Architecture and engineering (A/E) firms use various methods to manage the fees of subconsultants (subs) within their projects. Ideally, all the various subconsultant scenarios a firm encounters could be handled in a system that combines project management and invoicing capabilities. Unfortunately, most project management software is designed to handle only one or two scenarios at best. Here is a breakdown of more common scenerios and best practices on how to handle them.
For architecture and engineering (A/E) firms, resource planning is both an art and a science. You’ve got to consider several variables, including team capacity, project timelines, and client budgets. Fail to consider all of these factors, and projects can go “off the rails” very quickly!
The Factor team is committed to continuously improving your experience and helping your firm succeed. This blog outlines a few new features that were released in the past month that you should be sure to take advantage of. Try them out and let us know what you think!
As a project manager or business principal, you need projects to be easy to add, view and edit. In this release of Factor, we’ve made maintaining project information even faster and more intuitive.
There are many ways to assess your company’s financial performance, profitability, and overall financial health. One of the most common is to look at EBITDA. EBITDA stands for earnings before interest, taxes, depreciation and amortization. In other words, it’s the revenue your company brings in minus standard operating costs like salaries. It’s helpful to look at this figure since things like interest, taxes, etc. are variable and can change over time.
One of the best uses of downtime is providing training for project managers (PMs). In fact, as baby boomers continue to retire in ever-greater numbers, the loss of project management expertise is having a bigger and more negative impact on A/E firms with each passing year.
Short-term accounting simplification can hurts long-term results. Here’s how and why accounting is more than an overhead function.
To improve visibility into your team’s schedules, we have made some very useful updates to Factor. You are now able to see schedules in a smaller time period, view the days of the week at a glance, and drill down into an expanded view for each team member.
“Accountability”… it’s a word that people either love or hate, depending on whether they are expecting it or it’s expected of them. For architecture and engineering (A/E) firms — and really any type of professional services firm — it’s a concept that everyone should embrace, as it can drive significantly better business results.
Many architecture and engineering (A/E) firms see the terms “accounting” and “financial management” as synonyms. But the truth is that while they’re related, they are very different practices. And while limiting its focus to the former will allow an A/E firm to meet its financial obligations and survive, the latter is required for firms that want to thrive.