NetSuite Unveils Next Wave of Global Capabilities for Netsuite OpenAir-empowering
Professional services organisations often face the challenge of dealing with siloed information while trying to maximise the efficient use of staff. Traditionally, these organisations have relied upon Excel spreadsheets or on-premise reporting tools that require IT involvement to get relevant data that was often too outdated to make critical business decisions. Meanwhile, budgeting, which is a critical factor in the success of a professional services business, has become even more complicated with the emergence of subscription, usage and hybrid pricing models that can include both services and products. Other software solutions in the market can’t account for this complexity and instead force businesses to store financial data in multiple systems and spreadsheets or require complex integrations. Professional services organisations need a system that not only manages the complexities of the industry today, but is also flexible and scalable enough to adapt to change.
NetSuite OpenAir is the best-in-class professional services automation software designed for organisations of all sizes including both service-based companies, and services divisions within product companies such as a hardware or software company. NetSuite OpenAir can be easily integrated with any ERP and CRM instances that are already in place in these companies, or as a module of the overall NetSuite solution. NetSuite OpenAir gives professional services organisations the ability to run their core business operations including project management, resource optimisation, project accounting, time and expense management, and billing and revenue recognition. Delivering end-to-end automation and visibility, NetSuite OpenAir helps professional services organisations gain real-time insights, increase project profitability, maximise billable resource utilisation and make informed, data-driven decisions.
The new NetSuite OpenAir features announced in the latest release include:
New, Flexible International Capabilities for Global Services Organisations
Professional services organisations seeking to expand internationally or simply take on projects abroad, confront significant challenges in recognising revenue in accordance with foreign regulations and accounting for foreign currencies. With this latest release, NetSuite OpenAir supports the management of project accounting for international and global-delivery businesses. Key features for international services businesses in the latest enhancement include:
- A new performance console that introduces a rules engine and algorithm for automatically adjusting auto-billing and auto-revenue recognition settings on completed projects.
- Greater foreign exchange currency decimal precision, allowing customers to more easily integrate with other ERP systems when billing or recognising revenue in foreign currencies.
- New project accounting functionality around advanced revenue recognition, including the Balanced Income vs. Forecast (IvF) rule, a key requirement for some of the most advanced global and international customers, allowing for forecasted and actual revenue amounts to be rebalanced automatically each fiscal period to ensure the most accurate method of recognising project based revenue.
“With the latest improvements around auto-billing and auto-revenue, as well as support for the new IvF rules, OpenAir is a key platform that will allow us to grow and expand internationally,” said Mark Skinner, VP Business Integration at Valtech, an International Digital Agency with offices in 13 countries. “The breadth of the solution allows us to manage our expansion into new markets around the world.”