NetSuite Project Accounting

Connect project activities with company financials

What is NetSuite Project Accounting?

NetSuite project accounting provides capabilities to monitor and manage project revenues, expenses and profitability over the lifetime of a project. NetSuite Project Accounting ensures clients are billed accurately and on time. Automate complex revenue calculations and allocations and support multiple revenue scenarios on a project- by-project basis. With every project transaction tied to a general ledger account, it’s easy to gain a complete view of a project’s financial health.

What is NetSuite SuiteProjects? (Video)

Improve Project Profitability

Quickly and easily 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.

With NetSuite, we are able to see any potential issues ahead of time, which allows us to become very proactive rather than reactive.

Rebecca Ostrom
SVP Finance & Operations, W2O Group

Learn How ERP Can Streamline Your Business

Free Product Tour

NetSuite Project Accounting Benefits

Automate Billing and Invoicing. Flexible billing-rules engine supports services contracts with accurate invoices, reducing day sales outstanding (DSO).
Greater Revenue and Forecasting Insights. View your revenue situation either in detail or summary status to support services contracts.
Accurately Recognize Revenue. Recognize revenue separate from project billing to support exactly how your organization measures profitability and ensure compliance with financial standards.
Better Manage Project Budgets. Proactively identify and resolve potential invoicing problems and gain an accurate picture of expenses via improved collaboration and status reporting.

NetSuite Project Accounting Features

NetSuite project accounting is integrated into the general ledger, accounts payable, accounts receivable, purchase orders and inventory management to empower visibility, productivity and efficiency through the project lifecycle.

Invoicing and Billing

Centralize the management of and automate project billing - from simple services invoices to complex recurring, time and materials, and fixed fee projects. Manage approvals based on customer or project with an end-to-end invoicing engine, view outstanding balance on an invoice in real-time. Scale invoicing across the organization with standardized and aligned business rules for streamlined approvals and financial compliances.

Project Revenue Recognition

Recognize revenue according to its unique schedule and guidelines. Recognize revenue from multiple revenue rules, like labor, fixed, precent complete and other charge-based rules. Leverage revenue recognition that’s separate from project billing to support how your organization measures profitability.

Job Costing Allocations

Identify, aggerate, and assign purchase orders to cost for specific projects and allocate direct and indirect costs against the project budgets for real-time data insight. Spread cost associated with separate projects to the correct customer for more accurate project charges. Budget more effectively by identifying where each cost is allocated per project and provide insight into billable and non-billable cost tied to specific projects.

Forecast Tracking

Forecast charges from outstanding project activates and measures project profitability for improved project and billing visibility. Track revenue situations in detail or summary reports to make informed decisions in real-time on how project performance effects the organization. Track project profitability metrics and project budgets versus actuals so that projects stay on track and up to date.

Project Analytics and Profitability Reporting

Easily configure your dashboard so stakeholders see project finances at a glance, with real-time access to KPIs. Get alerts when tasks pass set thresholds; monitor forecast revenues by stage; and analyze billing margins, profitability, and other metrics from a single dashboard. Easily drill down to ensure projects are moving in the right direction.

Challenges NetSuite Project Accounting Solves

Limited Visibility into Project Financials. See project profitability and margins at a glance from a centralized dashboard, then drill down to details and cost reports.
Inaccurate Revenue Recognition. Automate complex revenue calculations and allocations and support multiple revenue scenarios on a project-by-project basis.
Revenue Loss from Manual Processes. Automate and streamline invoice and billing management to eliminate manual effort and automate workflows.
Inconsistent Processes. Set and maintain billing rules and workflows with standardized templates. Eliminate manual, disconnected work with automated approval process flows.

Faster Time to Value

NetSuite has packaged the experience gained from tens of thousands of worldwide deployments over two decades into a set of leading practices. These practices pave a clear path to success and are proven to deliver rapid business value and get you live on NetSuite in a predictable timeframe. Intelligent, stepped implementations begin with sales and span the entire customer lifecycle, so there’s continuity from sales to services to support.