Field services software: fueling growth with accounting

This is the fifth blog post in our series speaking to the issues on the horizon for an industry undergoing rapid transformation. One of our earlier  posts explored how accounting can hold back growth because companies can’t effectively manage all the money coming in. But accounting isn’t just an obstacle at worst and an obligation at best – it can be an accelerator for growth as well. In fact, excellent field service management software is what distinguishes many of the leading home services providers from the rest. 

Top providers can use accounting to their advantage because they have the underlying technology it takes. That means they have upgraded from their basic or introductory accounting software to something like Sage Intacct that was built for mature, upward-oriented companies. They also have a tool like ServiceTitan running the front-office while feeding financial data directly into Sage Intacct.

Integration is the key to the whole equation. Important as it may be to have a powerful platform at both ends of a company, linking them together unleashes powerful accounting capabilities that put home services CFOs in the driver’s  seat of success. Growth comes sooner, happens smoother and scales farther when accounting ties into everything else. Here’s how:

• Minimize mistakes – Accounting mistakes can be a constant source of frustration that wastes time and creates confusion – or worse. Most of those mistakes result from moving data manually, which isn’t necessary anymore once two systems share data automatically.
• Extend visibility – When the accounting team has better visibility into the service side of the company, it doesn’t have to ask for missing information or make decisions with an incomplete understanding. Every part of accounting improves with more visibility into what’s happening inside a company.
• Save time – Less time spent moving data between systems and repeating redundant processes means more time to focus elsewhere. CFOs and accountants could use that newfound time to plan growth strategies in all the detail they require.
• Improve insights – Companies have a more accurate and expansive understanding of financial performance and so much more when the accounting software ingests data from the rest of the organization. Better insights lead to better decision making and strategic planning, especially during growth phases when companies are expanding into the unknown.