{"id":3362,"date":"2020-06-12T10:39:43","date_gmt":"2020-06-12T10:39:43","guid":{"rendered":"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/?p=3362"},"modified":"2023-12-21T07:24:51","modified_gmt":"2023-12-21T07:24:51","slug":"audit-accounting-firm-reduce-resourcing-cost-by-10-30-with-modern-resource-management-software","status":"publish","type":"post","link":"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/audit-accounting-firm-reduce-resourcing-cost-by-10-30-with-modern-resource-management-software\/","title":{"rendered":"Audit &#038; Accounting Firm: Reduce Resourcing Cost by 10-30% with Modern Resource Management Software"},"content":{"rendered":"<p><img decoding=\"async\" class=\"fullwidth_img\" style=\"margin-top: 0px; width: 100%; height: auto;\" src=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2020\/06\/Blog-4-Reduce-Resourcing-Cost-blog-img-1.png\" alt=\"Audit &amp; Accounting Firm: Reduce Resourcing Cost by 10-30% with Modern Resource Management Software\" \/><\/p>\n<p>The fast-paced evolving market trends have given rise to volatility in the market demand. It has now become the practice of an audit and accounting business. The current market situation has escalated this issue further and has resulted in <a href=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/beat-market-volatility-with-efficient-resource-capacity-planning\/\" target=\"_blank\" rel=\"noopener noreferrer\">substantial economic uncertainties<\/a>.<\/p>\n<h3>The most pertinent question during these adversities is how to reduce operating costs and sustain the business?<\/h3>\n<p>One needs to <a href=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/use-staff-scheduling-software-reduce-employee-costs\/\" target=\"_blank\" rel=\"noopener noreferrer\">reduce resourcing costs<\/a> because human resources are the most significant part of the expenses for most of the businesses. This article emphasises various ways to reduce resource costs using a <strong>modern resource management solution<\/strong>.<\/p>\n<h2 id=\"1\" class=\"target\">Maximize Billable Utilization<\/h2>\n<p><strong>It\u2019s high time to know that profitability<\/strong> cannot be measured with the number of hours logged in by employees. Even if employees are working hard, it doesn\u2019t necessarily generate more revenue for the business.<\/p>\n<p>They may be consuming their valuable time on non-billable and non-essential admin activities or working on non-strategic projects. Hence, a business manager must maximise billable <a href=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/track-resource-utilization\/\" target=\"_blank\" rel=\"noopener noreferrer\">utilisation<\/a> by allocating billable projects to the resources.<\/p>\n<p>Switching to modern <a href=\"https:\/\/www.saviom.com\/resource-management-software\/essentials-of-resource-management-software.html\" target=\"_blank\" rel=\"noopener noreferrer\">resource management software<\/a> can help you significantly <strong>improve billable utilisation<\/strong>. It requires forecasting resource allocation so that one can get a better insight into resource utilisation on billable projects.<\/p>\n<p>This <strong>centralised visibility<\/strong> will help you mobilise employees from non-billable or low priority work to billable or high priority projects.<\/p>\n<blockquote class=\"read-more\"><p><a href=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/audit-accounting-firm-maximize-billable-utilization-with-modern-resource-management-software\/\" target=\"_blank\" rel=\"noopener noreferrer\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3015\" src=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2020\/06\/Blog-3-Maximizse-Billable-Utilization-blog-img-1.png\" alt=\"Audit &amp; Accounting Firm: Maximise Billable Resource Utilization with Modern Resource Management Solution\" width=\"1200\" height=\"628\" \/><br \/>\n<\/a><\/p><\/blockquote>\n<h2 id=\"2\" class=\"target\">Deploy competent resources at the right cost<\/h2>\n<p>Having the right resource with the right skills is crucial for a project to finish within budgeted time and cost. You can Identify and allocate competent resources instantly in the project. It can be based on their availability, skills, qualifications, location, team, resource cost rate, and any other criteria. The selection of resources can be made with the help of <strong>enterprise-wide visibility.