Do you ever feel like projects sometimes go way out of scope? What about difficulty accurately invoicing your clients? Or having to do projects with fewer resources than before?
NetSuite Professional Services Automation can help you with all of the above and more.
As one of the best NetSuite modules the cloud software offers, professional services automation can be a game-changer for your business.
Learn more about what PSA is and how it works directly from our cloud software experts.
What is NetSuite Professional Services Automation?
NetSuite's out-of-the-box configuration comes with professional services automation, or PSA, which helps companies manage projects and resources.
NetSuite's PSA includes:
- Project accounting
- Project management
- Resource management
- Timesheet management
- Expense management
- Project reporting and analytics.
PSA is perfect for businesses that work around billable hours, such as law firms, marketing/advertising agencies, and IT consultants.
Overall, a PSA solution helps you build the right team for each project, deliver everything on time, and optimize profitability.
Netsuite has two PSA solutions:
- NetSuite SuiteProjects
- NetSuite OpenAir
Here's a quick comparison on both — if you'd like a full rundown of SuiteProjects vs OpenAir, check out our guide!
NetSuite SuiteProjects
NetSuite SuiteProjects is the PSA solution that comes with all NetSuite implementations. It's native to NetSuite, so everything is right there whenever you need it.
SuiteProjects includes everything a solid PSA solution needs, from optimized resource management to faster billing cycles and more projects delivered on time.
You'll gain real-time visibility and control over your entire services business. Plus, when combined with NetSuite's CRM, ERP, and HR solutions, you'll have an all-encompassing business solution.
NetSuite OpenAir
OpenAir is the highest-level PSA NetSuite offers. Of course, if you just want the basics, SuiteProjects will be more than enough.
You really only need OpenAir if you have an international business, need to integrate NetSuite's PSA with enterprise systems, or are looking for some advanced functionalities or customizations.
OpenAir contains all of the same features of SuiteProjects, plus:
- Global project management. If you run an international business, you'll need OpenAir. It supports multi-currency, multi-subsidiaries, multi-taxation requirements, multi-language, and global service pools.
- Integration with enterprise systems. Do you need to integrate NetSuite's PSA with existing front-office or back-office systems? NetSuite OpenAir can integrate all of that and more.
- Advanced financial management. OpenAir includes additional financial functionalities when compared to SuiteProjects. It's able to separate revenue types, handle complex expense management, and automatically convert foreign currencies.
- Almost Limitless Customizations. OpenAir has a lot of customization options built into its platform. With the help of an experienced NetSuite Solutions Provider, it can be custom-tailored to meet your business needs.
How Much Does NetSuite PSA Cost?
The cost of NetSuite's PSA depends on a few different things. NetSuite comes standard with SuiteProjects, so you won't have to pay anything extra for that on top of what you'll pay for NetSuite.
If you need the functionalities of NetSuite OpenAir, there will be an additional cost depending on how many NetSuite users you have, how long you're licensing NetSuite for, and any customizations needed.
Benefits of NetSuite's PSA
Any company with a business model focused on project-based tasks will see huge benefits from PSA.
Top benefits include:
- 24/7 real-time visibility. View the status of any project's profitability and resource utilization so you can make adjustments as needed.
- Optimized resource management. NetSuite's PSA makes it easy to quickly assign resources and costs for specific projects with drag-and-drop resource management.
- Deliver more projects on time and within budget. A PSA makes it easier for managers to spot and resolve potential issues while keeping everything within budget. Plus, team members can easily collaborate on projects to keep everything on track.
- Reduce non-billable hours. Ensure every task is meticulously tracked (and billed for) to maximize revenue and employee time.
NetSuite PSA Features
Both SuiteProjects and OpenAir contain a lot of the same features. The main modules for both PSAs include the following functionalities.
Opportunity to Bidding
- Gain Flexible and Automated Invoicing – Automate project invoices, manage approvals based on customers or projects with an end-to-end invoicing engine, view the outstanding balance on an invoice in real-time, and integrate project accounting with a general ledger.
- Automate Project-Level Revenue Recognition Processes – Recognize revenue according to its unique schedule and guidelines. You can also leverage revenue recognition that’s separate from project billing to support how your organization measures profitability.
- Monitor Project Profitability – Monitor and report on summary and detail project-level accounts including project profitability metrics and project budget versus actual in real-time using easy-to-read graphs and reports.
Project Management
- Get Visibility Into Project Profitability – Track all the financial metrics of a project including budgets, estimates, work in progress, bookings, invoices, billing milestones, percentage complete, and costs.
- Easy Project Setup – Easily set up projects using project templates, utilize flexible project duplication options to create new projects from templates, and assign resources.
- Gain Complete Project Visibility – View the entire project plan with an easy-to-read chart and get a comprehensive real-time snapshot of project status, down to the task level.
- Create and Monitor Detailed Project Level Budgets – Create revenue and cost estimates for engagements and use “what if” scenarios to optimize price, margin, billing rates, and staffing.
Billing and Financials
- Gain Visibility Into Project Profitability – Track all the financial metrics of a project including budgets, estimates, work in progress, bookings, invoices, billing milestones, percentage complete, and costs.
- Automate Project-Level Revenue Recognition Processes – Recognize revenue according to its unique schedule and guidelines. You can also leverage revenue recognition that’s separate from project billing to support how your organization measures profitability.
- Timesheet Approvals – Define user/project level approvals, amend approved timesheets, reject individual time entries on a timesheet or the entire timesheet and empower users to self-reject timesheets when needed.
- Timesheet Entry – Customize time entry to meet business rules, tailor timesheet layout, include time for multiple projects on the same timesheet, and track and submit timesheets in bulk.
Seamless Project Management with NetSuite's PSA
An advanced, reliable PSA solution can make or break the profitability of your company's projects.
Whether you simply want a walkthrough of NetSuite's PSA or are ready to implement it, our cloud software experts can help. Contact us to set up a FREE consultation today!