Successful companies have the advantage of using service industry management systems to gain more customers and expand services for existing clients. Count yourself among them.
At Kianoff & Associates, we help our services industry companies get the benefit of real-time business intelligence with services industry financial management systems . Services industry financial management systems give the ability to quickly access the right information at the right time and benefitted Kianoff clients in:
|Pest Control||IT or Software Support||Financial Services|
|Satellite Services||Dating Services||Cleaning|
|Service/Warranty Contracts||Lawn Care||Staffing Services|
A focus on customer and vendor relationships and repeat business will generate profitable revenue.
You are a Service Business, a member of a highly diverse type of companies. The successful ones all share an intense focus on customer and vendor relationships and long-term repeat business that will generate profitable revenue.
Even with the right customer mix, financial success isn’t always guaranteed. You need:
- Service industry financial management systems that set and communicate targets, report on progress, and drive continuous improvement
- To monitor performance metrics, such as average revenue per customer.
- To empower your employees, so they strengthen your company by more effectively selling and delivering your services.
- To tie together client relationships, supplies and resources, service delivery, payroll and HR needs, as well as financial results.
That’s what Kianoff does for service companies using the power of integrated systems with Microsoft Dynamics GP, Sage 500 or the Intacct. We’ve put some 30 years of experience and expertise into developing and honing best practices that streamline business processes and workflow, maximize inventory and purchasing processes, improve customer service and analyze business performance across the entire service organization. Integrated service industry financial management systems allow:
- Getting real-time visibility into all aspects of business through an integrated system means you have financial reporting and data you need to make informed decisions.
- Supports your ability to identify and drive profitable new business and expand services for existing clients.
In addition to managing daily business needs, service companies face transformational trends/demands that will shape their competitive survival and success.
- Service companies are increasingly multi-market, multi-regional, and multi-ownership.
- Advances in technology facilitate expanding operations and territories.
- To grow revenue, management needs to be able to effectively mine operational data to identify opportunities and minimize risk with early warnings.
- To more effectively manage vendor relationships to keep costs in line.
Service Industry Financial Management Systems | Kianoff (205) 592-9990
Service Industry Financial Management Systems
The right software lets everyone see the data they need to support their business goals
Service companies have a lot to keep track of, so why not use a service industry financial management system that will do the work. Business and accounting system implementation provides access to important business information by the right people in your organization, so it can increase profitability.
You need the right technology that allows your employees to share data, make informed decision and efficiently work together.
To help keep your financials healthy, here’s where we focus:
- Identify where you can build efficiencies: eliminate duplicate work, automate connections between business systems, remote locations and the bank to reduce manual errors.
- Gain visibility into customer activity, trends and profitability.
- Eliminate the use of spreadsheets by replacing them with reports that come directly from your business system.
- Manage your inventory to keep costs controlled, including inventory on trucks or in remote locations.
- Manage your purchasing and requisition needs to verify inventory/parts are timely and at a healthy cost.
- See analysis based on service offerings, locations, territories and more.
- Get a top level business management view to identify trends; see detail to identify areas for improvement.
- Provide for customer service including use of Customer Relationship Management (CRM) tools.
- Managing your labor costs with in house payroll and human resources controls.
- Get access to the metrics that help you run the business day to day.
- Increase employee productivity
- Accelerate the billing system
- Be flexible enough to meet the high level of change faced by service organizations
- Stop running multiple, disconnected applications for sales, customer service, payroll and finance.
- Reduce the time spent and increase the accuracy of accounting tasks
- Gather and synthesize internal and external data, then use comprehensive business intelligence and reporting solutions to drive transparency and further accountability.
- Use standard and modifiable reports to see the data in the format you need.
- Use flexible scheduling and delivery options to publish reports.
Key Financial Metrics Monitor the Health of Your Service Business
You want to improve your Financial Results? Accounting software for service industries allows you to bolster profitability by giving your team members solid information about what’s working – or not working – among the services you are providing. Service and area managers with P & L responsibilities can drive needed changes at the ground level if they have visibility to data from the larger view to see trends. Start analyzing operations from different angles, identifying concerns before they become problems, and taking early corrective action.
