A data-driven industry
However, there are certain reasons why the professional services sector in particular needs to invest in good-quality finance software – and one of these is data. With many professional services firms actually providing data management facilities to their clients, teams in this sector often feel the need to practice what they preach by employing big data insights in their own firms.
Financial software is a great way to allow everyone across the organisation to access the costs information they need: whether it’s HR looking for ways to reduce the onboarding costs when new employees start or it’s the client relations team looking for savings on each of their accounts, professional services firms always need concise and accurate data at their fingertips.
Big, systematic tasks
Professional services firms can, of course, be small in nature. However, this is an industry in which growth is often the name of the game and, as a result, professional services firms often employ hundreds or thousands of people.
In fact, this sector employs 13% of the UK workforce – and so it’s no surprise that the four most famous professional services firms are referred to as the Big Four! However, with size comes additional financial responsibilities. Top-end, highly efficient financial software will pay for itself many times over, as it can handle the complex requirements of paying the diverse range of employees, contractors and suppliers that large professional services firms need in order to function.
Financial tools are important for any business. However, as this post has shown, there are all sorts of reasons why professional services firms particularly require this kind of software to get their work done. From managing large and complicated payrolls to staying afloat with data in a competitive field, finance software is a vital part of almost every professional services firm’s arsenal. And with these tools also able to improve project management for clients and improve reporting through better access to more relevant information, it makes perfect sense for a professional services firm to invest in financial software.