Revenue Management Feature of OpenAir
For professional services organizations, revenue is a key performance indicator (KPI) for measuring a project's success and impact. OpenAir's professional services financial management system makes the expense reporting and management processes easy and flexible by integrating project accounting and management. It helps you manage the entire financial life cycle, from bid preparation to client billing. This level of management will help your organization keep track of elements like time and expenses to ensure your project is staying on target.
Deferred/WIP Revenue Management in NetSuite OpenAir
Financial Management With Netsuite OpenAir
Budget Tracking by Project and Task
Track detailed cost budgets on a project-by-project basis. Budgeting allows project management and financial leaders to set initial budget forecasts and then track actuals, comparing different scenarios to allow on-the-go visibility of financial performance of projects.
Custom Automated Invoices
Since billing is integral to revenue management, this professional services financial management feature makes invoice reporting simple to generate and understand. Your organization can do customer invoice numbering by client or project. Each client can have their own prefix in the billing information tab, and you can use this feature to pull invoices for a group at the customer level. Numbering by project is ideal for clients that span multiple groups, so you can set a prefix at the project level.
Organizations can also embed expenses into the invoices, uniting expense items and similar lists with the invoice.
WIP and Deferred Revenue Management
With NetSuite OpenAir, you can separate invoicing from revenue recognition to implement billing scenarios based on for your unique business model. The program keeps financial reporting and revenue management simple with these revenue types:
Work in Progress
Work in progress (WIP) is invoices and payments for partially completed or ongoing work. It's a summary reporting value for when the revenue is higher than what is invoiced.
Deferred
Deferred revenue is when the invoiced amount is higher than the revenue because the work hasn't been completed yet.
Professional Services Billing Solutions with OpenAir PSA and Top Step
Top Step is an Oracle NetSuite Alliance Partner with more than 15 years of experience in professional services automation solutions. Our mission is to help professional services organizations increase their profits, scale their offerings and improve their efficiency. Our customer-first approach uses skill set training, technology deployment, change management and process enhancement to equip your business with the tools needed for success.
The Top Step team is available throughout the implementation and integration processes. We have provided more than 400 customers with NetSuite OpenAir solutions.
Start managing your time and expenses to increase revenue as part of your financial project management efforts today. Schedule a consultation with the Top Step team to learn more about our services.
Learn More About NetSuite OpenAir
Services Today!
The latest from our blog
Top Step’s Top 5 Features of the OpenAir Spring 2024 Release
Revolutionizing CRO Operations: Insights from Top Step and Sikich
