Project Accounting

Drive Cash Flow by Automating Project Accounting and Invoicing

Project Accounting

NetSuite OpenAir's project accounting capabilities enable you to easily and efficiently manage and analyse project finances with advanced project accounting software. From bid preparation through time and expense tracking to client billing and internal charge-backs, NetSuite OpenAir project accounting and billing software provides powerful tools to perform these processes across multiple offices and mobile employees.

NetSuite OpenAir's project accounting billing engine provides flexibility in managing client billing, handling both fixed-fee and time and material billing on the same project. Automated billing rules guarantee that all billable work and expenses are accurately captured and timely billed to your clients to increase your quote-to-cash cycle and improve cash flow.

Benefits

  • Improve your cash flow by invoicing customers quickly and more accurately
  • Reduce manual effort by automatically invoicing customers for billable work and expenses
  • Monitor project profitability and get real-time visibility into project finances against budget
  • Easily align invoicing to changing project, regional, customer and business needs
  • Scale invoicing processes across offices and countries with multi-currency and multi-tax intelligence.

Key Features

  • Gain Flexible and Automated Invoicing

    • Automate project invoices and manage approvals based on customer or project with an end-to-end invoicing engine
    • Record payments against invoices and view the outstanding balance on an invoice in real time
    • Integrate project time and expense entries, project billings, revenue recognition transactions and invoice totals with your General Ledger
    • Create and customise multiple invoice templates and easily associate them with customers or projects
    • Easily include multiple projects on a single invoice
    • Define project-level approvals for invoices, and even create customisable multi-level processes
    • Create charges manually whether flat fee, hourly, expense items or more
    • Utilise support for multiple charge rates with any unit such as $/word, $/day, $/unit etc.
    • Track and report on charges that have not yet been assigned to an invoice
    • Record and track retainers and customer purchase orders
    • Associate retainers with agreements
    • Select and include payment terms for the invoice
    • Electronically send an invoice directly with additional attachments or text as required
    • Enable customers to download invoices in HTML or PDF format.
  • Automate Project-Level Revenue Recognition Processes

    • Recognise revenue according to its own unique schedule and guidelines
    • Leverage revenue recognition that's separate from project billing to support exactly how your organisation measures profitability.
  • Monitor Project Profitability

    • Clearly monitor and report on summary and detail project-level accounts, include project profitability metrics
    • Monitor and project budget vs. actual in real time using easy-to-read graphs and reports.
  • Multi-Currency and Tax Intelligence

    • Easily manage multi-currency and multi-taxation requirements
    • Apply taxes to invoices based on the location of the work done or by service/expense completed
    • Automatically apply sales tax to invoices whether VAT, GST, PST or more
    • Manage tax rates for service and expense items.

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