Last week, NetSuite held its fourth annual user conference, SuiteWorld. But don’t worry if you missed it – over the course of the week, we will be posting a series of short blogs designed to summarise the key developments announced at the event.
At SuiteWorld last Tuesday (13th May), NetSuite unveiled its next-generation services resource planning (SRP) solution. NetSuite SRP is the first and only cloud suite that brings together enterprise resource planning (ERP) and professional services automation (PSA) to enable project and product-based businesses to run their entire business – from project management, resource management, time & expense management, to project accounting – all in one integrated software solution.
Services organisations can gain comprehensive visibility into back-office financials and front-office operations to increase project profitability, maximise billable resource utilisation and make informed, data-driven decisions with insightful business metrics.
Amongst other benefits, the new release addresses the issues of global project and financial management with its automated multi-currency management, built-in support for international tax, compliance and sophisticated revenue recognition management.
Key features & benefits of the new release
Project managers and team members can collaborate and update project statuses anytime, anywhere, improving project efficiency, satisfying clients and reducing non-billable work. Functionality includes project templates, task dependencies, Gantt charts with baseline and critical path highlights.
Ensure that the right resources are working on the right projects, based on real-time project timelines. Capabilities to assign the best available talent to a project based on skill sets and industry expertise optimises resource utilisation.
Advanced job costing allows for labour from timesheets to be tracked to financials, creating real-time insight into project profitability. Detailed project budgeting allows for categorisation of costs directly from the project, providing real-time metrics on budget vs. actual spend.
Mobile and social functionality
Services professionals can manage time and expenses on the go, as well as quickly and easily access critical business information from wherever they are. The embedded social activities within the SRP suite helps improve collaboration.
Delivery billing flexibility
Deliver complex multi-model billing across the services value chain, including fixed fee, milestones and time-and-materials models.
Time & expense management
Simplify timesheet & expense reporting and tracking, as well as entry and approval processes to suit unique business needs.
Instant visibility to finance, with billable hours going directly to the general ledger.
Automate revenue recognition to schedule, calculate and present accurate financial statements.
Financial management and reporting
Real-time visibility into all aspects of a project-based business, allowing everyone to work off a single source of financial data.
If you would like any further information about NetSuite SRP, please don’t hesitate to get in touch with one of our experts.