NetSuite means more effective company management thanks to integrated project management, tracking and reporting. It allows to automate project creation when specific services are sold. Additionally, it allows you to automatically track the completion percentage, budget and time spent on project tasks. Utilization and backlog reports help you analyze your workload and performance.
Key benefits of project management
- Improved supervision of operations, maintained stricter control of project settlement.
- Showing the actual costs of services rendered and an accurate and detailed picture of profitability.
- Improved productivity and increased efficiency.
Project accounting is a key element in monitoring progress and ensuring business viability. NetSuite is necessary to organize work and provide insight into a complex operation. The module integrates seamlessly with the NetSuite accounting system. In addition to project management and tracking time and expenses, you can create and issue invoices, compare project performance with budgets and other metrics. The module manages revenue recognition, expenses, unpaid balances and other project-related finances.
Management of many types of projects
NetSuite manages many types of projects, including projects in the time & material model and projects with a fixed budget.
Automated work creation
You can automate job creation by identifying service items that will require the job. Then, sales orders for these items go to the queue, where you can assign an ID and project manager, and then create multiple tasks with one click.
Organization of tasks and activities
NetSuite also organizes tasks, connections and events, linking them to specific projects. Customer information is managed in one place, making asset tracking complete and in real time. This allows you to constantly improve customer service. Resources can be segmented and used for better customer satisfaction.
You can create project tasks with many predecessors and relationships: from end to beginning, from beginning to beginning, from end to end and from beginning to end. In addition, project tasks can be created with a delay between tasks and the "finish no later than" limitation.
The project dashboard provides visual, graphical analysis of the status of specific projects. Project managers can quickly see important key performance indicators (KPIs), such as projects implemented on time, within budget and doomed to success. For projects that are delayed, you can use the dashboard to quickly investigate and identify the root cause. When team members enter information, the dashboard updates automatically to provide a current view of the status of projects as they last.
In NetSuite, you can assign project resources to the standard role of a consultant with access to the Project Center. The system provides consultants and project managers a convenient way to view summary information about their projects and quickly enter transactions for these projects.
Milestones based on projects
Project milestones are critical points that you monitor throughout the project life cycle. They emphasize important transient events, such as the end of the stage, the delivery of materials and payment for the work done. Milestones are useful, for example, when you determine invoicing dates and completeness of work.
Project templates are reusable templates that provide solid starting points for projects. They save time and simplify projects from start to finish.
You can now track progress and monitor the costs associated with each project, ensuring the highest financial performance.
Estimating work and income
NetSuite estimates work costs and revenues for orders based on the number of hours entered, the cost rate loaded for each employee and the expected billing amounts from the sales order associated with the order.
The improved Gantt chart provides better insight into project schedules. It is a useful tool for planning and scheduling projects, monitoring progress and illustrating start and end dates, including summary elements.
Timesheets allow you to enter and send weekly working timesheets saving time and effort. Thanks to saving the schedule available on the platform, you can adapt approval processes to your unique business needs.
Time and mobile costs
You can also use your phone to create and send time and expense reports when you're done. NetSuite allows you to directly send photos of receipts, view time entries based on the schedule or period.
Connecting the client to the project and direct settlements
You can create project tasks and combine them with specific customers. What's more, you can also create sub-tasks. After you create project tasks and enter the time into them, the percentage complete is automatically calculated and added to the task level. In addition, you can track the original and current estimated time of completing each task. Invoicing time to customers allows you to enter time spent on work for customers and then charge them.
You can settle projects based on the completion of project work, achievement of milestones or on schedule. The type of invoicing schedule specified in the project determines the type of project: invoicing for time and materials, fixed time range / invoicing schedule and invoicing the project based on a fee. Invoicing forecasts can also be generated based on planned workload over the planned project billing period to determine when to expect invoicing from customers.
Actual work costs
NetSuite provides a solution to track the actual work costs of your tasks. Work costs can be assigned to the positions each employee worked on during the pay period, in accordance with the time in which they were entered, providing more accurate reports on work profitability
Increased project visibility and measurable performance
All project task records includes: start dates, estimated end dates, percentage of work completed, actual end dates, and all revenue and expenses associated with each project. You can see the time in the budget compared to the time spent, as well as the use of the team.
Project tracking reports
Use of employees. You can track employee usage rates per person and create statements based on a team using a report. You can also compare usage for two periods at once - for example, display the usage of "current month" and "current year" side by side. Current arrears. NetSuite provides a quick overview of the remaining work on open tasks - the number of tasks assigned to each service representative and the number of hours remaining to complete the tasks associated with the project. Customer / project profitability. You can view project profitability based on actual revenue and cost accounting transactions.