Netsuite Project Accounting Features and Benefits

Netsuite Project Accounting usually connects activities of a project with company financials, helping ensure accurate billing and accounting throughout your project lifestyles. Maintaining a better and strong control over the strategic direction of your projects and other supporting resources in an effective way is to ensure that those projects are done on time and within your budget.

In fact, these are important components to maximize profitability and service delivery performance of your business. It also streamlines expense management and time, providing comprehensive reporting capabilities. It is also integrated with the accounts payable, general ledger, sales orders, accounts receivable, the employee portal, purchase orders and inventory management.

Features of a Netsuite Project Accounting

This solution covers a wide range of features. They include:

  •  Project management
  •  Sales force automation
  •  Resource management
  •  Client and prospect management
  •  Project accounting, financials and billing
  •  Time and expense management

Project management – It is easier to track your project from opportunity throughout the entire process to its completion, maximize project planning, access project status, offer project access to your clients, and generate forecasts.

Sales force automation – Netsuite also provides accurate and on-time information to meet prospect and client requests, easy access to any your related information such as project status, invoices, pending projects, just to mention a few. CRM is also fully embedded in this great Cloud business management software, thus there is no need to maintain separate ERP and CRM systems.

Resource management – With this software, it is easier to manage staff, automate resource requests, track availability, and accurately report and forecast on utilization of resources.

Client and prospect management – With this software managing and monitoring all your client interactions, projects, opportunities and tracking jobs in real time is also made possible and within your reach.

Project accounting, financials and billing – This software allow you to minimize manual effort with automation, monitor project profitability, invoice clients quickly and accurately and create financial reports without any difficulties.

Time and expense management – this NetSuite feature also enables you to manage expenses, track timesheet information, and integrate expenses and billable hours with project accounting.

Benefits of Netsuite Project Accounting

Generally, since QuickBooks was first debuted, NetSuite is one of the most revolutionary products available in the SMB market. Being a True-Cloud solution, it has feature great benefits that are unique in today’s market place. Here are facts make this software beneficial to its users:

General Benefits

It is simple –  Implementations are both less expensive and faster than most applications of traditional business. Modularity automatically enables phased implementation in accordance to your business needs. Additionally, advanced customization and click not code supports your business as you define it. Since it is a Web-based on-demand business management solution, this software greatly minimizes the total cost of ownership (TCO) as well.

It is integrated – NetSuite combines complete Ecommerce and customer-facing CRM capabilities with self-service and back-office ERP portals for partners within a single and powerful application. Hence, it allows different companies to unite automate processes and fragmented data from end to end.

It is intelligent – With a single database, the system is capable of holding all corporate data, giving the user access to the key performance metrics a highly customizable, real-time dashboard. Because of this, Netsuite accounting enables you to quickly make better decisions.

Benefits of Netsuite in Accounting

Unification of back-office process for improved profit and productivity – The integration of customer service, purchasing, financials, employee management data, inventory, and order management results in higher profits and improved cash flow. The manual business tasks automation, including procure-to-pay and order-to-cash processes can lower costs significantly. In addition, capabilities of customized workflow send “to-do” lists and reminders to employees, resulting in higher productivity.

With a single and integrated platform for Ecommerce, CRM and ERP, business functions can easily be automated in all departments, including marketing, sales, finance, service, purchasing, employee management, order fulfillment and inventory.

Employees are no longer needed to wait for batch updates, rectify inaccurate or inconsistent data, re-enter the same data in different systems. Instead, they are required to view and share accurate, consistent data in real time, resulting in effective collaboration across all departments and improved productivity across the company as well.

Benefits In Web Presence

End-to-end order management – With Netsuite, manual transfer of all customer orders are eliminated from the Web store. As a result, this saves you money and reduces fulfillment time. Automatically, orders flow directly to your warehouse departments and accounts receivables. In addition, with UPS OnLine Tools, it is easier to offer print UPS shipping labels, real-time shipping rates, and automatically associate shipment-tracking numbers to your sales orders. Together with these tools, NetSuite can also provide tracking numbers to customers for around the clock tracking.

Site hosting – Customizable publishing tools allow you to host and post your own personalized HTML pages.

Integrated inventory management – with its integrated capabilities in inventory management, any changes in the back-office are all automatically reflected in the Web store. It allows you to display the inventory levels of real-time and check if there is any item out of stock. It also allows you to track down your inventory to the sub-item category, and get automatic notification upon hitting re0order points. Additionally, it lets you to provide volume discounts, offer different levels of process for sub-item options as well as to extend special pricing offers to your specific clients.

Support for forms – With this kind of Project Accounting, building various forms such as new leads, event sign-ups, online order forms and customer case forms is made easy. It is also easier to create your custom questions and then define how your visitors may respond to them; for instance, optional or required, fill-in-the-blank or multiple choices.

Website development tools – Lastly, with Netsuite, it is possible to convert the existing static website by simply inserting smart tags which make it easy to reach any business data available in your account. For instance, you may include important customer information like past buying preferences, to help you in personalizing the customer experience.

Conclusively, even though there may be various software offered by other companies which are similar to NetSuite, Netsuite Project Accounting does a relatively excellent job of packaging almost everything any small or medium company needs to become successful in their market segment.

Brooke Nelson is the Lead Author & Editor of NetSweets. With more than 20,000 customers, NetSuite is a fascinating platform! It is the major player in ERP, CRM, and ecommerce.