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Providing a Lifeline to Professional Services Businesses

Could NetSuite’s PSA Platform be a Lifeline For Your Professional Services Business?

Netsuite’s Professional Services Automation (PSA) is an end-to-end, bid to bill integrated platform which can support your whole professional services business.  It provides the most relevant information in real-time.

Gone are the days of long meetings with soon to be out of date information.  PSA provides information across the whole company at the touch of a button.  If businesses don’t adopt this they will struggle to remain competitive.  Companies that adopt PSA have more time and resources to work on growing the company.

The integrated solution works in 6 areas of professional services including project management, resource management, project accounting, billing, timesheet management, expense management and analytics.  Here are the 6 areas of NetSuite’s Professional Services Automation software:

 

  1. Project Management
    NetSuite’s project management solution aids collaboration and communication between project managers and team members.  Everyone has access to current and accurate project statuses at all times.  This allows project managers to proactively identify and resolve any issues before they happen.

    The key functions of this solution are:
    – Ability to track all financial metrics of the project providing good visibility or project profitability.
    – Record project issues down to the task level.
    – Create cost estimates for tasks and better forecast the project level budgets.

  2. Resource Management
    NetSuite gives a comprehensive resource management framework.  It encourages you to oversee even the most complex assets of a business  Resource Management enables project managers to optimise staffing and utilisation by ensuring that qualified resources are working on the right projects.

    The key functions of this solution are:
    – Automating resources allowing you to plan and predict resources.
    – Advanced skill tracking enabling you to know who’s working on what.
    – A tracking system for booking where you can define a resource and allocate a time slot, so you have visibility of all your resources.

  3. Project Accounting
    Project Accounting cross-references project activities against company financials.  This makes sure that there is accurate accounting and billing throughout the project lifecycle.

    The key functions of this solution are:
    – Extensive reporting capabilities.
    – Monitor where every invoice is throughout the business.
    – Recognise which projects revenue is coming from.
    – Get insight into financial forecasts so you can set better benchmarks.

  4. Billing
    This function automates one-off invoices as well as complex re-occurring project-based billing.  NetSuite is customisable with its billing options and it can be set up to go through at project completion, achieving milestones or can be aligned to a certain schedule or dates.

    The key functions of this solution are:
    – A unified framework to connect transactions, subscriptions and projects to the billing system.
    – Allows for the creation and management of subscriptions and support for recurring billing.
    – Allows for the creation of more complex, value-based subscriptions.

  5. Timesheet Management
    NetSuite’s customisable timesheet feature enables users to create complex timesheets quickly and easily.

    The key functions of this solution are:
    – Customise time entries for multiple projects on the same timesheet.
    – Amend time entries by accepting them or rejecting them or requesting a reschedule.
    – Keep track of time spent on a project and tasks.
    – Submit timesheets from anywhere at anytime.

  6. Expense Management
    This solution helps businesses to improve productivity, enables better tracking and compliance, maxmises accuracy and timeliness of expense reporting and improves the overall user experience.

    The key functions of this solution are:
    – Flexible and accurate expense entry and reporting.
    – Advanced expense approvals and workflows.
    – Increased accuracy by integrating with project management and NetSuite’s ERP to eliminate double entry.

 

We know that it is sometimes difficult to understand the intricacies and capabilities of different software.  Request a free consultation now and we can help you find the best solution for your company.