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NetSuite Project Accounting comes with Project Billing to assist professional services businesses to meet project milestones and ensure a rich customer experience. With such capabilities, you can bill projects based on completing project work or a schedule. Its agile billing-rules engine supports services contracts. One can avail of accurate invoices to drop down days sales outstanding as well.
Project Billing Schedule Types
You can set up billing for a project by selecting a billing type and billing schedule on the Financial sub-tab of the project record.
Time and Materials
Time and Materials billing offered under NetSuite Project Billing is based on hours logged and approved against a project. This type of billing is set up for an organization when it wants to bill. However, there is no fixed price set for the project. Also, the hours are logged and approved against the project for each interval that is billed to the customer.
Invoice Schedule Recalculation
In this type of Project Billing Scheduling, you can do modifications to the projects, project tasks, and time entries. These modifications readily affect sales order invoice schedules if the project is assigned a billing schedule type. When you enter such changes, it triggers a project plan recalculation, as well as an invoice schedule recalculation.
Interval Billing Schedules
With NetSuite Project Accounting, you can avail of Interval Billing Schedules to bill customers for work completed at predefined intervals. This helps you avoid conflicts while ensuring project completion.
Milestone Billing Schedules
One of the most convenient ways of Project Billing is Milestone Billing Schedules. By leveraging the core capabilities of NetSuite Project Accounting, you can bill customers based on the percent of work completed or preset milestones. This helps your client avoid superfluous outlay and lets you improve the customer experience.
Charge-Based Project Billing
If you use the Charge-Based Billing feature, you can create charge rules that provide added flexibility for calculating billable value on projects. It comes with Billing Rate Cards which you can use to set billing rates on Charge-Based projects.
Above all, Project Billing helps business administrators retain their clientele for long and drive greater business profitability. Ensuring project completion helps build and sustain trust; strengthens cohesive communication.
NetSuite grows with the growth of the company and with the approach that helps you better understand the industry. Business leaders need to make sure their organization is well-planned to steer higher operational efficiency that would be target-driven.
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