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8 min read

6 Key Phases of an ERP Implementation Plan

By Oracle NETSUITE on October 8, 2021 2:13:29 PM CDT

By Lisa Schwarz | Sr. Director of Global Product Marketing

Topics: NetSuite ERP Cloud
4 min read

Enterprise Resource Planning Systems Transform, Integrate and Scale Businesses

By Oracle NETSUITE on October 8, 2021 12:25:29 PM CDT

When you search for "ERP" on the web, the sheer amount of information that comes up can be overwhelming—not to mention a little confusing. Every website seems to have its own definition of ERP, and one ERP implementation can vary widely from the next. These differences, however, underscore the flexibility that can make ERP such a powerful business tool.

what is an ERP - Tekiio
Topics: NetSuite Finance Cloud ERP business new technology
2 min read

REINVENT YOUR WHOLESALE AND DISTRIBUTION SERVICES THROUGH ENHANCED DIGITAL OPERATIONS

By Tekiio Editorial Board on October 5, 2021 4:42:41 PM CDT

If you want to transform the way your business operates but just don't know where to start, get Oracle Netsuite Cloud ERP from Tekiio today!

Topics: NetSuite wholesale ERP Cloud Warehouse distribution Cloud ERP
4 min read

Distribution Management: Definition, Advantages & Strategies

By Oracle NETSUITE on July 3, 2021 8:59:02 AM CDT

By Lisa Schwarz | Sr. Director of Global Product Marketing

Topics: ERP ERP Cloud erp sistem
3 min read

4 Best Practices for Conquering Your Workforce Planning Challenges

By Oracle NETSUITE on June 30, 2021 8:43:33 AM CDT

By Rami Ali, Sr. Product Marketing Manager

Topics: NetSuite ERP System Human Resources Planning Process Workforce
17 min read

Warehouse Automation Explained: Types, Benefits & Best Practices

By Oracle NETSUITE on June 26, 2021 11:24:38 AM CDT

By Abby Jenkins | Product Marketing Manager

Topics: ERP ERP Cloud ERP System
3 min read

Save Time and Close Faster by Automating Financial Consolidation

By Oracle NETSUITE on June 23, 2021 10:18:59 AM CDT

Many companies struggle to generate timely, accurate financial statements. Pressure from senior leaders and investors to get them done quickly is at odds with accounting's responsibility to ensure they're correct. Managing the tension between these two competing priorities is difficult enough when you're only dealing with one company. It's exponentially harder if you need to consolidate results from several different business units to produce a single set of reports.

Topics: ERP ERP Cloud ERP System
3 min read

Boost Employee Productivity Through Continuous ERP Learning

By Oracle NETSUITE on June 16, 2021 8:15:00 AM CDT

By Tracy Graley Ferrick, Product Marketing Specialist
Topics: NetSuite ERP Cloud bussiness erp sistem
3 min read

Ease Application and Customization Distribution with the SuiteCloud Development Framework

By Oracle NETSUITE on June 12, 2021 8:30:00 AM CDT

By Erik Klein, Product Manager, SuiteCloud Platform
Topics: NetSuite development SuiteCloud Framework
2 min read

4 Ways Manual Order Management Processes Impact the Customer Experience

By Oracle NETSUITE on June 2, 2021 8:15:00 AM CDT

By Abby Jenkins  , Product Marketing Manager for Inventory & Order Management, Supply Chain & WMS
Topics: Oracle NetSuite IT Consulting
12 min read

10 Questions About the Subscription Model, Answered

By Oracle NETSUITE on May 29, 2021 8:15:00 AM CDT

By Megan O'Brien with Robbie Kellman Baxter

9 min read

How Business Intelligence Is Used in Accounting Today

By Oracle NETSUITE on May 26, 2021 8:15:00 AM CDT

Andy Morris | Principal Product Marketing Specialist

Topics: ERP Cloud ERP System Financial business intelligence
8 min read

Business Intelligence: A Must Have for Today’s CFOs

By Oracle NETSUITE on May 22, 2021 8:15:00 AM CDT

 Andy Morris | Principal Product Marketing Specialist

Topics: ERP Cloud CFO business intelligence
3 min read

Mobile Scanning Increases Supply Chain Efficiency

By Oracle NETSUITE on May 19, 2021 8:15:00 AM CDT

By Abby Jenkins, Product Marketing Manager for Inventory & Order Management, Supply Chain & WMS
Topics: Supply Chain Management Accounts Payable Strategies Strategy
13 min read

