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What is NetSuite SRP?

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June 16, 2022

Oracle NetSuite is the leading cloud-based business software suite for Enterprise Resource Planning (ERP). It helps with the tracking of financials, management of inventory, hosting of eCommerce stores, maintenance of Customer Relationship Management (CRM) and more. It goes far beyond the capabilities of disparate systems and spreadsheets, and points solutions with powerful functionality.

NetSuite’s core ERP business solution is reinforced with powerful additional features that complement that functionality to serve the needs of a wide range of businesses of varying sizes. One such industry that has embraced NetSuite SRP is the service industry.

 

What is NetSuite Service Resource Planning (SRP)?

 

NetSuite SRP is a cloud-based software aimed at increasing organisational efficiency. It takes care of the entirety of an Information Technology Enabled Services (ITES) business, managing projects and bringing different departments and people together.

The services are delivered through its Customer Relationship Management (CRM), Professional Services Automation (PSA) and Enterprise Resource Planning (ERP) solutions. It is presented in a Software-as-a-Service (SaaS) model.

 

NetSuite SRP Features

 

Project Management

This helps project managers collaborate with users on projects to get accurate project status updates. It analyses key parameters to offer solutions for issues in real-time, helping manage budgets, track progress and create reports.

 

Resource Management

This includes a resource finder tool for identifying the optimal resources for specific projects. It also monitors productivity and performance and lets you know what resources are available as well as the ones currently in use. Resource Management helps with the allocation, finding, booking and forecasting of resources.

 

Project Accounting

These tools connect key financial data with project progress to ensure accounting and billing is precise throughout the project lifecycle. The development and success of a project can be easily communicated to management with detailed insights into the relevant financials like costs, billing and revenue.

 

Timesheet Management

This ensures timesheets are accurate and issued on time. The module makes it easy for employees to log working hours and get approval for their timesheets no matter where they are. Features include customisable time entries for multiple projects, time tracking and submission, approval for user/project time and a function to reject timesheets.

 

Expense Management

All expenses can be accessed and combined in a simple interface. This assures every entry is accurate. Rules can be customised in accordance with the specific needs of your business. Management can be done on any device from any location thanks to the cloud-based service. Managers are empowered to gather accurate expense dates from multiple projects and compile it into a single report, with w-integrated tools for project management and accounting.

 

Analytics

The progress and performance of a project is tracked and interpreted with advanced analytics features. These are powered by AI and harness big data to establish actionable insights in real-time. NetSuite Analytics provides various dashboards, enabling you to do things like understand more about resources or draw inferences from budget predictions against actual costs. The features include detailed project data, sophisticated reporting and customisable alerts to keep you informed.

 

Benefits of NetSuite SRP

 

NetSuite SRP implemented in your business systems helps with the management of teams and resources. It also assists with completing projects in a timely manner, generating accurate timesheets and invoices and decreasing accounts receivable cycles. This means you can improve your cash flows and reduce revenue leakage.

With the key features listed above, NetSuite SRP has the following benefits:

  • Streamlined operations: with improved visibility, rich features and advanced automation, you can make operations run seamlessly and efficiently.
  • Improved productivity: with any time, anywhere access combined with streamlined operations, productivity can be greatly enhanced.
  • Reduced bench time: fewer manual processes and great accessibility means less time is spent working on non-revenue-generating tasks.
  • Increased resource utilisation: with its sophisticated resource management features, NetSuite SRP optimises the way your resources are used.
  • On-time project delivery: the resource allocation, automation and various other powerful features of the software will mean projects are consistently delivered on time and on budget.
  • Increased visibility: the data analysis and reporting features mean great visibility for everyone in the organisation. This is further enhanced by the fact that team members can access the information anytime, anywhere.
  • Greater invoicing accuracy: human error is taken out of the equation so things like invoices, as well as timesheets, are more accurate and delivered on time.
  • Streamlined revenue recognition: with the analytics assessing the movement of financials across the board, revenue can be calculated and reported more quickly.
  • Reduced overheads: optimisation of projects can identify areas with unnecessary overheads so that you can remove them.
  • Reduced billing cycles: with the advanced expense management features, billing cycles are reduced to save time on financials and accounting.
  • Enhanced forecasts: the rich analytics features leverage data on every front to make better, more accurate forecasts for every project.
  • Real-time, global financial consolidation: the financial consolidation is ongoing and can accommodate international finance in real-time so you can always get an accurate picture of financial performance.

 

Why choose Eventura to deliver your NetSuite project?

 

As an official NetSuite partner, we have successfully delivered countless NetSuite implementations. Our expert team of business analysts, developers, consultants, technicians and support staff can guide you through your entire project, from initial scoping through to implementation and on-going support.

If you would like to speak to one of our NetSuite experts, you can request a free call back here.

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