How NetSuite Can Improve Your Profitability Reporting and Revenue Management

William Schonbrun, GM of Billing, NetSuite

December 23, 2019

NetSuite today introduced new functionality to extend the competitive advantage and benefits of services organization. These new features help accelerate growth and increase profit margins through improvements to project profitability, resource management, revenue management and revenue recognition.

New and improved reporting

To provide more control and visibility, NetSuite has made Advanced Project Profitability Reporting more flexible than ever before. This ultimately translates into improved margins.

Users will benefit from greater insights into project profitability through a new and improved user experience. Finance teams can now include Sales Orders as future revenue in the Advanced Profitability Report. This provides even greater flexibility and more complete planning for future revenue and earnings.

Revenue recognition just got a whole lot easier 

With Advanced Revenue Management users are now able to reclassify deferred revenue or more easily create revenue recognition journal entries. To ensure compliance with new revenue recognition regulations, users can now apply easier search capabilities for fair value price items.

Streamlining the experience

Because NetSuite works on a common data model with all modules, features and functions built together, our customers are in the best position to benefit from streamlining like we did with Charge-Based Billing for Time-Based Rules. With 18.1, when users select ‘Resources’ on a Rate Basis, information already indicated on the Project Tasks can automatically be brought over, streamlining the experience and reducing the chance of data entry errors.

Less efforts on timesheets

Lastly, we’ve gone on to further refine and improve upon one of the most used and loved parts of NetSuite; Weekly Timesheets.

Users are now greeted with a new, more modern, user-friendly interface and improved functionality to further streamline an already elegant process allowing for mass approval or rejection of time entries pending approval.

This is just one more area where NetSuite keeps on raising the bar to save time and effort, so companies can convert that into lower costs and improved margins – both keys to growth.

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