[1] Typical PSA functions include project management and documentation, time recording, billing, reporting,[2] and resource utilization.
As a result, in addition to better managing client projects, independent contractors can prevent lost revenue and slow billing cycles.
Ultimately PSA software suites allow users to integrate industry-appropriate metrics in order to better understand operations and, in turn, improve efficiency and profitability.
[citation needed] In its simplest form, PSA software may offer only timesheet systems (including expense reporting and project management).
A recent end-user survey conducted by SPI Research[4] showed significant improvement in key performance indicators such as: The study concluded with a return on investment (ROI) model for an average 172-person professional services firm.