NetSuite Professional Services Automation (PSA) is software designed mainly for professional service providers who deliver billable works. PSA offers time tracking, planning, project management, invoicing, and billing functionalities of an organization.
The project delivery data allows PSA solutions to have increased visibility to performance metrics such as revenue, expenditure, utilization, and dividends. The intended audience of PSA are tax consultants, advocates, digital marketing and advertising agencies, IT companies, financial institutions, and other professional service teams.
NetSuite Professional Services Automation manages the complete bid-to-bill processes of the organization. This software equips users with enhanced business support, proactive problem solving, perfect business planning, and impeccable service execution.
Key benefits of NetSuite Professional Services Automation
• Real-time visibility to business performance.
• Ensures on-time delivery and eventual project success.
• Optimum resource management and utilization.
• Facilitate expense and time management on the go.
• Minimize maintenance costs of hardware and provide cloud-based delivery by upgrading hassles.
Features of NetSuite Professional Services Automation
NetSuite PSA provides a dynamic cloud-based suite to support service organizations completely. This product empowers greater collaboration between project managers and team members, real-time visibility to project status, possible risk identification, and mitigation. In addition, it provides a real-time view of the projects.
Check out key project management functions:
• Track financial operations of projects to provide better visibility on the profitability of the project.
• Check all project issues and track the progress of projects.
• Plan and minimize project budgets according to tasks.
All professional service executives prioritize effective resource management to optimize profit margins, improve usability, maintain better capabilities and increase customer satisfaction. NetSuite Resource Management helps to choose the right employees to work on the appropriate projects based on a live project timeline when the project develops. NetSuite is a comprehensive resource management system that enables the management of complex project resource needs.
Additional functions of resource management.
• Automate the use of resources to support forecasting and resource allocation.
• Advanced skill tracking helps you find the right people and track usage.
• Define multiple booking types and break specific time limits. This gives in-depth visibility and makes resources more efficient.
Maintaining strict control over the strategic direction of your projects, effectively supporting resources, and completing projects on time and within a budget are key factors in increasing service delivery performance and profitability. NetSuite Project Accounting connects project activities to a company's financial position, helps ensure accurate accounting and billing throughout the project life cycle, and provides efficient time and cost management with comprehensive reporting skills.
Project Account helps to have flexible and automated invoicing, automates the recognition processes of the income of projects and checks on the profit made from the projects, and make reports on it. The benefits of project accounting include:
• Real-time visibility on project expenses and profits.
• Gain complete report on the revenue and forecasting.
• Automate the calculation of revenue processes and supports different revenue scenarios.
Billing and Invoicing Management automate one-time invoicing, complex duplication, time, and project-based billing. NetSuite offers flexible billing options - complete project tasks, get project milestones, or schedule dates.
Suite billing from a stable, back-office function makes billing a strategic variation at the core of the business. NetSuite's integrated billing framework supports any hybrid model based on the transaction, subscription, and usage while managing revenue efficiently and following the latest revenue identification standards. NetSuite is a dynamic and innovative solution that provides unparalleled control and flexibility in the billing and revenue management processes.
The key capabilities are:
• Major integrated framework deals with transactions, subscriptions, and projects connected to the billing engine and seamlessly withholds cash flows.
• Allows you to create and manage subscriptions (including value-added / usage subscriptions), support recurring billing with advanced revenue management, and fully integrate compliance with ASC 606.
• Creating and managing complex rating models is often provided with a high volume of transactions.
The Timesheet management makes it easier for the employees to enter the working hoursand supports timesheet information. As the process becomes more manageable, the timesheet becomes more accurate and timely. With NetSuite, users can access timesheets from everywhere. NetSuite Timesheet Management lets you map out timesheet entries and approvals for your unique business needs - making sure you always have the right information.
In a billing service organization, expense management is essential. To increase the accuracy and timeliness of cost reporting and overall cost management, this process should be as easy and flexible as possible for users and should be linked directly to project management and project accounting.
NetSuite Expense Management provides robust features to improve productivity, enable better tracking and compliance, enhance cost reporting accuracy and timeliness, and increase the overall user experience.
To enhance profits and performance, you need real-time visibility of your organization’s employees and project performance. NetSuite provides powerful dashboards, reporting, and analytics tools that provide a live view of your service organization.
NetSuite’s dashboard and reporting strategies help to check on and produce reports on the performance of the projects in real-time, including resource allocation, dividends, project budgets, real and more. From executives to project managers, each participant can instantly access personal reports with the most important metrics.
NetSuite Professional Services Automation (PSA) - One Single System
NetSuite Professional Services Automation is a cloud-based native solution that integrates all ERP and professional service automation functions to meet the business needs and requirements of product and service companies in a single system.
NetSuite PSA enables to:
• Automate the Bid-to-bill process and manage key aspects of their business throughout the life cycle, giving them the tools they need to stay competitive, increase efficiency, provide quality services, and delight customers.
• Allow Omni-business model billing for time and material service delivery from fixed rates to milestones and across the service value chain.
• Helps service professionals from anywhere to access real-time business information for better cooperation anytime, anywhere across the organization.
• Achieve broad vision to operate back-office financial and front office services in an integrated system to maximize project profits, increase billing resource utilization, transmit informed, data-based, and strategic business metrics with powerful and insightful business metrics, and make strategic decisions.
• Provide the company with comprehensive live visibility to meet the needs of global businesses, integrated financial and resource optimization and management services across corporate, affiliates, geographies, currencies, and tax jurisdictions to the individual project level.
Do you wish to implement NetSuite in your organization and automate your business processes? Jobin & Jismi is an Oracle NetSuite alliance partner with a proven track record in NetSuite services. Contact us for any assistance.