For a company operating in the service or project industry, it is important to invest in a business platform that can easily adapt to changes and that provides transparency to the entire business. This system needs to be able to manage complex project models, resource allocations and handle simple to complex billing models, while also supporting integrations to other software in areas like CRM, issue tracking or time reporting.
NetSuite provides built in leading practices along with customizable features and functionalities that streamline end-to-end business processes and support services and project-driven organizations of all sizes – whether they have 10 resources or 20,000.
Six NetSuite key functionalities for services companies
1. Project Management and Accounting
NetSuite’s project management capabilities make it possible for project managers and project resources to efficiently collaborate on projects and keep an up-to-date project status displayed in real time throughout its progress. Project activities can be planned with visual support, with an always-up-to-date progress level, giving the project manager the picture that allows him or her to proactively identify and solve potential problems.
Connecting project activities with company financials helps ensure accurate accounting and billing throughout the project lifecycle and streamlines time and expense management while providing extensive project profitability reporting.
2. Resource management
Resource management enables project managers to increase profit margin, optimize workforce utilization and increase customer satisfaction by ensuring that qualified resources are working on the right projects. NetSuite allows project managers to allocate and plan resources using graphical tools as well as forecast staffing needs by providing real-time visibility into resource utilization.
3. Financial management
NetSuite provides service and project-driven companies with comprehensive financial management capabilities that integrate with back-office, sales, and project delivery processes. The system helps accelerate the financial close while ensuring accountability and compliance, helps accelerate cash flow through an integrated quote-to-order-to-cash process, and automates the revenue recognition process. Relevant data and metrics are displayed in real-time on customizable dashboards to give a full view of the organization, and the risk for manual reporting errors is significantly reduced.
4. Time and expense reporting
NetSuite provides flexible and customizable time reporting and expense reporting capabilities, which enable the user to report time and expenses quickly and easily. Planned and recorded hours worked on specific projects are clearly visualized in real-time, and responsible approvers are notified and reminded.
5. Billing
NetSuite’s billing capabilities ensure automation of complex routines for contract and subscription invoicing, one-time invoicing, time and material, milestone completion or fixed fee project invoicing. Transactions and projects are altogether seamlessly connected to accounting, and revenue is managed accurately and in accordance with the industry recognition standards.
6. Customer relationship management (CRM)
NetSuite CRM provides a 360-degree real-time view of your customers and ensures a smooth flow of information across the entire customer lifecycle – from lead through opportunity, estimate, quote, sales order, delivery, contract renewal, upsell and support. Contact and activity management provides detailed track of customer interactions and opportunities for follow-up. NetSuite CRM also provides marketing automation that keeps customers up to date with news and offers.
Words from a NetSuite user in the services industry
Dovre Group is an international company that provides project management and management consulting services as well as and project personnel for large-scale projects. Founded and headquartered in Finland, Dovre Group has additional offices in 6 countries and executes projects in more than 20 countries. Driven by a need for more transparency and easier access to the financials in the company, Dovre decided to implement NetSuite in 2o16.
Dovre Group chose NetSuite based on the guarantee of accurate financials and an easy-to-use business system, as well as the possibility to unify financial management and payroll in different countries into a single system. After the launch of NetSuite, Dovre Group's reporting has become easier and transparency has increased. As an example, real-time accounting is accessible instantly, regardless of time and place.
"NetSuite is supporting international service companies well, and it serves the needs of consulting and staffing industries excellently."
- Heidi Karlsson, CFO of Dovre Group
Do you want to know more? Visit our page about NetSuite for services companies or get in touch with us!