“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.
Many firm management systems on the market perpetuate the industry’s obsession with perfection. However, we’ve discovered that in order for firms to be financially healthy, they have to shake this obsession. Factor is designed with simplicity in mind and facilitates the production of draft financials within five days and final financials within ten.