<\/strong><\/p>\n<h2 id=\"3\" class=\"target\">Reduce Resourcing Cost<\/h2>\n<p><strong>Deploying a modern resource management solution<\/strong> will enable you to reduce resourcing cost significantly by helping you<\/p>\n<ul>\n<li>Minimise under\/over skilled resources on projects<\/li>\n<li>Utilise cost-effective global resources without compromising quality<\/li>\n<li>Avoid last-minute hiring cost with proper capacity planning<\/li>\n<li>Minimise hiring\/firing cycles by aligning project workload with the workforce capacity<\/li>\n<\/ul>\n<h2 id=\"4\" class=\"target\">Control project cost ahead of time<\/h2>\n<p><strong>You don\u2019t want last-minute budget overruns<\/strong> to create hurdles for your project. To avoid this, forecast and keep track of various financial attributes of a project, i.e., cost, revenue, profit margins, and overheads. It helps you in taking <strong>corrective actions<\/strong> and <a href=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/5-ways-reduce-project-management-costs\/\" target=\"_blank\" rel=\"noopener noreferrer\">control project costs ahead of time<\/a>.<\/p>\n<h2 id=\"5\" class=\"target\">Forecast and ensure that excess capacity is not wasted<\/h2>\n<p>In lots of businesses, excessive resource capacity goes unnoticed, wasted, and ends up working on non-billable activities.<\/p>\n<p><strong>Modern Resource Management Solution uses sophisticated capacity planning<\/strong> techniques, which can easily get foresight into an excess of resources. Decision-makers can then take corrective actions well in advance and<strong> allocate billable projects<\/strong> to resources.<\/p>\n<blockquote class=\"read-more\"><p><a href=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/the-comprehensive-guide-to-resource-or-workforce-capacity-planning\/\" target=\"_blank\" rel=\"noopener noreferrer\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3015\" src=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2020\/07\/Person-resource-capacity-planning.jpg\" alt=\"The Comprehensive Guide to Resource Capacity Planning\" width=\"1200\" height=\"628\" \/><\/a><\/p><\/blockquote>\n<h2 id=\"6\" class=\"target\">Improve employee productivity<\/h2>\n<p><strong>Enhance employee productivity<\/strong> significantly by<\/p>\n<ul>\n<li>Having work allocated as per employee\u2019s competencies and areas of interest<\/li>\n<li>Empowering employees to work on projects of their interest<\/li>\n<li>Reskilling employees to bridge future resource capacity and skill gaps.<\/li>\n<\/ul>\n<h2 id=\"7\" class=\"target\">Build On-Demand Workforce to Reduce Cost<\/h2>\n<p><span class=\"quote-style\">In a volatile environment, effective resource capacity planning helps you in forecasting future excesses\/ shortage of resources against the changing demand. <\/span><\/p>\n<p>It helps your firm to be proactive in hiring an <a href=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/the-business-benefits-of-a-contingent-workforce-today\/\" target=\"_blank\" rel=\"noopener noreferrer\">on-demand workforce<\/a>. (contractors, part-timers, casuals, freelancers, etc.)<\/p>\n<h3>The SAVIOM Solution<\/h3>\n<p>SAVIOM is the market leader in providing an <a href=\"https:\/\/www.saviom.com\/resource-management-software.php\" target=\"_blank\" rel=\"noopener noreferrer\">Enterprise Resource Capacity Planning solution<\/a>. It has more than 20 years of experience working with high valued global companies around the world. SAVIOM also provides tools for project portfolio management, professional service automation, and <a href=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/the-complete-glossary-of-resource-or-workforce-planning-scheduling-and-management\/\" target=\"_blank\" rel=\"noopener noreferrer\">workforce planning software<\/a>. So, SAVIOM can help your business to establish an efficient system geared towards your specific business challenges.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The fast-paced evolving market trends have given rise to volatility in the market demand. It has now become the practice of an audit and accounting business. The current market situation has escalated this issue further and has resulted in substantial economic uncertainties. The most pertinent question during these adversities is how to reduce operating costs [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>7 ways to reduce resourcing costs by 10-30% in audit &amp; accounting firms<\/title>\n<meta name=\"description\" content=\"Resource cost is one of the most expensive entry in one\u2019s balance sheet. Optimising the usage of resources will significantly help in reducing the overall cost\" \/>\n<meta name=\"robots\" content=\"noindex, nofollow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"7 ways to reduce resourcing costs by 10-30% in audit &amp; accounting firms\" \/>\n<meta property=\"og:description\" content=\"Resource cost is one of the most expensive entry in one\u2019s balance sheet. 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