Managing projects, getting the invoices right, and dealing with limited resources can be problematic in the ever-changing business world. Sometimes, projects go off track, and invoicing becomes a tricky puzzle. And the pressure to deliver top-notch results never lets up, especially when resources are scarce.
To tackle such situations, checking out NetSuite Professional Services Automation (PSA) is recommended. Imagine your projects seamlessly align with your initial scope, effortlessly staying within your boundaries. Picture the confidence of delivering precise and transparent invoices to your clients, eliminating any room for confusion.
With NetSuite PSA, these visions become reality. It’s not just a solution; it’s a strategic powerhouse that can redefine your approach to project management and client relations.
Let’s dive into NetSuite Professional Services Automation in this blog post and learn more about it!
What is NetSuite Professional Services Automation?
NetSuite’s Professional Services Automation (PSA) solution covers everything from project and resource management to time and expense tracking, project accounting, billing, and invoicing. It’s all about completing projects quickly, generating accurate invoices, and shrinking accounts receivable cycles.
One great thing about NetSuite PSA is how it boosts project visibility. No more worrying about projects going off track because PSA gives you real-time insights into project progress, resource allocation, and budget. With this clear view, you can tackle challenges head-on, keeping projects on track and within scope.
When it comes to invoicing, NetSuite PSA steps up its game. This software automates invoicing, reducing errors and ensuring your clients get accurate and timely invoices. It’s not just about looking professional – it’s about building trust and transparency with your clients.
Even when resources are limited, NetSuite PSA has your back. It helps you make the most of what you have, saving costs and getting the most value out of every resource. The outcome? A lean, agile, and super effective professional services operation.
NetSuite Professional Services Automation Benefits
Single Solution: When you bring together NetSuite’s PSA capabilities with its strong financials, CRM, and HR features, you get a complete solution designed for any services business. This all-in-one solution simplifies operations, boosts efficiency, and encourages smooth collaboration across different business functions.
On-Time Project Delivery: Collaborate on decisions using real-time, data-driven information to maintain accurate and current statuses, ensuring that projects are completed on schedule and within budget. This approach helps teams proactively identify and address potential issues, ultimately leading to successful project outcomes.
Streamline Project Financial Management: Automating revenue calculations and allocations helps ensure accurate revenue recognition, separate from project billing. This supports profitability and financial compliance, providing a sturdy framework for long-term financial success.
Assemble the Right Team: It’s crucial to thoroughly understand the demand, capacity, required skills, and availability to identify the optimal resource mix for each stage of every project. This ensures the team composition is well-suited to meet the needs and challenges encountered throughout the project lifecycle.
Flexible Access from Anywhere: NetSuite’s PSA, SuiteProject, is a cloud-based solution that lets you access it from anywhere, anytime. Plus, its mobile app makes it easy to capture and manage time and expense data on the go!
NetSuite Professional Services Automation Features
Take control of your entire services business with NetSuite Professional Services Automation. From spotting new opportunities to project delivery, invoicing, and revenue recognition — all in real time. Let’s see some of the features you can get access to with NetSuite Professional Services Automation Features:
Project Accounting
It’s super essential to link project activities with company financials to ensure everything adds up and billing is on point throughout the project. This not only makes managing time and expenses a breeze, but also gives us excellent reporting tools to dive deep into project financials.
Project Management
Project managers and team members can efficiently work together using project management tools to keep track of the project status. With real-time visibility, managers can spot and solve issues before they affect customers, boosting project efficiency and customer satisfaction.
Resource Management
Project managers are crucial in optimizing staffing and resource utilization within an organization. Ensuring that qualified and skilled resources are assigned to the most suitable projects contributes to the overall efficiency and success of the projects and the company as a whole.
Timesheet Management
Customizable timesheets provide a user-friendly and efficient way to capture comprehensive records of hours worked. Whether users are in the office or on the road, they can conveniently log their tasks, projects, and activities, ensuring accurate and detailed time tracking for enhanced productivity and resource management.
Project Reporting and Analytics
NetSuite reporting and analytical tools give you real-time data to monitor, report on, and analyze project performance. Gain comprehensive insights to make informed decisions and drive continuous improvement in project management.
NetSuite SuiteProjects: Simple and Native PSA Solution
NetSuite SuiteProjects is the go-to PSA solution that comes with all NetSuite implementations. It seamlessly works with NetSuite, giving you easy access to all its features. It handles important PSA tasks like resource management and smooth billing cycles, making sure projects are delivered on time.
- All-in-One Business Solution: With SuiteProjects, along with NetSuite’s CRM, ERP, and HR solutions, you get complete visibility and control over your entire services business.
NetSuite OpenAir: Advanced PSA Solution
NetSuite OpenAir is the top-tier PSA solution, offering additional features for businesses with specific needs.
- Global Project Management: Ideal for international businesses, OpenAir supports multi-currency, multi-subsidiaries, multi-taxation requirements, multi-language, and global service pools.
- Enterprise System Integration: OpenAir allows seamless integration with existing front-office or back-office systems, enhancing connectivity across your enterprise.
- Advanced Financial Management: Going beyond SuiteProjects, OpenAir includes advanced financial functionalities, such as separating revenue types, managing complex expenses, and automatic currency conversion.
- Customization Options: OpenAir offers extensive customization options, allowing tailored solutions to meet unique business requirements with the assistance of a NetSuite Solutions Provider.
Choosing Between the Two: SuiteProjects vs OpenAir
For businesses with basic needs, SuiteProjects is a straightforward and native Professional Services Automation (PSA) solution within the NetSuite ecosystem. It efficiently addresses fundamental requirements, seamlessly integrates with NetSuite, and helps with resource management and billing cycles.
On the other hand, OpenAir is perfect for enterprises with specific demands. Tailored for international operations, it supports multi-currency transactions, multilingual capabilities, and global service pool management.
OpenAir is the go-to choice for businesses looking for advanced functionalities like intricate financial management, deep integrations with enterprise systems, and extensive customization options provided by experienced NetSuite Solutions Providers.
NetSuite Professional Services Automation Cost
Professional services automation NetSuite costs are based on an annual subscription model and consist of three main parts: the core platform, optional modules, and user count. There’s an initial setup fee, but you can easily add users and activate new modules as your business grows. It’s flexible and scalable cloud software.
NetSuite Professional Services Automation (NetSuite PSA) provides a complete, cloud-based solution to support all professional services operations. This powerful platform effectively manages the entire Bid-to-Bill lifecycle for services companies.
If you’re interested in learning more about NetSuite PSA, please get in touch with us. The Folio3 NetSuite team would love to help you out.
