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Success stories happen when professional services organizations work with vendors built for the global stage; this means using a solution with the flexible architecture needed to manage constant change in the global arena, which can be easily configured to the idiosyncrasies of your business.
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Having collaborated with many professional services organizations (PSOs) over the years, I’ve seen ERP systems implemented in many ways. And I’m often asked the secret to ensuring this software drives fast and ongoing ROI. While every business is different, good practice can ensure that people-focused and project-based ERP software reaches its full potential. Based on my experience, here are some factors that professional services organizations should prioritize.
Set clear KPIs - To be successful, you first need to define what success is. KPIs should be set at senior level and communicated across your organization and to individuals. Share reporting methods - If your goals are consistent, the measurement process must be too. Agree at global level which reports you want to use, so that everyone is appraised on the same terms.
Define charts of account - While some things can be set globally, when it comes to accounting, regional legislation must be integrated with overall objectives. Make sure you’re adhering to statutory requirements in every region, using local charts of accounts where needed. Cost consistently - In my experience, it’s common for teams within an organization to use different costing methods. Define a common cost base and consider whether direct or full costing will give you the best results. Align intercompany billing - Rather than negotiating on a case-by-case basis, set standard rates for intercompany billing. Just make sure you consider local tax requirements in your calculations.
Finding the right cloud ERP partner - A lot of this best practice is driven (or not driven) by a company’s choice of vendor and their ERP system, Performance Management Software, Accounting software Malaysia. Success stories happen when professional services organizations work with vendors built for the global stage; this means using a solution with the flexible architecture needed to manage constant change in the global arena, which can be easily configured to the idiosyncrasies of your business.