8 Remote Onboarding Best Practices for CFOs

By Oracle NETSUITE on May 17, 2021 10:22:55 AM CDT

By Megan O’Brien, Brainyard Finance & Business Editor

Topics: CFO onboarding best practices
5 min read

Takeaways From the Exchange Breach: Less Risk in the Cloud

By Oracle NETSUITE on May 15, 2021 8:15:00 AM CDT

By Ira Winkler, chief information security officer, Skyline Technology Solutions

Topics: digital transformation ERP Cloud ERP implementation bussiness
3 min read

New Lease Accounting Standards Are Coming…Are Your Systems Ready?

By Oracle NETSUITE on May 12, 2021 8:15:00 AM CDT

By D. Scott Beaver, Sr. Product Marketing Manager
4 min read

How SuiteProjects Makes Project Revenue Recognition Easy and Accurate

By Oracle NETSUITE on May 8, 2021 8:15:00 AM CDT

 By Joseph Clancey, Product Marketing Specialist

Companies that work on long-term projects, or bill customers at regular intervals based on contracts in place, frequently receive payment before the entire project is complete or the service delivered. Under U.S. generally accepted accounting principals (GAAP) and international accounting standards, a business can't recognize that revenue until it delivers the goods or services to a customer.

Accounting for project revenue that's earned over time using intervals and milestones can be a lot more complicated than accounting for revenue earned all at once, like delivering a physical product. Project revenue must be properly and accurately billed and recognized at the right time so that the organization is working with the accurate data to efficiently run its business, staying compliant and ultimately increasing project profitability.

However, without the right solution, managing revenue recognition can become time-consuming, complicated and expensive.

 

Why Project Revenue Recognition Can be Challenging

Manual Processes. One of the primary challenges with recognizing revenue on projects is the countless hours that can be spent running through line items and calculations in spreadsheets to reconcile month-end close or the completion of a project. Without automated processes like dynamic resource and cost allocation charts, organizations have to run these processes manually, which can be cumbersome and become a logistical nightmare for services organizations that typically rely on efficiency to stay profitable. This manual work leads to data errors and wasted time that can better be spent elsewhere. The right software can connect project cost and deliverables to financials with much less time and effort.  

Lack of Flexibility. Managing different types of contracts on different projects, like lump sum or fixed-price contracts, can be a struggle for many services firms that aren’t properly set up for these contract complexities. Recognizing that revenue too fast or too slow can create cash flow issues. And, when organizations don’t have flexibility or the ability to process different types of contracts, they may miss out on business opportunities. Without continuous real-time data, the situation can get even worse. It becomes difficult for project teams to determine if they are running over budget and plan against performance obligations or task completions.

Poor Control. For projects, setting up revenue rules right the first time is paramount. This tells core project and financial systems and teams to recognize revenue at specific times as goods or services are completed. When service organizations don’t have clear back-end revenue recognition rules set up during projects, allocating costs of resources can become a manual process again and, without the automation tools to implement the rules, they lose control over when billing needs to take place or recognizing project completion and the revenue it generates.

Ineffective Reporting. When services organizations rely on manual work for reporting and can’t get real-time data for project financials, revenue recognition efforts run into delays and inaccuracies. For example, if a team spent extra hours working on a portion of a project or moved around resources that bill at different rates, the business may need to renegotiate  contracts or change target dates. Without real-time automated reports to capture budgets vs. actuals, revenue and profitability forecasting, it’s going to take more time to accurately recognize the revenue.  

