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Netsuite Project Management – Step by Step Guide for Beginners

Project management remains a crucial component for all businesses. Successful project management required resources, experience, meticulous planning, large money, and trained people. And if you think it’s a complicated task, then you aren’t alone.

Project management remains a complex and challenging aspect for most organizations. Since, bringing together all the right components to ensure successful project management can be overwhelming for most companies. But there must be a simpler way out, right?

Fortunately, that’s where NetSuite Project Management comes to the rescue.

NetSuite Project Management is a leading professional services automation (PSA) solution that enables businesses to effectively manage people, resources, budgets, and tasks through one unified platform. The NetSuite project management software gives vital insights and control to project managers to ensure they are able to allocate the right resources to the projects.

The software enhances the performance of teams by automating various manual tasks. The NetSuite project management software also eliminates the need for multiple systems required for project management, thereby further improving the efficiency and effectiveness of the project management resources. Thanks to the flexible integration option, the software can easily be integrated with other NetSuite and third-party systems to ensure seamless synchronization between multiple business systems.

NetSuite Project Management Module

NetSuite project management module enables project managers to effectively manage their resources for a project by closely collaborating with team members, and staying updated with real-time project status. This effectively enables managers to proactively monitor the performance of all vital components involved in the project and resolve any potential issues before it brings down the operations.

The NetSuite project management software delivers accurate real-time insights to the project management. This vastly improves the capacity of managers to effectively deal with all project components; subsequently leading to improved rates of project completion, a lower number of non-billable work, and increased client satisfaction.

Some of the key modules of NetSuite project management software includes;

1. Project Management

The project management module can easily be integrated with the NetSuite Financials, thus ensuring that businesses are able to accurately track project expenses, efficiently manage revenue recognition, create invoices, calculate unbilled balances, as well as, keep up with other project financials. The NetSuite project management module enables businesses to manage multiple types of projects simultaneously, whereby, project managers can track the status of all open projects through a single Project Dashboard.

2. Resource Management

Effective resource management enables businesses to have clear visibility and tracking of all resources and stay updated on which resources are available. Resource management also enables businesses to set and track KPIs to achieve the best possible outcome and maximum profitability from the projects. Some of the resource management tools offered by the NetSuite project management system includes;

  • Resource requests and bookings
  • Automated resource allocation
  • Resource search by criteria
  • Resource forecasting placeholders

3. Project Accounting

The project accounting tools by NetSuite PSA enable businesses to integrated financial data of the project with the project’s activities. This helps businesses to track and ensure precise accounting and billing for all project work. Some of the main features of the project accounting module include;

  • Project revenue recognition
  • Automated invoicing
  • Summaries and reports for project profitability

4. Time Sheet Management

NetSuite’s project management’s timesheet management feature enables companies to keep up with the logging and approving time. The feature keeps managers updated with the right information to track team performance and take appropriate measures. Since the timesheet management module can be accessed remotely, it enables employees and managers to timely submit, and approve timesheets. Some of the features of the timesheet management module include;

  • Bulk time tracking
  • Project time approvals
  • Users time approval
  • Customized time entry
  • Time tracking for multiple projects

5. Expense Management

The expense management feature enables managers to customized the processes for workflows, and approvals, to meet project requirements. The expense management tool can be integrated with project management and project accounting modules, which allows seamless and accurate tracking of project KPIs. Some of the features of the expense management module include;

  • Expense tracking
  • Overdue alerts
  • Customized business rules
  • Mobile expense report
  • Advanced approvals
  • Advanced workflows
  • Consolidated expense reports

6. Analytics

The NetSuite’s project management software’s reporting and analytic tools make it simple and convenient for project managers to keep track of the overall status and performance of the project. the analytical and reporting feature also enables managers to easily share information regarding budget estimation, profit margins, and other KPIs with stakeholders. Some of the features of the analytics module include;

  • Interactive and detailed reports
  • Personalized dashboards
  • Collaborative reporting
  • Alerts and notifications

NetSuite Project Management Price

NetSuite Project Implementation module pricing starts at $399 per user per month. However, the actual pricing of the module may vary and NetSuite doesn’t publicly inform the pricing information. Also, NetSuite doesn’t offer a trial period or free version for its NetSuite project implementation module.

NetSuite Project Management Alternatives

NetSuite project management may be one of the most comprehensive professional service automation (PSA) solutions for businesses, however, there are other PSA software that competes equally well with NetSuite for their worth.

Some of the best NetSuite project management alternatives include;

1. Harmony PSA

Harmony PSA is a comprehensive business automation software that effectively supports the complete business lifecycle from initial lead generation to project completion and contract renewal. The software is exclusively developed to meet the needs of software and services businesses; enabling them to automate various business functions through a unified platform and remote access from the cloud. The pricing for Harmony PSA starts at $65 per feature per month. Like NetSuite, Harmony PSA doesn’t offer a free trial version.

2. HaloPSA

HaloPSA is an all-inclusive PSA platform that is specifically built to meet the unique requirements of service providers and MSPs. The software enables businesses to control all business functions effectively using state-of-the-art functionality. Some of the features offered by HaloPSA includes time tracking, advanced reporting, automation, project management, billing, asset management, and CRM solution. The software comes with an interactive and intuitive interface for convenient use. The pricing for HaloPSA starts at $29 per feature per month.

3. Kimble

Kimble is only one of the very few software solution providers that exclusively offer solutions for professional service automation (PSA). The software consistently innovates and improves its features to ensure superior performance around key service processes. The software is best suited for IT services, architecture, advertising and marketing, engineering, management consulting, construction, and software & hi-tech businesses.

4. Monday.com

Monday.com is among the leading strategic planning software that’s designed to offer easy collaboration between teams. The software brings in interactive tools to simplify complex business processes and improve efficiency for project completion. The software is suited for a variety of industries of all sizes and is priced at $29 per user per month, while also offering a free trial version.

Folio3 is your only certified NetSuite project management partner 

Folio3 is a certified NetSuite implementation partner, offering comprehensive implementation and integration services for NetSuite solutions. With over a decade-long experience of assisting businesses across the USA and Europe with seamless NetSuite implementation solutions, Folio3 got the expertise, experience, and resources required to deliver optimal value to businesses out of NetSuite solutions.

Folio3 got a complete understanding of the complex processes involved in NetSuite implementation, and integration with different third-party platforms, thereby you can be sure of minimal business disruption and risks during the NetSuite project management implementation.

Why Choose Folio3 As Your NetSuite Implementation Partner?

As a seasoned NetSuite implementation partner, Folio3 for the expertise across all facets of the NetSuite ecosystem and understand the complexities involved in the integration and implementation process. The proven NetSuite implementation methodology enables Folio3 to seamlessly complete the entire implementation process from identifying the business requirements to strategic planning, and from designing to actual deployment of the solution. 

Folio3 NetSuite Integration Services for ecommerce stores

Some of the NetSuite integration services for ecommerce stores includes;

Project Management in Netsuite FAQs:

What is NetSuite project management module?

NetSuite project management module is a comprehensive Professional Services Automation (PSA) solution that enables businesses to manage all components of projects for increased efficiency, accuracy, and profitability.

What’s the cost of NetSuite Project Management Software?

While Oracle doesn’t give a standard price for the NetSuite project management module, the cost of NetSuite OpenAir starts at $399 per user per month. However, the final price of the solution may vary depending upon the features and number of users.

Does Folio3 offer NetSuite Project Management module implementation?

Yes. Folio3 is a certified NetSuite implementation partner and offer comprehensive implementation and integration services for all NetSuite modules including the project management (PSA) module.

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