Importance of Professional Services in NetSuite Implementation

Professional services organizations, like most other industrial sectors, are facing many business issues, some of which were nonexistent only three to four years ago. These businesses are in the $6.4 billion (about $20 per person in the US) industry, which is growing at a compound annual growth rate (CAGR) of 6%. Customers use them for a variety of services, including design, research, consulting, legal, and accounting support. 

While professional services organizations have a lot of chances to enter new markets, there are also certain challenges affecting the sector. Professional services firms, which depend heavily on labor, are addressing the persistent scarcity of workers by utilizing increased technology and automation.  

Professional services companies must also make a commitment to a certain degree of ongoing development, particularly in terms of educating team members on new abilities and competencies. Professional services companies can address the "now" and begin making plans for future success by combining sophistication and agility.

Resolving the Main Pain Points 

The inability of spreadsheets and legacy systems to reliably present cash flows and other financial data across the organization, the ongoing drive to improve resource management and utilization, and inaccurate, unreliable data that undermines sound decision-making are some of the major concerns keeping professional services leaders on the toes. Professional services organizations, for example, might easily find themselves in the "red" on projects that were anticipated to be profitable when forced to use spreadsheets for information sharing.  

Another issue facing professional services companies is the availability of workers, as the country's unemployment rate is currently at a 53-year low. To optimize their current workforce and take advantage of technological advancements, an increasing number of businesses are automating tasks that were formerly performed by hand. This guarantees more accuracy and expedites the procedure while freeing up valuable team members to concentrate on other projects and clients.

Expert Services Companies Should Switch to NetSuite for These 6 Reasons  

OpenTeQ, a partner in business process outsourcing (BPO) and a NetSuite solution provider, is a professional services company that is well-aware of the opportunities and problems that modern enterprises must contend with. As a seasoned user of NetSuite Cloud Enterprise Resource Planning (ERP), we also have a thorough understanding of which features of the platform best tackle the most pressing issues faced by professional services organizations.  

The following are the top six factors that make NetSuite ideal for companies that provide professional services:  

• Complete Automation of Professional Services (PSA)- A single cloud-based suite from NetSuite's PSA, SuiteProjects, may support a complete services company. SuiteProjects helps businesses finish projects quickly and profitably, create bills properly and efficiently, and shorten accounts receivable cycles. It does this through project and resource management, time and expense tracking, project accounting, billing, and invoicing. 

• Timely completion of the project- Team members may quickly and easily work together on projects using NetSuite. They can also keep track of project status, know when it's their turn to contribute, and proactively spot and prevent delays and other issues. You can better schedule and utilize human capital and resources by having total control over your staff and supplies owing to the Services Resource Planning functionality. 

• Precise accounting and billing for projects- NetSuite, as a single source of truth, offers unmatched transparency over project costs and enables prompt adjustments as necessary. Throughout the project lifecycle, correct accounting and billing are ensured by connecting project activities with business financials through the ERP. Certified NetSuite Experts assists professional services firms in managing their cases and project records right out of the box. 

• Mobility Features- Because NetSuite is mobile friendly, you may use the NetSuite app or your mobile web browser to access your data at any time, from any location in the globe. 

• A match built in heaven- We use NetSuite at OpenTeQ to handle all aspects of our professional services company, including project management, marketing, sales, human resources (HR), accounting, scheduling, client invoicing, and client communication.  

• Accelerators to support NetSuite optimization - To help NetSuite Implementation companies get the most out of their investments, OpenTeQ also offers a range of NetSuite accelerators designed to streamline processes and reduce NetSuite Implementation costs.With NetSuite's easy integration of Dunning Letters with its Collections Management module, customers can better manage past-due invoices and expedite the collections process. Users may monitor the status of collection operations within NetSuite and start collection activities straight from dunning letters. 

Reach out to our NetSuite Implementation Consultants at OpenTeQ today to help you navigate NetSuite Professional Services  with user friendly automated solutions that are tailored to fit your business needs.

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