Metrics give agencies vital information they need to monitor company success. Agencies are unlikely to identify the mix of elements that contribute to profitability or those that influence company performance without such insights. A lot of organizations, especially the smaller ones that are expanding quickly, occasionally glance at their most important data. They usually don’t go above and above to strategically increase profitability and growth, but they do enough to avoid problems. Why? There’s just not much time for other things.
Software for employee monitoring can be useful for any agency looking to establish, improve, or track metrics. Agencies now have an all-in-one solution to swiftly and simply measure the KPIs that actually matter thanks to Cloud-based centralized agency management software. Software for agency management is used to gauge business performance.
Let’s pause to consider the important metrics. Although profitability is the primary statistic that all agencies should track, profitability is influenced by a wide range of factors. A few of the variables that affect profitability are how time is spent, how employees are distributed, the size of the margin, the condition of customer retainers, and expense control.
Agencies can manage profitability and overall business performance by using real-time data from these criteria provided by agency management software. Agency management software aids agencies in measuring important KPIs in four ways:
1. Margin Monitoring
The ability to increase margin increases with the amount of time that can be saved on costly tasks. There is more room for an agency to increase profitability the higher the margin.
2. Monitoring Utilization
Utilization tracking sheds light on the productivity of each team member. Utilization is just billable time put simply. It is the discrepancy between an employee’s daily job availability and the time they actually spend providing client services.
Utilization planning and tracking are made simple with Function Point agency management software. With the help of our platform, agencies may forecast and plan team productivity with speed and thoroughness. Utilization rates for each employee may be updated in minutes using our Work Calendar’s four easy steps. With the use of our Resource Allocation view, agencies may quickly determine over-allocation and reassign work to team members who have available capacity. Staff utilization assessments and employee monitoring using Controlio have been easier or faster thanks to built-in time tracking solutions.
3. Managing Expenses
Because costs have the potential to reduce profitability, expense management is yet another critical statistic that agencies need to monitor. When expense management is handled poorly, it can result in unexpected costs and consume a significant amount of agency work. Spreadsheets are often used by expanding agencies to track spending. When the expenses are entered into a financial management system, matched to a client, and paid at the end of the month, this frequently results in double entry. Due to human handling faults, this process is sluggish.
Spreadsheets are obsolete with Function Point agency management software. Our consolidated cloud-based system makes managing expenses easier and more efficient. We enable organizations to effectively track their bottom line in real time, keep an eye on the discrepancy between estimates and actuals, and ensure that there are no unwelcome surprises. Our top-notch QuickBooks® integration offers a comprehensive, uncomplicated accounting solution that includes quick and simple expenditure management, payment tracking, and invoice production.
4. Flexibility in Reporting
Whether you’re tracking margin, usage, or spending, having flexible reporting choices in your agency management software is crucial to provide useful insights that keep your business profitable. Function Point agency management software has strong business intelligence features right out of the box. It can collect data from various sources within an agency and show it in formats that are easy to use and visually appealing. Real-time visualizations facilitate speedy assimilation of critical information by stakeholders, tracking of key performance metrics, and prompt, well-informed decision-making.
You may easily monitor important KPIs with the help of our agency management software, which offers 26 pre-built reports. Additionally, our system makes reporting easily customisable, allowing agencies to evaluate KPIs specific to their industry. Agencies can measure the indicators that are most important to them quickly and simply with Function Point’s agency management software.