Why Does NetSuite Continue to Dominate the Professional Services Sector?
Updated: Nov 15
The NetSuite platform has long been the gold standard for professional services organizations (PSOs). NetSuite provides these organizations with a complete, cloud-based business management solution that gives them the visibility and control they need to manage their businesses effectively.
NetSuite's dominance of the PSO sector is due to its comprehensive functionality, its ease of use, and its scalability. NetSuite's PSO-specific features are designed to meet the unique needs of these organizations, and its flexibility allows PSOs to tailor the solution to their specific business requirements.
NetSuite's comprehensive functionality includes project management, time and expense tracking, billing and invoicing, and CRM. This functionality gives PSOs the ability to manage all aspects of their business from a single platform.
In this article, we will explore the key features and modules that keep NetSuite at the top of the list when Professional Services Organizations are looking for modern software solutions to streamline their operations and finances.
Unique Business Challenges and Software Requirements of the Professional Services Industry
The professional services industry is characterized by its unique business challenges and software requirements. PSOs must manage projects with tight deadlines, track time and expenses, bill clients accurately, and maintain a high level of customer satisfaction. In addition, they must do all of this while ensuring that their own finances are in order.
NetSuite's comprehensive suite of business management applications is designed specifically to address these challenges, which is why professional services organizations make up over 40% of NetSuite's entire client base.
Project Management for Professional Services
The platform's project management module gives PSOs the ability to manage multiple projects simultaneously and track progress against milestones.
Key Features of NetSuite's Advanced Project Management Modules
Get a holistic view of project performance through dashboards:
View progress against milestones
Set up custom workflows for each project
Assign tasks and track time spent on them
Generate detailed reports on project status
Time and Expense Tracking for Professional Services
NetSuite's time and expense tracking module allow PSOs to track employee time and expenses against specific project tasks, ensuring that billable hours are accurately captured and reported on.
Key Features of NetSuite's Time and Expense Management Modules
Capture employee time and expenses against specific project tasks
Ensure billable hours are accurately captured and reported on
Streamline time tracking and expense management processes
Reduce administrative overhead
Gain real-time insight into project expenses
Project Billing and Invoicing for Professional Services
The billing and invoicing module ensures that PSOs can generate accurate invoices and manage client receivables effectively.
Key Features of NetSuite's Project Billing and Invoicing Management Module
Generate accurate project progress invoices via multiple pre-existing and customizable billing schedules
Manage client receivables effectively
Streamline billing and invoicing processes
Gain real-time insight into customer payment performance
Manage T&M, Milestone and fixed interval billing schedules
The CRM module gives PSOs the ability to track customer interactions and maintain a high level of customer satisfaction through customer case tracking and escalation automation.
Key Features of NetSuite's CRM Management Module
NetSuite enables you to track all customer interactions across different departments
Customer case tracking allows you to keep on top of all customer cases and ensure they are resolved satisfactorily
Escalation automation ensures that no customer case is left unresolved
The CRM module gives you the ability to track customer interactions and maintain a high level of customer satisfaction
CRM reporting gives you insights into your customer's communications and interactions with your team
Benefits of Single Platform Software for Professional Services Companies
There are a number of benefits to using a single platform software for professional services companies.
Single Source of Truth
Perhaps the most obvious benefit is that it allows companies to manage all aspects of their business in one place. This can reduce administrative overhead, and give companies real-time insights into their business operations.
Real-Time Project Updates
Another key benefit is that companies can get real-time updates on their projects. This allows them to track progress and identify any potential issues early on meaning problems can be resolved quickly which helps to keep projects on track, on time and on budget.
A further benefit is that it can improve collaboration between different departments within a PSO company. By bringing all departments together in one place, it is easier for employees to communicate and share information which can lead to more efficient decision-making.
Streamlined Flow of Information Between Clients and Project Teams
Another key benefit of using a single platform software is that it can help to streamline the flow of information between clients and project teams. By having all information in one place, combined with smart automations and workflows, it is easier for project managers to keep clients up-to-date on project progress and ensure that they are happy with the work that is being carried out.
How a Modern Cloud Platform Supports Professional Services Firms
In addition to its comprehensive functionality, NetSuite also offers superior scalability and flexibility. The platform is designed to grow with your business, with the ability to add users and functionality as needed. NetSuite's cloud-based architecture also gives you the flexibility to access the system from anywhere, at any time.
NetSuite is the clear leader in providing comprehensive, cloud-based solutions for professional services organizations. The platform's deep functionality, combined with its scalability and flexibility, make it the perfect solution for businesses of all sizes.
What type of Professional Services Companies Use NetSuite?
NetSuite is the most popular business management software for Professional Services Companies in the world. PSOs of all sizes and industries use NetSuite to manage their businesses, from project management and financials to customer relations and human resources.
Here are just a few examples of the types of Professional Services Companies that use NetSuite:
Environmental Services Companies
Event Planning Companies
Financial Management Firms
Financial Planners and Advisers
Healthcare Consulting Firms
IT Consulting Firms
Recruiting and Staffing Agencies
Training and Development Companies
Web Design and Development Firms
About CEBA Solutions
CEBA Solutions is a NetSuite Solution Provider that specializes in implementing and customizing NetSuite for Professional Services Companies. We have extensive experience working with PSOs of all sizes and industries, and our team of certified NetSuite consultants will work with you to ensure that your system is tailored specifically to your business needs.
For more information about how CEBA Solutions can help your Professional Services Organization, contact us today.