To make sound financial decisions, service organizations need to analyze revenue and combine it with related costs to understand profitability by relevant business segments. How can you make vital decisions and manage your business without metrics at these multiple levels? In the Service Industry, relevant financial reporting means:
- A clear window into the health of your company.
- An opportunity to turn an underused source of business information into meaningful data.
- The next level of Financial Statements, a significant step up from what you have been creating, or recreating, out of Excel.
As a service organization, you will see value when you can analyze your business at its component parts level, using filters such as:
- Customer Type
- Service Line
You will gain new insights factoring non-financial data into your financial reports; a new lens through which to analyze your financials:
- employee count – net income per employee
- service visits – revenue and expenses per service visit
- square footage – expenses per square foot
- allocation of expenses and/or revenue based on static information, such as square footage, or variable numbers, such as customer visits
It’s your business; you need to know what’s going on.
We concur. We are accountants who understand fiscal period reporting and best practices for general ledger account formats that can accommodate varied reporting needs. We know when it makes good sense to use posting, unit and/or allocation accounts. And, we know how and where to access the information you want because we know all the tables and fields in the system.
Company founder and President Lisa Kianoff, CPA.CITP, CGMA, has always focused on the value of strong financial reporting as essential to the decision makers’ ability to manage their business. Since 1986 our team has followed that lead, creating financial reports that provide real value, and putting them in the hands of people who can use them most effectively. Financial Report Writing remains one of the top strengths of our skilled CPAs and accountants in our Consulting Service Department.
As a service company, you’ll want to consider Kianoff’s Best Practices for Financial Reporting that keeps the focus on important areas like profitable services and cash flow. With well-constructed financials you will get insights into:
- Who is most productive?
- Where is the profit?
- Trending of revenue and expenses.
- How is your cash flow?
- How are you doing as compared to budget?
- How are your resources doing?
- What does your service mix look like?
- What parts of the business are most profitable? Least profitable?
- Tracking product line revenue streams and comparing them.
- Managing and analyzing labor costs
- Managing and tracking Fixed Assets
- The bottom line for consolidated financial information across entities based on ownership.
Grow Your Service Business by Monitoring Operational Metrics
So much information in your systems. Touch points become data and when viewed in different ways it can tell you a lot – what’s working, what’s not, what to worry about, and where you should pay attention. In short: Business Intelligence.
Service industry accounting system implementation allow you access to critical revenue and operational information turning your data into insigh. Services industry financial management systems provide role-based Key Performance Indicator (KPI) dashboards:
- by location
- by service line
- by type of service
To benchmark tracking and performance comparison:
- by customer type
- by entity
- by region.
Your business management and accounting system is already capturing data. Kianoff shows you how to transform it into meaningful and useful information for business purposes. Business Intelligence makes interpreting voluminous data more friendly, which makes it clearer how to take advantage of new opportunities and plan for the long-term.
New “views” of your data let you combine the revenue and customer information from your system to gain valuable insights into:
- Labor expense per service provided
- Revenue / net income per service provided
- Net income per square footage
- Average pay per employee
- Vendor relationships and purchasing
- Revenue / net income per employee
- Revenue / net income per entity by owner
- Cash position
- Fixed Asset analysis
- ….and more
Using an integrating ERP system gives the needed complete view of the bottom line, taking expenses and labor into account when computing revenue. And, gives you:
- Insights into your more profitable services.
- Labor analysis from payroll
- Reduction of time for staff to export data
- Reduction in need for packets of Excel spreadsheets for analysis
Today you have terrific choices among BI tools to produce reports, dashboards and alerts that will keep on top of your business. As a service company, you’ll want to consider Kianoff’s Best Practices for Business Intelligence that keeps the focus on important areas like revenue per customer and cash flow. This includes regularly using a library of operational reports covering information on vendors, products, employees and more.
Service Industry Financial Management Systems (205) 592-9990
Business Intelligence doesn’t just happen. To learn how your business can tap into the power of BI or service industry accounting software solutions contact Kianoff.