Every entrepreneur knows that project management is an important component. Eventually, we need the best software for measuring and monitoring the success of business projects. NetSuite project management comes up as one of the trusted software. The software integrates seamlessly with your accounting system. This way, it helps you organize your work properly. NetSuite Project Management Software also helps you to gain insights into the most complex business processes.
In addition to managing your project, this platform assists you to compare performance reports regarding your budget and issuing invoices. But that’s not all. There are some wonderful features the software offers to help you handle your project management tasks. Read this post completely to get all you need to know about NetSuite project management.
A Brief Intro to NetSuite Project Management Software
NetSuite project management software is famous as the leading Professional Services Automation (PSA) solution. The software enables businesses to effectively manage employees, resources, budgets, and tasks. All in an integrated platform.
The NetSuite project management demo explains how the software provides project managers with important insights and control. This way, they can allocate the right resources properly to their projects. In addition, the software works well in improving team performance by automating multiple tasks together.
Another great thing to note about this software is how it eliminates multiple systems required for handling your project management. This helps you to further improve the efficiency and effectiveness of project management resources.
How Does It Work?
Some Netsuite project management reviews mention that you will get flexible integration options with this platform. This will allow you to easily integrate the software with other NetSuites and third-party systems. Eventually, this can ensure seamless synchronization between multiple business systems.
The module of the software also allows project managers to work closely with team members. In this way, they can keep project status up-to-date in real-time while effectively managing the resources.
This strategy makes it easier for you to proactively monitor the performance of all key components involved in a project. Ultimately, you can resolve various potential issues before they go down.
In simple words, NetSuite project management provides accurate, in-depth insights into your project management. This greatly enhances your ability to effectively handle the entire project components. As a result, the software will help you to:
- Improve project completion rates
- Decrease the number of unbilled tasks
- Enhance the customer satisfaction
What Are the Main Modules of NetSuite Project Management?
As we mentioned above, the module of NetSuite Project Management Software allows project managers to work closely with team members. Now let’s discuss the main modules of this software.
Project Management Module
You can easily integrate the NetSuite project management module with NetSuite Financials. The integration allows you to track project costs and efficiently manage revenue recognition. What’s more, you can also generate invoices, calculate all the unbilled balances, and work with other project financial data.
In other words, this module allows you to manage multiple projects at the same time. The best part is, you can easily track the status of all projects from your project dashboard.
Project Accounting Module
This module is offered by NetSuite to enable you to integrate project financial data into project activities. This will assist you to simplify the track and guarantee accurate billing. Ultimately, you can then make the right settlement for all project work.
The main functions of the project accounting module are:
- Realization of project profit
- Project profitability overview and report
- Automatic billing
Resource Management Module
As an entrepreneur, you know that effective resource management gives clear visibility in the tracking of all resources. The resource management module from NetSuite allows you to set and track KPIs. This way, you can get the best results and profitability from your projects.
From the NetSuite project management demo, we will see that this module includes:
- Automated resource allocation
- Requesting and reserving resources
- Resources tracking according to criteria
- Resource forecasting placeholder
Expense Management Module
Another innovative module offered by NetSuite project management. The expense management module allows you to tailor workflows and approval processes. These two will help you meet project requirements.
The tools in this module can be integrated along with project management and project accounting modules. The integration will enable seamless and accurate tracking of your project KPIs.
The functions of this module are such as:
- Expense tracking
- Customized business rules
- Expense report
- Extended approval
- Expired notification
- Advanced workflow
- Merged expense report
Timesheet Management Module
This module allows you to keep up with logging and approval times. Additionally, it allows the project managers to track team performance. Furthermore, the module allows you to get the right information to make the right actions.
The analytic module has been getting many positive NetSuite project management reviews. This module helps you to track the overall status and performance of all projects easily. Most importantly, the tools make it easier for you to share information with your stakeholders about budget estimates, return rates, and other KPIs.
The functions of the analytic module include:
- Interactive and detailed report
- Personalized dashboard
- Accumulate report
- Alerts and notifications
Project Billing Module
The project billing module offered by NetSuite project management works well for an order based on the project billing schedule type. In this module, you can specify the billing type that will determine the type of project.
- Fixed Bid interval projects
This type of billing will bill customers for a currency amount. The amount itself has been determined and agreed upon before the project starts. In this context, the billed amount will not change even though the project will continue to progress. The invoices for these projects will include materials and expenses.
- Fixed Bid milestone projects
This billing will bill customers for projects in increments. The amount will be according to the preset milestone goals. For example, when a milestone is achieved, all the services related to the milestone will be eligible to be billed to your customer.
Time and materials projects will be billed based on the materials and resources used. In this case, the billing will be made based on the materials used to complete the project combined with the amount of time required to complete the project. However, the final amount may change as the project progresses. Therefore, the billed amount will not be determined before project work starts.
NetSuite Project Management Cost
Now here is the important part. NetSuite Project management cost starts at $399 per user monthly. However, the pricing plan of the module can be varied. If you wish to implement this software, do not forget that NetSuite doesn’t offer a trial period or free version.