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: Professional Services, Project Management, Visibility

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

Contingency Planning for Professional Services Projects

Author: Categories: Control, 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

Driving Professional Services Success: How Marginal Improvements Payoff Big

Author: Categories: Professional Services, Profitability, Project Management, PSA Software, Results

Performance Dashboards for Professional Services Firms

Over the years we’ve noticed that the top performing professional services firms are always tinkering with their processes. Their growth strategy is a combination of selling more on the front end, and adjusting delivery operations on the back end. Seasoned managers are constantly evaluating incremental costs and benefits, and making a chorus of small changes that effect dramatic improvements in … Read More

What to do When a Project Starts to Run Over Budget

Author: Categories: Control, 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

4 Steps to Deliver More Projects Successfully – PSA Infographic Deconstructed: Part Three

Author: Categories: Professional Services, Project Management, Scalability

In our last blog post,we talked about how service firms can increase project profitability by implementing a professional services automation (PSA) solution. That post was squarely focused on the bottom line. Today, we’ll talk about one of the keys to achieving those bottom line results: being able to deliver more projects successfully. Success is measured by a number of factors … Read More