28 Aug, 2021

NetSuite Professional Services Automation (PSA)

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. ERP for professional services enhances the capabilities of this software. 

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

1. Project Management

NetSuite PSA provides a dynamic cloud-based suite to support service organizations completely. This product empowers greater collaboration between project managers and team members, offering real-time visibility to project status, risk identification, and mitigation. Moreover, it provides a live view of ongoing projects.

Key project management functions include:

Monitor project financial operations for enhanced profitability visibility.

Track project issues and oversee project progress effectively. 

Strategically plan and minimize project budgets based on tasks.

2. Resource Management

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 include:

Automate the use of resources to support forecasting and resource allocation.

Advanced s skill tracking to identify suitable individuals and monitor their usage.

Define multiple booking types and break specific time limits. This gives in-depth visibility and makes resources more efficient.

3. Project Accounting

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 support different revenue scenarios.

4. Billing

Billing and Invoicing Management automates one-time invoicing, handles complex duplications, and facilitates time and project-based billing. NetSuite provides flexible billing options, whether completing project tasks, reaching milestones, or adhering to scheduled 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.

Ky capabilities include:

A comprehensive integrated framework handling transactions, subscriptions, and project billing while seamlessly managing cash flows.

Support for creating and managing subscriptions, including value-added or usage-based subscriptions, alongside advanced revenue management that fully complies with ASC 606. (Accounting Standards Codification)

Creation and management of complex rating models, particularly suited for a high volume of transactions.

5. Timesheet Management

The Timesheet management makes it easier for the employees to enter the working hours and supports timesheet information. As the process becomes more manageable, the timesheet becomes more accurate and timelier. With NetSuite, users can access timesheets from anywhere, allowing them to manage and approve entries unique to their business needs, ensuring consistently reliable information. 

6. Expense Management

In billing service organizations, effective expense management is crucial. NetSuite's SuiteProjects expense management solution automates the entire expense process, including reporting, submission, and approval. Integrated with project accounting and invoicing, this system ensures seamless tracking and submission for timely client billing and reimbursement, significantly improving accuracy in cost reporting.

7. Analytics

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 capabilities enable real-time project performance checks and report generation, covering resource allocation, revenue, project budgets, 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 into a single system, meeting the needs of both product and service companies.

NetSuite PSA enables to:

Automate the Bid-to-Bill process and manage key aspects throughout the business life cycle, providing tools to stay competitive, enhance efficiency, deliver quality services, and delight customers. 

Allows Omni-business model billing for time and material service delivery, spanning fixed rates to milestones across the service value chain.

Assist service professionals in accessing real-time business information from anywhere for better cooperation 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, has a proven track record in providing NetSuite services. Contact us and we are happy to assist you.