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What is NetSuite Accounting Software for Consulting Firms?

NetSuite Accounting Software for Consulting Firms is a cloud-based financial management solution that integrates core accounting data and processes with those of CRM, HR, and professional services automation (PSA) systems. It provides consulting firms with complete visibility into cash flows, margins, resource utilization, revenue leakage, and compliance status, so they can optimize performance in every area.

Strengthen financial oversight with NetSuite Accounting

Improve decision-making

By replacing back-office spreadsheets and point solutions with real-time data, NetSuite creates a unified set of records shared by the whole company—managers, partners, and finance teams. That leads to better business alignment and performance.

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NetSuite Accounting Software for Consulting Firms features

NetSuite links project and billing activity directly to consulting firms’ accounting operations, providing teams with accurate WIP, margin, and cash flow views and eliminating the need to rekey data.

Advanced project accounting

Sophisticated billing and revenue automation using fixed fee, percent complete, milestones, and other payment models gives decision-makers the insight and flexibility to manage project financials with ease.

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Project management

Gain a comprehensive understanding of project budgets, status, and risks with the Project Center special interface. Track project and portfolio health with AI-powered monitoring capabilities.

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Integrated budgeting and forecasting

By combining collaborative budgeting, planning, and “what-if” modeling capabilities with core financials, NetSuite helps consulting firms refine their strategies and project execution.

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General ledger

With NetSuite, consulting firms can tag transactions by client, project, practice, and region and automatically post them to their general ledgers, simplifying reporting and making WIP, revenue allocation, and cost calculations more accurate.

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Accounts payable

NetSuite’s three-way matching automatically verifies supplier invoices and schedules approvals, so payments go out on time and expenses are consistently coded to the correct project for client billing.

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Tax management

International and multi-entity firms must comply with complex tax regulations that differ by location. NetSuite’s built-in compliance tools support VAT/GST requirements, reduce noncompliance risk, and produce audit-ready documentation.

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Close management

NetSuite expedites the financial close by automatically generating period-end documents, such as project revenue schedules and journal postings. Firms can adapt to shifting financial priorities and meet reporting deadlines without sacrificing accuracy.

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I know this business won’t stay the same size it is today, and if I stayed with the old system, I couldn’t scale. That’s why I went with NetSuite.

Tom Schoen, CEO, BTM Global

NetSuite Accounting Software for Consulting Firms benefits

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  • Improved project visibility. Role-based dashboards help decision-makers track budgets, utilization, and profitability against forecasts.
  • Maximized billable time. Automate project assignments based on real-time resource availability, and optimize expense tracking to maximize revenue.
  • Accelerated cash flow. Flexible billing and automated revenue recognition speed invoicing and payment collections.
  • Faster financial closes. Eliminating manual processes and improving data accuracy make period-end closings faster and smoother.
  • Scale with confidence. With a single ERP solution that encompasses CRM, HR, and PSA, consulting firms can quickly scale operations while keeping their accounting processes consistent and compliant.

Challenges NetSuite Accounting Software for Consulting Firms solves

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  • Poor visibility into financials. Dashboards give consulting firms visibility into financial and operational KPIs across multiple projects and entities.
  • Slow collections. By raising invoice accuracy and automating AR processes, NetSuite helps firms shorten their receivables cycles and boosts cash flow.
  • Disparate data. NetSuite unifies accounting and operational project data to eliminate integration gaps and duplicate entries.
  • Revenue leakage. By supporting T&M, fixed fee, and milestone billing as well as automated revenue schedules, NetSuite promotes meticulous and timely payment processes and revenue recognition.

SuiteSuccess – Your proven path to success

Leveraging more than 25 years of experience working with tens of thousands of organizations, across all industries and business sizes, our SuiteSuccess customer lifecycle methodology helps customers transform their business. It starts by building an AI-powered, integrated business suite with industry-specific solutions. Then we engage with your business to ensure that we’re addressing your specific needs and guiding you along the way on how to best consume and optimize NetSuite to solve challenges of today and the future. This approach helps ensure customers experience faster time-to-value, better ROI, and greater employee adoption.

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How much does NetSuite Accounting for Consulting Firms cost?

Companies of every size, from prerevenue startups to fast-growing businesses, have made the move to NetSuite. Looking for a better way to run your business but wondering about the cost?

Users subscribe to NetSuite for an annual fee. Your license is made up of three main components: core platform, optional modules, and number of users. There is also a one-time implementation fee for initial setup. As your business grows, you can easily activate new modules and add users — that’s the beauty of cloud software.

NetSuite Accounting for Consulting Firms Software is available as an add-on module.

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Resources

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Data sheets

Access specifications, features and benefits of NetSuite Accounting for Consulting Firms Software.

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Product demos

See NetSuite Accounting for Consulting Firms Software in action.