Unlock Financial Success with Data-Driven Decisions
In today’s competitive consulting landscape, being able to benchmark and optimize your financial and operational data is essential for growth. The key to thriving in this fast-moving industry lies in tracking the right metrics and having a solid technology infrastructure.
Our Free E-book on “3 Steps to Get Actionable Financial Metrics for Consulting Firms” walks you through how to leverage core financial metrics—such as cash flow, project profit, write-offs, and utilization—to continuously improve and remain competitive.
What’s Inside the E-book?
This comprehensive guide helps consulting firms implement the best financial practices through a 3-step approach:
Step 1: Build the Financial Infrastructure for Sustainable Growth
- Learn how to properly structure your financial systems for long-term success.
- Understand the importance of setting up a flexible and scalable general ledger, department classifications, cost centers, and tax entities.
- Take proactive steps to prepare your financial systems for future growth and new business opportunities.
Step 2: Get Actionable KPIs that Your Team Can Monitor
- Discover the key metrics every consulting firm should be tracking to stay on top of financial health, including:
- Utilization: How to ensure your billable hours are tracked effectively.
- Project Profit: Understand how to evaluate project margins and costs.
- Write-offs: Why tracking write-offs is essential to prevent revenue leakage.
- Billing Cycle: Keep your cash flow healthy with better billing management.
- Learn how technology can automate these metrics and provide your team with real-time data.
Step 3: Build a Culture of Financial Responsibility
- Cultivate financial accountability across your entire organization.
- Implement best practices, including daily time sheets and mentorship programs for senior and junior team members.
- Equip your project managers with the tools to make data-driven decisions that impact profitability and growth.
Why Consulting Firms Choose This Approach
Consulting firms that invest in data-driven financial practices thrive in a competitive market. With Sage Intacct, many firms, like Halloran Consulting, have:
- Increased operational efficiency by tracking both billable and non-billable time.
- Gained clearer visibility into project profitability with real-time data.
- Reduced revenue leakage through better write-off management.
This article is posted at sage.com
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