Transform your project billing and accounting with NetSuite
With complete visibility and control into your project operations, you can ensure accurate accounting and billing throughout the project lifecycle, from the moment an opportunity is identified to project delivery, billing, and revenue recognition. A project operations solution with powerful project billing capabilities powered by NetSuite and delivered by Rand Group empowers organizations to better manage project financials.
Accurate project billing and accounting to improve cash flow
Organizations take on significant risks when they fail to adopt a project billing and accounting solution. Accounting for recurring revenue can be complex and time-consuming. It may also be difficult to track your budgets, resources, and revenues for the specific project, and you’re unable to get an accurate view of project hours to date and expenses related to project milestones. Additionally, inefficient manual project billing leads to invoice errors that will frustrate customers and potentially delay payments. With a project billing solution from Rand Group, you can automate the billing process to accelerate payments and improve cash flow, automate revenue recognition in accordance with accounting standards, and improve project estimating and quoting.
Your projects have a significant impact on your revenue and profitability. With Rand Group as your partner, you can implement a powerful project billing and accounting solution built on NetSuite so you can consolidate billing to create trust by displaying every charge on a single invoice and leverage accurate, historical data for more efficient project budgeting. Additionally, easily analyze the performance of individual projects, resource consumption, earned revenue, and project profitability.
Implement timely and accurate billing
Eliminate manual processes with a powerful rating engine and automated scheduling for consistent invoicing with fewer errors. Seamlessly schedule future-dated, real-time, and back-dated invoices and automatically bill subscribers at the end of free trials or set rates to increase when discounts expire.
Manage project financials and compliance
Automate revenue calculations and allocations, recognize revenue separate from project billing to support profitability, and ensure financial compliance accounting like revenue recognition compliance with International Financial Reporting Standards (IFRS).
Ensure accurate project reporting
Aggregate project and financial data in one place so you can easily analyze the financial performance of individual projects, review resource consumption and earned revenue in real time, and monitor project profitability by using revenue recognition and work in progress.
Revenue management
Accounting for recurring revenue can be complex and time-consuming. A project billing solution built on NetSuite and delivered by Rand Group simplifies the complexities of revenue management in your services-based organization so you can increase efficiency, close faster, and streamline reporting.
With a financial management solution from Rand Group, you can:
- Automatically schedule revenue to recognize in the appropriate period
- Record unbilled revenue by identifying revenue elements without corresponding bills
- Support multi-currency transactions
- Adjust deferred revenue and contract asset balances based on real-time data
- Update projects and forecasts as actual revenue is recognized
- Manage complex allocations
- Recognize revenue in accordance with multiple accounting standards
Change orders
Easily add or remove services and automatically prorate charges to ensure accurate billing with change order capabilities. Additionally, organizations are able to schedule and automate changes to subscriptions immediately or at a future date. Users can change pricing and quantities to subscriptions as needed and the change is automatically recorded. Invoices will be pro-rated based on the set effective date and any backdated change orders will automatically generate a credit.
Extend your project billing capabilities with other solutions offered by Rand Group
Rand Group offers numerous solutions powered by NetSuite that give you complete visibility and control over your project operations. Our industry experience combined with years of working with various business technologies positions us to deliver solutions that not only solve immediate business challenges but also provide stability and scalability.
Resource Tracking
A resource tracking solution empowers managers to easily distribute workloads based on skills and availability to ensure the right resources are working on the right projects. Build profitable project plans, optimize resource utilization, and unlock actionable insights into future capacity needs with a single solution.
Expense Management
Expedite reimbursement and client billing with an expense management solution that seamlessly integrates with your NetSuite ERP to eliminate double entry. Simplify the expense management process to increase accuracy, efficiency, and expense policy compliance.
SuiteProjects
From the moment a new opportunity is identified through project delivery, invoicing and revenue recognition, SuiteProjects is a single solution for services businesses to achieve project success. Unlock complete visibility into and control over your services business.
Related Insights
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Maximizing the number of billable hours per employee is critical to maintaining cash flow and increasing profits for professional services organizations. From intelligent resource scheduling to seamless time and expense tracking, Dynamics 365 Project Operations is a powerful tool that can be leveraged to maximize billable hours.
Let’s talk about how we can transform your business