 

The Key is an Automation Solution 

With a professional services automation (PSA) solution that connects the company’s projects to financial, CRM and HR data, companies can gain better control over revenue recognition. PSA software can help services businesses:

  • Increase automation so that teams can spend less time on spreadsheets, repetitive data entry and month-end activities. Let a PSA solution handle the hard work of complying with accounting standards like ASC 606 and IFRS 15 so that revenue can be reported at the right time.  
  • Enable project managers to stay nimble with performance obligations and the different types of contracts that some projects require to ensure revenue from each line item is managed correctly. No two project or customer are the same, so being able to manage the multiple types of contract like lump-sum or fixed rate with the help of a PSA solution lead to better efficiency.  
  • Optimize project and financial controls with rule-based handling frameworks that recognize revenue automatically based on the assigned schedule or milestone, improving compliance. 
  • Gain financial insights with more effective reporting so that project managers and finance leaders can monitor cost allocations, billing, invoicing and forecast revenue for the different types of contracts set by teams. 

 

SuiteProjects Unifies Project Revenue with Company Success 

NetSuite SuiteProjects is designed to help services-based businesses simplify project accounting by automating these complex project deployments so that projects are successfully completed on time and recognizing revenue based on different contracts are easier to manage. SuiteProjects enables teams to automate processes and ensure accurate accounting and billing. It also allows organizations to recognizing revenue separate from project billing to ensure the accuracy of financial statements and safeguard compliance, as well as provide greater forecasting insight. SuiteProjects brings together all these elements in a single solution so that organizations ultimately can operate and deliver projects more efficiently.

To learn more about how SuiteProjects, watch this SuiteFundamentals Revenue Recognition product demo webinar.

 
3 min read

Blockchain: The Heart of Digital Transformation

By Oracle NETSUITE on May 6, 2021 2:19:55 PM CDT

By Emily Houghton, Industry Marketing Lead
 

Fifty-two percent of the Fortune 500 firms since 2000 are gone because they failed to see the next set of technologies and understand how they could capitalize on them, warns Ray Wang, Principal Analyst and Founder of Constellation Research Inc.

Topics: digital transformation bussiness development blockchain
5 min read

Five Critical Questions for CFOs About Their Role in Technology Decision

By Oracle NETSUITE on May 5, 2021 9:46:32 AM CDT

By Andrew Broussard, Industry Marketing.
Topics: NetSuite ERP Cloud CFO ROI Strategy
11 min read

The Entrepreneur’s Guide to Getting Press Coverage, According to a PR Pro

By Oracle NETSUITE on May 5, 2021 8:15:00 AM CDT

n short:

13 min read

5 Tactics for Distributors to Thrive in a Consolidating Industry

By Oracle NETSUITE on May 1, 2021 8:15:00 AM CDT

By Ian McCue for BrainyardI

Topics: NetSuite Supply Chain ERP Cloud Warehouse distribution
9 min read

How to Use Enterprise Value and Valuation Multiples to Drive Business Value

By Oracle NETSUITE on April 28, 2021 8:15:00 AM CDT

By Scott Beaver | Sr. Product Marketing Manager

Topics: NetSuite Software ERP ERP Cloud
9 min read

13 Top Employee Experience Trends Shaping Business in 2021

By Oracle NETSUITE on April 24, 2021 8:15:00 AM CDT

Marc Holliday | Sr. Product Marketing Manager

Topics: Software ERP
7 min read

A Guide to Workforce Planning: Process, Strategies & Template

By Oracle NETSUITE on April 21, 2021 8:30:00 AM CDT

Marc Holliday | Sr. Product Marketing Manager

Topics: ERP Cloud ERP implementation Strategies Process Work Planning
11 min read

What to Consider When Evaluating an Outsourced CFO

By Oracle NETSUITE on April 17, 2021 8:00:00 AM CDT

By Kathleen Garvin for Brainyard

Topics: NetSuite CRM Cloud ERP Cloud invoice
8 min read

Financial Considerations for Human Capital in 2021

By Oracle NETSUITE on April 14, 2021 8:00:00 AM CDT

By Jude Reser, regional director of human resources, Atrium Hospitality

Topics: NetSuite Software ERP ERP Cloud IT Consulting ERP System Financial
2 min read

