NetSuite Project Costing

NetSuite’s Project Costing solution provides visibility into project costs and cost management efficiency, enabling greater accuracy and accountability. Its robust cost management solution spans the entire planning cycle, right from estimating to budgeting and forecasting, the various stages of project execution and finally to posting to General Ledger. The software allows you to calculate the costs for labor based on tracked time, and account for those costs in your General Ledger.

With the visibility to quickly detect and resolve unexpected issues or bottlenecks, like scope creep, milestone changes and project overruns, NetSuite helps you manage expectations and provide a cost-benefit analysis for every situation that is likely to occur. Further, analyzing budget versus actuals is valuable in managing current project and also for estimating future projects.

With NetSuite Project Costing you can:

Monitor Project Performance by utilizing the timely, integrated costing and budgeting information to ensure project execution meets expectations. Through the project cycle you can weigh anticipated benefits against anticipated costs to see whether the project is on a profitable mode.
Drive profitability by enabling activity-based and project-based management capabilities in order to improve cost performance.
Compare project costs and expenses to budgets and revenue to track progress in addition to profitability.
Obtain strategic insights with easily accessible reports and drill-down capability providing detailed analysis. This helps in identifying problems before they occur by reviewing critical details of each project’s activities at any point of the project phase.

A critical benefit that NetSuite offers is seamless integration with other NetSuite Project Management and Service Resource Planning applications.

Key feature of NetSuite Project Costing includes:

Project Costing: With NetSuite you can calculate costs for labor based on tracked time, and account for those costs in your general ledger.
Project Budgeting: You can set cost and billing budgets for project labor and expenses, at both project and task level.
Budgets can be set up on a monthly basis.
Budgets set at the project task level are rolled up to the project level.
Several reports provide insight into how actual compare to budgets so you can keep the project on-budget.
Project Profitability Report: Project managers are able to assess what has been billed and recognized as revenue, along with associated actual costs and profitability. NetSuite provides detailed information on revenue, cost, and margin on each project so that the organization can perceive where there is financial benefit and where there is potential loss.

Get in touch with our consultants to learn more about NetSuite Project Costing.