Explore NetSuite 2022 Release 1 for Professional Services Firms

Service enterprises stand to win huge if they play it right in 2022. According to IDC (International Data Corporation), it projects 4% market growth every year. That is excellent news; yet, it is critical to accelerate expansion via employment. 

Two statistics illustrate the dichotomy: 

• 59% of services executives anticipate revenues to increase in 2022 and a decrease of just 16%. That is over accounting, legal, financial and M&A advising, insurance, management consulting, marketing and training services organizations enquired in September for Crain’s 2022 Professional Services Spending Forecast. 

More business for professional services organizations generally conveys hiring more proficient project managers and consultants. But … 

• The ratio of vacancies to job aspirants is low since the Bureau of Labor Statistics started tracking, and the jobless rate for professionals with Bachelor’s and additional degrees is low in near history. This labor strength retention reality and measures to manage are included in the latest Brainyard Fall/Winter 2021 Survey. 

The consumers need customized service, the project managers are doing more jobs than any time and the organization’s heads require clarity in cash flow data to support the business growth. 

NetSuite 2022 Release 1 consists of the latest features and improvements that will assist services organization’s to fulfill every challenge and make workers — mainly project managers — extra productive, customers more content, data more linked and projects more profitable. 

Single Point of Project Control

• Project 360 dashboard, a highlight of NetSuite 2022 Release 1 for services organizations, distributes a combined, project-centric and instinctive “control panel” inside SuiteProjects that draws data from the whole Suite and submits it in a workspace that is customized to satisfy the requirements of hectic project managers. The outcome is a 360-degree vision of every project in the portfolio: actuals versus budget, project profitability, billing and income, project team calendars, consultant usage, plans, client contact information. Project managers can examine a Project 360 focus page for an in-depth analysis of detailed KPIs on all parts and take action against the problems within the dashboard. Is a job tracking over budget? Find out where costs rise surprisingly and then take remedial measures, such as getting on to a team member who is taking extra time than scheduled. Hardly any tools are required to direct problems, and communications are captured inside the project record. 

And because project managers work by exception, NetSuite has included a range of indicators that provide them with the particulars they require at a look. secure a job that is over budget, beyond schedule or both? Discover exactly where the team is against the schedule and direct employees and external sellers and contractors from the project record itself to collaborate, share resources and maintain assets completely utilized. 

NetSuite acquires the project managers out of a mess of manual spreadsheets and third-party tools, with their worn-out and incomplete data, and introduces them to a simplified interface, with a combined view of project status, designed from the grounds keeping their requirements in mind. 

NetSuite Project 360 dashboard

Faster Payments, Better Cash Flow and Insights

• Billing advances in NetSuite 2022 Release 1 are important time-savers for services organizations. Do consumers require specialized billing formats?. The latest, modifiable invoice presentation templates permit one to design exactly the line-item format that every particular client needs. Include granular packing sheets on time reported by each consultant, subcontractor costs and more.

Clients receive the complete details they require to process invoices, permitting rapid approvals and payments. 

• Labor expense allocation, now obtainable to every NetSuite consumer, makes it easy to automatically capture time and assign actual payroll costs — wages and perks — to the correct program, project or allowance. Labor is often the biggest expenditure for services businesses, this permits services organizations to more precisely capture labor expenses for project profitability reporting. 

• Project Intercompany Cross Charge Request now automates the making of an intercompany journal entry for services organizations that require to cross-charge revenue between subsidiaries. This provides a more systematic and less vulnerable to error operations when sharing revenue. 

• NetSuite’s latest Cash 360 dashboard offers a combined view of the present and six-month predicted cash positions, with the capability to operate “what-if” scenarios and observe cash inflows and outflows by week on the basis of current NetSuite transactional data as well as forecasted collections and disbursements. With Cash 360’s predicting cash flow process, services organizations’ accounting departments can choose a kind of investment, such as payroll for a round of raises; determine the data period to make use of, say monthly; and the expected increase, say 3%. administrators can then define whether to apply the raise uniformally over every employees or choose certain roles. On a click, NetSuite predicts whether the cash flow can keep up the investment. administrators can analyze predictions and drill down into any detail, making the cash predicting process precise, systematic and comprehensive. 

Advanced Budget Flexibility

• Given variations in labor and  materials rates, services organizations are required to give consumers with continuing insights into the financials of their projects. The latest estimate at complete (EAC) capability in NetSuite 2022 Release 1 delivers just that. Using EAC, one can regularly predict the final expense of a job and make midstream adjustments to stay inside budget.  

Lay down a standard budget and leverage the EAC budget for continuing changes as the project rates and revenue vary over the life of the project. Up to date reports and latest subtabs make it simple to analyze budget histories and compare baseline vs. EAC vs. actual for in-depth project cost analysis. 

Make Every Payroll Dollar Count

• Goal management improvements in NetSuite 2022 Release 1 mean workers and managers can effortlessly get together on setting goals and advancing. Managers can observe a history of changes to each goal in a place, while workers can remove unapproved goals or delete  unintended or undesired goals. And, latest advanced organizing abilities permit managers with a more adaptable review timeline and the capability to automatically schedule check-ins at specified time intervals from start or hire date, such as 30, 60 or 90 days.

• The latest manager digest in SuitePeople keeps leaders updated on their teams’ attainments, goal advances and areas that require special care through an automatically produced monthly email. The capability to view every performance-related details for an individual or team in one digest cause managers to intervene before performance problems affect consumers. 

Organizations that operate on SuitePeople Payroll can prevent time consumption because complete payroll data is obtainable in real-time in other NetSuite applications, as well as accounting, SuiteProjects, planning and budgeting and SuitePeople HR.

Easier Way to Link Your Data 

• Finally, SuiteAnalytics Workbooks now permits numerous datasets to be effortlessly linked with a latest interface rather than writing codes using the SuiteScript API. This works out for any data — even custom records. The capability to develop visualizations for items like budgets vs. actuals, forecast vs. actuals and planned vs. actuals signifies one can simply analyze their position. 
 
Wish to know more about the capabilities and features associated with NetSuite 2022 Release 1?. Connect with Jobin & Jismi for any NetSuite related queries.