Last Updated on March 13, 2023 by ahmadaftab
Project management is a critical process for all service-based businesses. Successful project completion requires resources, experience, investment, planning, and trained teams. It is a complicated task and cannot be completed without additional support. Project management is complicated and challenging because there are many moving parts involved. Organizations need NetSuite project management to handle all the complex procedures involved.
It brings together all the components necessary for an organization’s smooth running. The users are able to combine all the documents and resources in one place to make sure the project workflows are smooth. This article outlines how each module can help organizations improve their processes.
Table of Contents
What is NetSuite Project Management Software?
NetSuite project management software is a popular professional services automation option through which businesses can efficiently manage their teams, budgets, resources, and tasks on a single platform. It provides useful insights and gives complete control to project managers. They can use it to allocate resources to the right projects and make sure no employee is being over or underutilized.
Businesses can improve their performance by automating multiple tasks and freeing up team members to focus on important matters. With NetSuite, users no longer have to rely on multiple systems and improve their work efficiency. The project management system has flexible integration options, making integrating with multiple project management software easier. It is a third-party system that ensures smooth synchronization and helps multiple business systems connect together.
The Project Management Module
One of the modules included in the software is NetSuite project management which allows managers to handle all resources efficiently. They can collaborate with each other and keep updating the real-time status to inform all team members. Managers are able to efficiently monitor the performance and remain proactive throughout the project lifecycle. All vital components will work together to resolve potential issues and ensure the operations are not affected.
NetSuite accurately delivers real-time insights and updates to make project management smoother. The users will be performing in the capacity of a manager and deal with all the project components. Teams perform much faster and can improve completion rates, lower the number of non-billable hours and ensure client satisfaction.
The Key Features of a NetSuite System
Project management can easily integrate with other NetSuite project management demo components related to financial planning and accounting. They can ensure businesses are accurately tracking project expenses and managing revenues without recognition. Creating an invoice, calculating unbilled hours, and keeping up with other components is easier. The module can help businesses manage different types of projects concurrently and help project managers track the status of all projects through a single dashboard.
Managing of resources is an essential aspect of project management and helps businesses retain better visibility over all their processes. NetSuite allows users to remain updated on available resources and also helps businesses keep an eye on KPIs. They can maximize efficiency to improve performance and target higher profitability. There are resource management tools and features that make it easier to manage projects. Some of them include the following:
- Resource booking and requests
- Automated allocation of resources
- Search resources according to criteria.
- Forecast resource usage and availability
Accounting and Finance
NetSuite project management includes accounting tools that enable businesses to integrate financial data. They can handle all the project activities and finances through it, making it easier to track accounting processes. Billing project work is quicker and some features help teams:
- Project revenue collection
- Automation of invoices
- Reports and summaries for project profitability
NetSuite project management includes timesheets, making it possible for employees to log time and approve working hours. Managers can update the information and track their team’s performance using the appropriate measures. The timesheet management option provides remote access; employees can submit the documents on time. The time management features include but are not limited to:
- Bulk timesheet editing
- Project timesheet approval
- User time tracking and approval
- Customized data entry
- Timesheets for multiple projects
Expense management helps managers customize their workflows, processes, and approvals and meet all project requirements. The tool can be integrated with other accounting modules to promote seamless tracking and monitoring. It is possible to fulfill all KPIs with the NetSuite project management demo using the expense management options. The features include:
- Expense monitoring
- Overdue reminders and alerts
- Custom business rules
- Mobile report and expenses
- Advanced approval and options
- Workflow monitoring
- Consolidated reports on expenses
Analytics and Reporting
NetSuite makes it possible to use the analytic options and choose simple or convenient project management tasks. The users can keep track of the overall performance and status of all active tasks. It has analytics and reporting tools that managers can use to share information relevant to budget estimation, KPIs, profit margins, and stakeholders. There are many analytics options included:
- Interactive reports with detailed information
- Customized dashboards
- Collaboration options with reports
- Notifications and alerts for all updates
NetSuite Project Management Costs
The implementation module has pricing plans starting at $399 monthly for every user. The actual pricing might vary for each module and NetSuite does not share all the details, but you can request the information from the local vendor. However, there is no free version or trial period for the project management implementation module.
Hiring an Implementation Partner for NetSuite
It is very important to hire the right partner to implement the software solution. Companies need to follow comprehensive instructions, which might not be possible without trained personnel. Users must follow decades of training and travel across the USA and Europe to implement seamless transitions. The right partner will have the experience, expertise, and resources that are needed to get the maximum value out of the business solution.
To retain the complete functionality of the included procedures, the NetSuite project management demo needs to integrate the modules with different third-party solutions. Multiple business processes increase the risks involved. A training partner can help avoid them and implement the module successfully.
NetSuite is a comprehensive cloud-based enterprise resource planning (ERP) software that offers a wide range of project management modules to help businesses streamline their operations and improve productivity. These modules are designed to provide end-to-end project management capabilities, from planning and budgeting to execution and monitoring.
The main NetSuite project management modules include:
- Project Management – This module enables businesses to create and manage projects, allocate resources, set project timelines, and track progress in real-time.
- Resource Management – This module helps businesses optimize resource utilization by tracking the availability and utilization of resources, such as employees, equipment, and materials.
- Time and Expense Management – This module simplifies the process of tracking time and expenses associated with projects, making managing project budgets and billing easier.
- Billing and Invoicing – This module streamlines the invoicing process by automating the generation of invoices based on project milestones, time and expenses, and other billing criteria.
- Advanced Project Accounting – This module provides sophisticated financial reporting and analysis capabilities, enabling businesses to monitor project costs, revenue, and profitability.