- NetSuite Projects, Services - Solutions
What is revenue recognition?
Revenue recognition means the revenue of a business is realised/recognised when a service or product has been delivered to the customer, not just when an invoice is paid, or payment is received. Revenue recognition differs from cash flow and just because money is in your bank doesn’t mean that it can be recognised. The project may be cancelled, or a refund may be demanded, for example, resulting in the money being removed from your bank.
NetSuite Revenue Management makes it easy for businesses to keep on top of revenue by automating complex revenue calculations and supporting multiple revenue scenarios on a project-by-project basis. This NetSuite software solution prevents you from having to use spreadsheets to manage project costs and NetSuite Revenue Management brings efficiency, flexibility, and intelligence to all of your projects, without the needs for spreadsheets.
How can NetSuite help you keep track of project costs?
The right software can transform how you run your projects, ensuring they are smooth, efficient, and profitable. Not only can you use NetSuite’s cloud-based solutions to track your projects from beginning to end, but you can manage all your projects from the one central system for added convenience.
NetSuite SuiteProjects offers extensive functionality, eliminating manual entry, multiple systems, and costly integrations. This cost-effective solution helps to improve cash flow and eliminate revenue leakage on long-term projects, and it is an unrivalled choice for project-based organisations. There are several key features within NetSuite SuiteProjects that can help you to keep tighter control of project costs and this particular software can be used to simplify the complexities of both project management and revenue management.
NetSuite Revenue Management helps to ensure revenue is accounted for correctly and you can schedule revenue to be recognised at the appropriate time automatically. Based on real-time business events, real-time billings and revenue data, it also provides flexible forecasting to accommodate revenue projection updates. Not to mention, it supports multi-currency transactions, ensuring fluctuations in exchange rates are appropriately accounted for.
In addition to this, NetSuite Project Management allows for automated project creation, tracking and reporting, removing the hassle associated with staying organised and keeping track of projects. This software enables project managers and team members to collaborate on projects too, and you can empower employees by giving them access to the employee centre. By using NetSuite Project Management, you can even maintain an accurate project status at all times, which can be invaluable when it comes to proactively identifying and resolving potential issues.
Other features, from Resource Management and Time and Expense Management to Project Accounting and Reporting and Analytics, can also have a significant impact on the day-to-day business processes of project-based organisations. With NetSuite SuiteProjects, you will gain complete visibility into and control over your entire bid-to-bill process whether you’re operating locally or on a global scale, giving you a new level of efficiency in what you do and how.
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