NetSuite Project Accounting



Business Systems | Cloud Services | ERP | NetSuite



July 7, 2022

Maximising service delivery and profitability of projects relies on taking strict control over the projects strategic direction, supporting projects with resources effectively and ensuring projects are delivered on time and within forecasted budget.

NetSuite Project Accounting achieves these objectives by closely linking all aspects of a project to the core company financials. By doing so, time and expense management is streamlined, accounting and billing accuracy is increased, and reporting capabilities become endless.

NetSuite Project Accounting is integrated with all core financials, including accounts payable, accounts receivable, general ledger, sales orders, purchases orders and inventory management.

This means the current status and financial performance of any given project is available in real-time in one single view.

NetSuite Project Accounting Features

Flexible & Automated Invoicing

An end-to-end invoicing system automates project invoices and approvals based on the specific project or customer. Outstanding balances on invoices can be viewed in real-time, and general ledger and project accounting can be integrated seamlessly.

Automate Project-Level Revenue Recognition Processes

Recognise revenue against its unique schedule and guidelines, leverage revenue recognition that’s separate from project billing to gain a true view of project profitability.

Monitor Project Profitability

Whether at summary or detail level, monitor project profitability in real-time versus budget in easy-to-read reports and graphs.

Benefits of NetSuite Project Accounting

Greater Visibility on Project Financials

Gain full visibility of all invoices associated with a projects billing process, reducing potential delays and identifying ageing invoices.

Increased Productivity and Increased Efficiency

With logical project accounting processes and organisational techniques embedded into the solution, enjoy instant improvements to project expenditure and greater customer satisfaction.

Full Revenue & Forecasting Insight

With a full view of the current financial status of a project at summary or detail level, your people can make strategic, profitability positive decisions in real-time.

Revenue Recognition for Service Delivery Organisations

Automate highly complex revenue calculations and allocations and support multiple revenue scenarios on a project-by-project basis.

Conclusion

NetSuite Project Accounting is invaluable for businesses with project delivery at their heart. With multiple operational and financial aspects to any project, it’s essential that delivery is on time and within budget to ensure project profitability.

By integrating all aspects of the project with core financials, NetSuite Project Accounting provides project owners with a real-time view of the project’s profitability, and allows them to make strategic decisions to keep projects and their costs on track.

NetSuite Project Accounting is just one part of a bigger picture though. As part of NetSuite Service Resource Planning (SRP), project accounting sits alongside a host of other powerful features designed to streamline project delivery and profitability.

You can read more about NetSuite SRP in our article What is NetSuite SRP?

How can Eventura can help deliver your NetSuite project?

At Eventura, we ensure that your NetSuite project is delivered flawlessly thanks to our team of experts. We cover all the essentials with the help of our business analysts, consultants, technicians, developers and support professionals who understand the platform and how to deliver end-to-end on your NetSuite project.

We work closely with NetSuite and you to ensure that the end result perfectly suits your needs. Whether you’re looking for help with IT system infrastructure or ERP solutions, we’re here to help you every step of the way. Some of our popular services include: