NetSuite Job Costing

NetSuite Job Costing Module helps businesses easily track and manage their overhead costs. It provides detailed reports and analytics so businesses can understand their project spending, helping them make informed decisions about their resources and expenses.

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Features of NetSuite Job Costing Module

Job Costing is an important function for any project based businesses. Gaining accurate real time reports about project performance helps project managers to better plan resources and manage costs. The features of NetSuite Job Costing Module include:

Cost Tracking

Track direct and overhead costs against each project or job. This includes labour costs, material costs, allocated overhead and miscellaneous expenses associated with the project as well as unexpected costs that arise from variation requests.

Project Dashboard

Quickly see the status of a project or job with real-time reports. The Project dashboard includes detailed financial analysis and project progress data, as well as the ability to manage resources within individual projects or jobs.

Flexible Cost Allocation Rules

Automatically allocate costs to different projects or jobs based on user-defined rules. The rules will take into account key factors such as customer, department, time period and project type.

Cost Analysis

Evaluate current and past project performance with cost analysis reports. View job performance in terms of cost versus budget, revenue by job and other financial reports.

Budgeting & Forecasting

Create detailed budgets for each project or job, as well as forecasts for future projects. Track budget performance in real-time and get alerts when a project is likely to exceed its allocated budget.

Real-Time Project Reporting & Analytics

Gather real-time insights on project performance and make informed decisions to optimise project costs. Analyse trends and make data-driven decisions at all stages of the project, from start to finish.

Integrated with General Ledger

Automatically post cost information to the general ledger for financial statements. This ensures a complete and accurate financial picture of the organisation even while jobs are still in progress.

Project Profit and Loss Statements

Have visibility into the profitability of each job or project. This helps track and identify projects that are not meeting expectations and make decisions to maximise profits accordingly.

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Benefits of the NetSuite Job Costing Module

Businesses who use NetSuite Job Costing report an improved ability to manage overhead costs and resources. Other benefits include:

Improved control over project costs

NetSuite Job Costing allows businesses to closely monitor and control their project budgets. By knowing how much is being spent on each project, businesses can adjust resources accordingly for greater efficiency and cost savings.

Enhanced visibility into financials

Drill down into the actual costs associated with projects, giving users an accurate view of the current performance of their projects at any stage in the project life-cycle.

Efficient resource allocation

Make informed decisions about which resources should be allocated to each job based on the requirements of each task. With real time data at hand, businesses can optimise the use of their resources for better returns on investment.

Increased profitability

Through detailed reports and cost analysis, identify projects that are not meeting expectations and adjust the plan accordingly in order to maximise profit potential.

Easier compliance with accounting standards

Automatically post cost information to the general ledger for financial statements. This ensures a complete and accurate view of the organisation's finances even when jobs are still in progress, making it easier to comply with accounting standards.

Streamlined project reporting

Gain a complete view of the project performance with real-time reports and analytics. This helps businesses make informed decisions about their projects, as well as understand their financial performance for better decision making.

Interested in Learning More About NetSuite's Job Costing Module?

PKF Digital has helped many Australian companies to improve their project management operations with NetSuite's Job Costing Module. Contact us today to learn more about NetSuite's Job Costing module and how it can help your business manage complex projects with ease. Our experienced consultants will provide you with the resources and advice you need to get the most out of this powerful tool.

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