Track detailed costs on a project-by-project basis

What is NetSuite Project Budgeting?

NetSuite SuiteProjects lets teams track detailed project cost budgets on a project-by-project basis. Financial leaders set initial budget forecasts and then track actuals, comparing different scenarios for on-the-go visibility into financial performance. Powerful controls combined with user-friendly menus provide the perfect balance for today's project budgeting needs.

Translate Project Plans into Financial Figures

Using estimated hours to complete tasks and individual or role billing rates, SuiteProjects can paint a picture any project’s financial performance.

NetSuite helped us to triple our margin by accurately capturing time and forecasting demand. We've also improved the accuracy of our estimates and reduced the amount of time spent on invoicing.

Deborah Hill
Backstop Solutions Group

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NetSuite Project Budget Benefits

  • Track and Control Costs. Measure and estimate labour, purchases, and expense costs. Compare actuals from timesheets and expense reports to project figures.
  • Greater Time and Expense Forecasting. View and enter time and expense budget estimates and set standard costs for easy project template setup.
  • Boost Revenue Performance. Analyse key performance indicators, like revenue and budgets to actuals, to understand the overall project based on how you measure financial success.
  • Optimised Decision Planning. Set tolerance thresholds that suit your business and allow to accurately reflect discrepancies to make planning activities more efficient.

NetSuite Project Budget Management Features

NetSuite Project budget management is integrated into timesheet and expense management. Now, project planning and billing can be automated, and teams can track detailed cost budgets on a project-by-project basis. Set initial budget forecasts and then track actuals.

Transactional Budgets

Track project funding over time and easily manage change orders, extensions, and credits to the project budget. With transactional budgets, identify individual funding items that make up the total project budget, such as statements of work (SOWs) or purchase orders (POs), and align budgets to invoicing and revenue activities.

Transactional Budgets dashboard

Project Budgets

Draw detailed budgets for labour, expenses, and purchases associated with your project, and track expenditures. Create budgets based on cost or billing, and estimate costs over the span of the project. View actual incurred costs and compare multiple budgets.

Project Budgets dashboard

Scenario Planning

Compare actual costs against multiple budget scenarios. Identify variances with customisable colour-coding for budget items that are on or off target based on the percentage of planned versus actual expenditures.

Scenario Planning dashboard

Budget vs. Actuals Reporting

Reviewing project budgets and comparing actual and forecasted spend to can make informed, proactive business decisions. View allocations of direct and indirect costs against project, and review trends on sales revenue, customers and other metrics that matter to your organisation.

Budget vs. Actuals Reporting dashboard

Challenges NetSuite Project Budget Management Solves

  • Limited Cost Visibility. Easily categorise costs within transactional and project budgeting so you know exactly what expenditures are taking place and maintain project margins.
  • Weak Foundational Baselines. Integrate and standardise project planning with WBS scenario planning and resource estimates to gain a better understanding of project costs.
  • Difficulty Tracking Costs. As timesheets and expense reports are entered, they are automatically applied against the project budget to track actual spend.
  • Disconnected Systems. All project information is captured and centralised so that projects can run from one data set, with no need for spreadsheets or additional applications.

Resources

Data Sheets

Data Sheets

Access specifications, features and benefits of NetSuite project accounting.

Product Demos

Product Demos

See NetSuite project accounting capabilities in action.