The value of PSA and why Tenrox is the best solution for your organization
23 Nov 2016
What is PSA?
Professional services automation (PSA) software offers a substitute to the array of single project management, time tracking, invoicing, resource planning, business intelligence, and collaboration tools used by different project teams.
Organizations that use PSA software tend to have a higher rate of on-time project delivery, more accurate project estimates, and increased personnel productivity through more efficient planning and communication
PSA software creates a consistent route for forecasting, managing, and evaluating the performance of each project throughout its development. By consolidating business processes and data, services can be delivered more predictably, and double manual processes automated. It is analogous to Enterprise Resource Planning (ERP) software, and PSA is sometimes referred to as ERP for services organizations.
The most common capabilities of PSA are: time and expense tracking, resource management, software integration, accounting, invoicing, billing, time management, client portals and project management.
Manage: easily projects by automated workflow
Optimize : resource use
Drive : stronger work process margins
Why Tenrox is the best ?
Tenrox Professional Services Automation software (PSA software) manages your billable projects from bid,to bill,to close. Tenrox PSA software is a workflow-driven project management solution with configurable cost and billing rules and certified integration with your CRM and accounting systems. Tenrox PSA software automates project initiation, resource management, time and expense reporting, billing and invoicing, reporting and analytic.
Benefits of Tenrox PSA
No Rip & Replace
You don’t need to go through the implementation process costs as Tenrox fully integrates with Microsoft technology stack to facilitate your adoption of a PSA (professional services automation) system. The Tenrox solution provides built-in project controls, data quality/consistency at point of entry, real-time analytics and live integration capabilities
Graphical workflow-driven processes
Visualizing your business processes simplifies setup and process change management
Configurable project billing and cost accounting processes
Full support for your fixed bid, time and material or milestone-based projects
GAAP revenue recognition
Define your project-based revenue recognition policies; allows for mapping to appropriate WIP (work in progress) accounts for all project billings including time, expenses and charges. Transactions for accrued revenue are automatically posted to your financial system. WIP accounts are adjusted as actual are invoiced.
Service purchase order management
The invoicing Module monitors the billing for service purchase order buckets (PO’s), you get notified when the customer is about to run out of approved consulting days and expense allocations.
Tenrox solutions integrate with crucial organizational applications such as Accounting, Project Management, HR, CRM and collaboration solutions.
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