MSP Tools: 4 Must Have Software for a Managed Service Provider

The right MSP tools are crucial for doing a job the right way. As an IT technician, your clients will be keen to observe how fast and efficient you are. But as a managed service provider, there are essential tools you need aside from the ones you use for troubleshooting, maintenance, and repair. These tools will help you to be more organized and efficient. That in turn will translate into greater satisfaction for your customers. And when your clients are extremely happy with your MSP offering, you deepen their trust in both you and your business.

If the only tool you have is a hammer, you tend to see every problem as a nail.

Here are four critical MSP tools for a high-quality managed service provider.

1. Remote Monitoring & Management Software
2. Professional Service Automation
3. Accounting Software
4. Service Level Agreement

4 Essential MSP Tools

Now let’s take a closer look at the tools that are essential for every MSP to have.

1. Remote Monitoring and Management Software

Imagine you need to perform a standard one-hour maintenance check-up to three clients at different locations, each an hour away from your office and from each other. It would take approximately one working day to accomplish this. And we have to take into consideration the stress of having to travel to multiple sites. Twenty years ago, techs could only wish that there was a way to do this without leaving the workplace.

But today, there is. Your Remote Monitoring and Management (RMM) software allows you to do your job through remote access. You can spend the extra time on more productive work. This is the reason why a Remote Monitoring and Management product is an essential and practical tool for managed service providers.

On your client’s side, disruption to their daily operations can be detrimental to either revenues or their reputation. Issues regarding email or forgotten network passwords can now be easily and instantly resolved through your RMM application. RMM may require you to invest money when purchasing it, but it will enable your business to remain competitive and viable.

2. Professional Service Automation

Professional Service Automation (PSA) software is typically used to manage the delivery of your services or projects. With it, you can efficiently plan, and execute projects – including the resources needed for it such as skilled personnel and equipment. Its basic functions include project management and documentation, time recording, billing, and reporting. You can easily integrate many PSA systems with accounting, CRM, and payroll systems. As a result, it saves time and boosts productivity.

Aside from that, your PSA software also allows you to make real-time decisions with up-to-date information. It replaces the old-fashion spreadsheets and ledgers for your weekly budget and spending on a project or client. It also helps you discern if your weekly operations will go over budget or not. Since information on personnel, clients, projects, and productivity is just a mouseclick away – you can easily get the insight you need to grow your business.

3. Accounting Software

You should also pay as much attention to your financial processes such as expanding your business, managing your payroll, and monitoring your cash flow. Else, you may find yourself in trouble with the taxman. But what if an accountant is too expensive for now? Your accounting software can do this, and more. It’s an inexpensive alternative for an accounting professional and can be efficiently operated by someone with proper training. Here are some of the benefits of using it.

Speed and accuracy. Accounting software can update multiple records instantly from a single entry. It also automates the data input process to avoid human error made by manual invoicing.

Availability of up-to-date information. The accounting records are automatically updated so real-time financial figures are always available. Data can also be instantly retrievable and available to multiple users at different locations.

Automatic document generation. Your finance software automatically produces fast and accurate invoices, credit notes, purchase orders, printing account statements, and payroll documents.

Strategic planning. Reports are immediately available which will help you monitor and manage your business in terms of cash flow.  The system also helps you track paid and unpaid invoices too.

4. Service Level Agreement

You may think this documentation is not a tool. But it is, and it’s highly important both for you and your client. It serves as your legal instrument, and it binds your other managed service tools and makes them work together. A Service Level Agreement (SLA) is essentially a written agreement that ensures a predefined set of expectations and services are delivered. And unlike a cordial handshake, your SLA creates accountability on both sides of the relationship.

The greatest advantage of a service level agreement for managed service providers is that it prevents out-of-scope work. Your clients will always want the most for what they are paying and may request jobs that are not in this document or outside of any agreements between both parties. The existence of your SLA will require that negotiation for these jobs take place separately. It saves your business from losing money and will also save you from work-related burn-out.

And your SLA is the final word. You and your client will naturally pay very close attention to the details so there is no room for confusion in what needs to be delivered at a future date. When you are aware of the exact expectations, you can gauge if the terms are reasonable for your business before signing a final commitment. This is why a service level agreement is very important.

Other MSP Tools

Of course, there are other important tools for a managed service provider. But these four are indispensable for managing your business.

Remote monitoring and management allows you to provide immediate technical support and keeps your business competitive and practical.

Professional service automation gives you better management of your resources, personnel, and services.

Your accounting software will certainly take care of your money matters in a fast and accurate manner.

And your service level agreement is the key to managing and meeting expectations both from you and your client.

With that, we can say that these are the fundamental MSP tools of a high-quality managed service provider.