4 Ways Manual Order Management Processes

By Tekiio Editorial Board on April 3, 2021 8:00:00 AM CST

By Abby Jenkins, Product Marketing Manager for Inventory & Order Management, Supply Chain & WMS
Topics: NetSuite ERP Cloud Warehouse Management
3 min read

The Ins and Outs of Physical and Cycle Counts

By Tekiio Editorial Board on April 1, 2021 8:00:00 AM CST

By Abby Jenkins, Product Marketing Manager for Inventory & Order Management, Supply Chain & WMS
Topics: NetSuite ERP Cloud Management Finance
2 min read

Finance Expert

By Tekiio Editorial Board on March 30, 2021 9:18:30 AM CST

By Tony Kontzer, Contributor
4 min read

NetSuite 2021 Release 1

By Tekiio Editorial Board on March 27, 2021 8:30:00 AM CST

By Erik Klein and Himanshu Pande, Principal Outbound Product Manager, SuiteCloud Platform and Principal Product Manager, SuiteAnalytics
Topics: Software ERP digital transformation ERP Cloud
3 min read

Tekiio: An Alliance Without Boundaries.

By Tekiio Editorial Board on February 26, 2021 9:59:59 AM CST

In a global environment immersed in the digital age, international alliances are making more and more sense. Consequently,  for IT service companies in the knowledge economy, this becomes even more important.

10 min read

15 Key Financial Metrics & KPIs for Small Businesses

By Oracle NETSUITE on January 30, 2021 12:34:43 PM CST

By Ian McCue | Sr. Associate Content Manager

2 min read

What is NetSuite Project Management?

By Tekiio Editorial Board on January 27, 2021 9:00:00 AM CST

Support Your Services Organization End-to-End with a Powerful, Cloud-Based Suite Visibility, Collaboration and Control to Drive On-Time Delivery

NetSuite’s project management solution enables project managers and team members to collaborate on projects and maintain current and accurate project status at all times, allowing managers to proactively identify and resolve potential issues with each engagement.

Topics: NetSuite ERP Cloud Management
3 min read

4 Predictions for FP&A in 2021

By Oracle NETSUITE on January 20, 2021 10:23:10 AM CST

By Rami Ali | Senior Product Marketing Manager
3 min read

Ease the Pain of the Physical Count Process with These 6 Tips

By Tekiio Editorial Board on January 16, 2021 9:15:00 AM CST

By Abby Jenkins | Product Marketing Manager for Inventory & Order Management, Supply Chain & WMS
Topics: NetSuite SaaS Cloud Computing Oracle NetSuite Software ERP wholesale Warehouse
2 min read

Human Capital Management

By Oracle NETSUITE on January 13, 2021 9:40:00 AM CST

Simplify HR and Payroll
A more engaging, insightful way to manage people.

NetSuite SuitePeople securely weaves people data throughout the Suite, giving businesses complete control over their HR processes. SuitePeople empowers managers and HR professionals to streamline employee information, new hires, employee onboarding, performance management, payroll, promotions and compensation changes, all from a single Suite. While also enabling employees by providing them with the ability to request time-off, set goals, access employee directories and organization charts, monitor upcoming vacation schedules, monitor new hires, and publicly recognize peers for good work.

5 min read

7 Key ERP Implementation Challenges and Risks

By Oracle NETSUITE on January 9, 2021 9:30:00 AM CST

By Scott Beaver | Sr. Product Marketing Manager
Oracle NetSuite

Topics: ERP Software ERP ERP Cloud ERP implementation ERP System
8 min read

NetSuite vs. QuickBooks Why You Should Make the Switch

By Oracle NETSUITE on January 6, 2021 9:45:00 AM CST

As your company grows and accounting becomes more complex, you’ll find that entry-level accounting software has clear limits. Handling mature business challenges using spreadsheets and clusters of disparate applications just doesn’t work—which is why companies often upgrade from QuickBooks to NetSuite.

