

Contingency Planning for Professional Services Projects

Author: Categories: Professional Services, Project Management

One of the greatest risks to a professional services project is starting it without dedicating any time to contingency planning. Sure you’ve delivered this type of project a thousand times. Of course, you have an excellent relationship with the client. Without a doubt, your team has the right skills to deliver under budget and on time. But things change, and … Read More

What to do When a Project Starts to Run Over Budget

Author: Categories: How To, Professional Services, Project Management

We’ve spent a lot of time on this blog discussing how professional services automation (PSA) software can help run a more successful services firm. From delivering projects more efficiently to increasing the utilization of your resources, PSA software provides a slew of tools that services firms can use to avoid project overruns and consistently deliver within budget. It is an … Read More