Senior VP, Corporate Communications
NETSUITE ANNOUNCES NETSUITE SERVICES COMPANY EDITION
Integrates Industry-Specific ERP and CRM Functionality
SAN MATEO, Calif., — April 6, 2006 — NetSuite, the leader in on-demand business software suites, today announced the addition of NetSuite Services Company Edition for services industries. Offered as Software as a Service (SaaS), NetSuite Services Company Edition helps consulting and professional services companies manage their clients, projects and entire business operations without the investment in an expensive computing infrastructure. For more information about NetSuite Services Company Edition visit www.netsuite.com/services_edition
NetSuite Services Company Edition provides consulting and professional services firms with an integrated suite of business applications especially designed for project-based companies. Through role-based dashboards, consultants, managers, and clients themselves can actively track the status of projects and the tasks and activities, leading to on-time, on-budget project success. NetSuite Services Company Edition automatically tracks project metrics such as percentage completed, and time budgeted and spent on project tasks. Rich new resource utilization and backlog tracking and reporting enable managers to analyze and optimize employees' workloads, efficiency and availability. Because NetSuite Services Company Edition integrates all enterprise applications, services firms have visibility across all business processes from both a project management and a cost /revenue perspective, with key performance indicators (KPIs) displayed in real-time for up-to-the-minute accuracy.
This new NetSuite solution, available immediately, also gives services firms the ability to accomplish complex billing activities such as automatic milestone-based invoicing, and helps services firms estimate job profitability by comparing projected loaded labor cost against expected billings. Managers can set thresholds to trigger automatic alerts of project overruns, schedule delays, and variance in expected resources per project.
"Services firms have long had to manage their business and client relationships through fragmented project management, accounting, document management and sales software. That's inefficient for the firm and bruises the relationship with clients," said Justin Foster, General Manager of Services Companies for NetSuite. "With an integrated system for services management, NetSuite gives firms the tools they need to sell more to new and existing clients, manage projects for high levels of service at lower cost, and manage the entire business for greater profitability."
With NetSuite Services Company Edition, firms can now manage their entire client service and business management processes with one flexible, powerful business application — integrating professional services automation, client relationship management, client service delivery, financials, web site analytics, and more. Key functionality includes:
- Project Accounting. NetSuite gives services companies visibility, control, and improved cash flow with integrated project accounting and tracking in one system. NetSuite replaces firms' juggling of accounting, project management, and a multitude of spreadsheets with end-to-end project accounting and automated billing. Time booked against each project by service resources is tracked and rolled up to estimated costs based on the billing rates of each resource. Utilization, estimated costing, and profitability reports allow for complete analysis of project performance.
- Services Automation and Advanced Project Tracking. NetSuite Services Company Edition lets companies manage multiple types of projects including time and materials, fixed price, and cost plus projects. Teams can create project jobs and sub-jobs, and link them to specific customers. All project job records include start dates, estimated end dates, percentage of work completed, actual end dates, as well as all income and expenses associated with each project. NetSuite also links all tasks and activities to specific projects, with visibility into time budgeted versus time spent and the overall project backlog. Information regarding clients is managed in one central repository so real-time resource tracking is complete and can be segmented and leveraged for improved client intelligence.
- Advanced Financials for Services Companies. With complex billing and revenue recognition capabilities to encompass common billing practices for services such as milestone-based, or percent-complete, NetSuite Services Company Edition manages the intricacies of services financial management and gives executives complete visibility into future billings and cash flow.
- Paperless Expense Reports. Now services firms can significantly reduce employees' "administrivia" with self-service, paperless expense reports including approval workflow and optional payment.
- One System — Complete "Services Lifecycle Management." NetSuite manages the end-to-end lifecycle business processes in one system with marketing from suspect to lead, sales from prospect to proposal to contract, project tracking and billing throughout service delivery, support for products and services sold, and up-sell/add-on intelligence to ensure ongoing relationships with valued clients.
Services firms now have the tools they need to create visibility across the organization, drive efficiencies with a single system, and increase customer satisfaction while promoting loyalty for increased growth and sustainable profits.
Pricing and Availability
NetSuite Services Company Edition is available now, with new Version 11.0 capabilities delivered to customers using NetSuite's patent-pending "phased release" process, starting in April 2006 and continuing through June 2006. The on-demand solution has a base price of $1,499 per month base, plus $99 per user per month.