Topics: Software ERP quickbooks
7 min read

A Guide to Financial Projections for Startups

By Oracle NETSUITE on December 19, 2020 9:00:00 AM CST

By Scott Beaver | Sr. Product Marketing Manager
Oracle NetSuite

Topics: NetSuite ERP Cloud Finance Startups
7 min read

CRM vs ERP: What’s the Difference?

By Oracle NETSUITE on December 16, 2020 9:30:00 AM CST

By Barney Beal | Content Director
Oracle NetSuite

Topics: CRM ERP
7 min read

Buying an ERP System: Features, Benefits and Reasons You Should

By Oracle NETSUITE on December 12, 2020 9:00:00 AM CST

By Lisa Schwarz | Sr. Director of Global Product Marketing
Oracle NetSuite

Topics: ERP Cloud ERP System
7 min read

ERP Implementation Checklist: Methodology & Steps

By Oracle NETSUITE on December 9, 2020 9:00:00 AM CST

By Joseph Clancey | Product Marketing Specialist
Oracle NetSuite

Topics: ERP ERP Cloud ERP implementation
10 min read

15 Use Cases for Enterprise Resource Planning (ERP)

By Oracle NETSUITE on December 5, 2020 9:00:00 AM CST

By Austin Caldwell | Senior Product Marketing Manager
Oracle NetSuite

Topics: Implementación Software ERP ERP Cloud Finance
8 min read

4 Key ERP Implementation Strategies

By Oracle NETSUITE on December 2, 2020 9:00:00 AM CST

By Austin Caldwell | Senior Product Marketing Manager
Oracle NetSuite

Topics: NetSuite Cloud Software ERP ERP Cloud manufacturing
8 min read

Cash Flow Statement Explained

By Oracle NETSUITE on November 28, 2020 9:00:00 AM CST

By Scott Beaver | Sr. Product Marketing Manager
Oracle NetSuite

Topics: NetSuite ERP Cloud Cash Flow Accounts Receivable Accounts Payable
7 min read

Accounts Receivable (AR) Explained

By Oracle NETSUITE on November 25, 2020 9:00:00 AM CST

By Scott Beaver | Sr. Product Marketing Manager
Oracle NetSuite

Topics: invoice payments Accounts Receivable
4 min read

Cash Flow Analysis: Basics, Benefits and How to Do It

By Oracle NETSUITE on November 21, 2020 9:00:00 AM CST

By Lisa Schwarz | Sr. Director of Global Product Marketing
Oracle NetSuite

Topics: NetSuite cost ERP Cloud IT Consulting Cash Flow Finance
6 min read

6 Common Invoicing Problems and How to Solve Them

By Oracle NETSUITE on November 18, 2020 9:00:00 AM CST

By Lisa Schwarz | Sr. Director of Global Product Marketing
Oracle NetSuite

Topics: Software ERP digital transformation invoice
8 min read

Top 5 Tips to Improve Ecommerce Customer Experience

By Oracle NETSUITE on November 14, 2020 9:00:00 AM CST

By Austin Caldwell | Senior Product Marketing Manager
Oracle NetSuite

Topics: NetSuite ecommerce Oracle NetSuite digital transformation ERP Cloud Management
5 min read

Key Financial Forecasting Methods Explained

By Oracle NETSUITE on November 11, 2020 8:48:40 AM CST

By Rami Ali | Sr. Product Marketing Manager
Oracle NetSuite

Topics: NetSuite Software ERP ERP Cloud Warehouse Management
4 min read

Inventory Management vs. Warehouse Management: What’s the Difference?

By Oracle NETSUITE on November 3, 2020 11:43:34 AM CST

By Abby Jenkins | Product Marketing Manager
Oracle NetSuite

This article discusses the differences and similarities between inventory management and warehouse management. It also compares inventory management and warehouse management systems and explains how they work together.

