NetSuite – A wholesome solution for effective Project Management
Service Organizations need to track and monitor their resources working across multiple projects to ensure high service quality standards leading to Customer satisfaction.
Netsuite’s integrated project management module helps delivery heads with project creation, project timeline tracking, budgeting, time and helps generate reports.
This helps analyze the resource utilization on each project, the cost incurred, employee efficiency & their workloads, and assures that their employees can focus on mission-critical activities by giving complete visibility into all project details and tickets.
The Project Management module seamlessly integrates with the NetSuite financial systems, thereby enabling organizations to create and issue invoices for the specific projects and also helps in tracking the project expenses and helps to compare the performance with the budget. NetSuite Project Management module also includes revenue recognition, resource management, timesheet & expenses, and other project-related financials that give a wholesome view of the Project seamlessly.
Key Benefits of the Project Modules include:
- Maintaining loser control & tracking on projects accounting and improving oversights on operations.
- Getting an accurate view of the profitability on each project and getting the true costs incurred in providing the services to the customers.
- Increasing productivity and improving efficiency through effective cost management
NetSuite Multi-project Management:
- NetSuite manages multiple types of projects including fixed-price projects and time and materials-based projects.
- NetSuite allows you to create project tasks with multiple predecessors and start-to-start, finish-to-finish, start-to-finish, and finish-to-start relationships.
- NetSuite allows you to set the milestone for each project such as the delivery of materials and completion of a phase based on this you can set up a billing schedule for that project.
- NetSuite can organize communications like calls, events of tasks, and linking them to specific projects. Resource tracking is complete and in real time since all client’s information is managed in one place.
- Fixed Bid Interval/Milestone Billing Schedules Project dashboard gives you the visual, graphical analysis of which projects are on time, under budget and destined for success and the status of each project.
- With the Project center, you can assign resources to the project, it helps resources to view summary information about their pending task against each project and they quickly can enter an update against the project.
Netsuite Project Tracking and Reporting
With the Gantt chart, you can get better visibility into project schedules, monitoring project progress, and start & end dates of each project. With the Project P&L Tab, you can track the project’s progress and view costs associated with it. Key reports are as follows.
- Employee Utilization
- Current Backlog
- Customer/Project Profitability
Project Time & Expenses
NetSuite’s Timesheets functionality allows your employees to enter and submit their timesheets on a weekly basis. The employee can also submit their expense report and upload receipts through NetSuite mobile app. This saving employee time and effort. Also, NetSuite allows you to customize the workflow process for timesheet and expense approval.
Netsuite Project Billing
Netsuite can bill the projects based on the delivery of materials or achieving project milestones or according to a billing schedule. The billing schedule type specified based on the type of project: Fixed Bid Interval/Milestone Billing, Time and Materials Billing, and Charge Based Billing. NetSuite can generate revenue forecasts based on the effort planned across the planned project billing schedule.