How NetSuite can be used for integrated billing, timesheets and expenses management

In our related article “Challenges for professional services firms – integrated billing, timesheets and expenses management”, we discussed some of the challenges faced by professional services firms with regards to managing billable time. Here we explain how NetSuite can help with this. 
One of the biggest challenges for services companies is getting paid on-time and in-line with customer sign-off and agreement, particularly when a payment schedule is in place around milestones or “staged” payments, and even more so when it is “Time & Materials (T&M)”.
Fortunately, all three of these models can be set up in advance when you use NetSuite to run your business. NetSuite also provides flexibility in managing client billing by handling fixed-fee and time & material billing on the same project, if required.
Not only can NetSuite manage the delivery of a project, including precedents, time-sheeting and expenses, but invoices can be automatically created for the customer. These are either triggered, such as by the completion of a certain task, or on a schedule. Because all of this data is being input in real-time by your team, once you have completed the approvals process a very laborious process of receipt reconciliation can automatically be rolled-up into a customer invoice for their review.
And because timesheets and expenses can be completed and approved at anytime, anywhere using a mobile device, this means that completion and approvals can be carried out much more efficiently. Users can quickly and easily complete detailed timesheets and expenses, whether in the office or on the road, so the invoices then just need approving before they are automatically sent to the customer – or perhaps even billed automatically using either Direct Debit, PayPal or a credit card that is stored on file. The sooner an invoice can be delivered the customer, the sooner it can be paid.
If you would like to find out more about how NetSuite could help with the challenges associated with integrated billing, timesheets and expenses management, then please don’t hesitate to get in touch with one of our experts.
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