Topics: NetSuite Software ERP ERP Cloud Warehouse Management
10 min read

Essential Guide to ERP Inventory Management

By Oracle NETSUITE on November 3, 2020 11:40:33 AM CST

By Lisa Schwarz | Sr. Director of Global Product Marketing
Oracle NetSuite

Companies that excel at inventory management drive the maximum amount of profit—and customer satisfaction—from the least amount of investment in stock. And as we see from those efficient businesses, managing inventory successfully is all about data: purchases, reorders, shipping, warehousing, storage, receiving, customer satisfaction, loss prevention, stock turnover and more.

Topics: NetSuite ERP Cloud Oracle NetSuite ERP Cloud Inventory IT Consulting
14 min read

Localizing Your Supply Chain: A Cost-Benefit Analysis

By Editorial Team Efficientix on October 8, 2020 6:24:52 PM CDT

Crises can reveal weaknesses and, as the coronavirus spread around the globe, it made clear the lack of visibility many businesses had into offshore suppliers and manufacturers and demonstrated the fragility of their supply chains. It was a sobering wakeup call 30 years after many companies expanded their supply chains abroad to take advantage of much lower costs. In a May survey by the Institute for Supply Management, 97% of respondents said the coronavirus impacted their supply chain and 36% dealt with disruptions. Yet, as of March, 44% of respondents had no plan to overcome these disruptions. In other words, these companies could not maintain production at normal levels if, for example, they relied on a single supplier in China’s Hubei province, where the virus first surfaced.

The lost revenue that resulted sparked a reckoning to improve supply chain resilience—55% of supply chain leaders told Gartner they expect to have a
highly resilient supply chain within two to three years, up from 21% that have such a supply chain today. Building resilience requires establishing relationships with multiple suppliers and manufacturers. It also requires complete visibility
into the source of each component that goes into your goods, and the path those components take to your facility. That’s where traceability comes in:
a company must be able to track a product as it evolves from raw material to manufactured good and is then shipped to a store or consumer. This call for greater supply chain resilience and traceability has led many businesses to consider moving pieces of their supply chain to local regions—for U.S. companies, that means back to North America. “Onshoring” and local sourcing makes companies more nimble and therefore more resilient when the unexpected strikes, because a supply chain located closer to home is shorter, making full traceability easier. It also appeals to an increasing number of consumers who want to
purchase products made locally. Businesses onshoring (or reshoring if they previously had production locally) their supply chain is not an all-or-nothing proposition. A manufacturer could simply add secondary suppliers domestically or start using a contract manufacturer, say in Mexico or the U.S., to mitigate
the impact of another disruption while maintaining partners abroad. That’s more likely than companies uprooting a proven operation in Asia and replacing it with new suppliers, manufacturers and distributors in North America.

Topics: NetSuite wholesale cost digital transformation Supply Chain
5 min read

How SMBs Can Benefit from Cloud-based ERP Software

By Efficientix Editorial Board on October 8, 2020 6:20:20 PM CDT

ERP (Enterprise Resource Planning) is management software, typically packaged as one bundle of applications that assists businesses to automate their data collection, management, storage and interpretation. ERP uses data from sources such as service delivery, inventory, marketing and accounting.

Innovation is essential for growth in the modern business environment, and the faster an organization can innovate, the better its chances of growing rapidly. However, on-site ERP software is often too rigid to match the pace of evolving business and technological practices. On the other hand, cloud-based ERP systems like Oracle NETSUITE offer suites of ERP applications over the internet and do not require installation on computers.

Topics: NetSuite Efficientix Cloud Cloud Computing Software ERP
9 min read

The Future of Business: How Finance is Becoming a Catalyst For Change

By Art Wittmann on October 1, 2020 6:13:57 PM CDT

AUTHOR
Art Wittmann is editor of Brainyard. He previously led content strategy across Informa USA tech brands, including Channel Partners, Channel Futures, Data Center Knowledge, Container World, Data Center World, IT Pro Today, IT Dev Connections, IoTi and IoT World Series Events, and was director of InformationWeek Reports and editor-in-chief of Network Computing.