Overview on NetSuite for Construction
The construction industry is dynamic, project-driven, and laden with complex challenges, from managing fluctuating costs to ensuring regulatory compliance and optimizing resource utilization. To stay competitive, construction firms require robust, industry-specific solutions that enhance efficiency, improve project visibility, and streamline operations. NetSuite for Construction, a leading cloud-based ERP platform, provides a suite of tailored tools that empower construction companies to manage their finances, projects, and customer relationships seamlessly. By leveraging NetSuite for Construction, businesses can focus on what they do best—delivering exceptional projects on time and within budget.
Key Features of NetSuite for Construction
1. Construction Accounting
2. Job Costing
Designed specifically for the construction industry, NetSuite for Construction empowers businesses with accurate job costing capabilities. It helps firms estimate labor, material, and overhead expenses from project concept to completion. By enabling detailed tracking of direct and indirect costs, change orders, and cash flow, NetSuite for Construction delivers actionable insights that ensure profitability for projects of all sizes and durations.
3. Field Service Management
NetSuite for Construction enhances operational efficiency with its advanced Field Service Management tools. On-site teams benefit from a mobile app that provides real-time alerts and access to critical data, while managers can easily schedule tasks and adapt job assignments. These features help construction firms reduce costs and increase customer satisfaction.
4. Optimizing Contractors/Project owners Relationship (CRM)
With NetSuite for Construction, firms can centralize customer relationship management in a way that aligns with the demands of the construction sector. The platform consolidates customer interactions, contracts, billing, and payments, offering a complete view of both B2B and B2C clients. This enables contractors to build trust, improve customer satisfaction, and drive repeat business, critical for long-term success in construction.
5. Streamlined Project Execution
Project management in construction requires precise coordination of resources, timelines, and costs. NetSuite for Construction streamlines these processes, allowing firms to efficiently manage resource allocation, timesheets, and expense approvals. Interactive dashboards provide real-time insights into project milestones, overdue tasks, and overall progress, ensuring projects stay on track and on budget, no matter the complexity.
6. Construction-Specific Compliance and Collaboration
Compliance in construction is multifaceted, spanning subcontractor licensing, insurance requirements, and tax regulations. NetSuite for Construction simplifies these processes, ensuring firms meet all necessary standards, including ASC 606 revenue recognition. Additionally, its integrated platform promotes collaboration among architects, contractors, and suppliers, eliminating delays and improving project outcomes.
Project-Specific Features in NetSuite
NetSuite offers a suite of powerful tools tailored to enhance project management and efficiency in the construction and contracting industries. Key features include:
1. Job Costing
Configure up to 16 custom job cost metrics, such as labor, material costs, and other project-specific expenses, ensuring precise cost tracking.
- Cost Estimating
- Client Proposals
- Schedule of Values
- Change Order Management
2. Project Budgeting
Monitor and control project finances by tracking allocated budgets at both the project and individual task levels, promoting fiscal discipline.
3. Project Billing
Simplify billing processes by automatically generating summary billing records for each project period, reducing manual workload and errors.
4. Estimate-to-Project Sync
Seamlessly convert estimates and change orders into project resource tasks for labor, ensuring accurate and efficient project planning.
5. Project Tasks
Automate the conversion of service-type work from estimates into detailed project tasks and assignments within NetSuite, streamlining workflows and execution.
- Prepares cost estimates for change orders
- Manages customer approvals
- Updates project budgets and contracts in real-time
Why Choose NetSuite?
NetSuite Cloud ERP is designed to scale with your business, offering a versatile platform with built-in CRM, PSA, Payroll, HR, Marketing, and Finance tools, plus integration capabilities for legacy systems. Beyond accounting, NetSuite serves as the foundation of your system architecture, supporting business growth and managing large project volumes seamlessly.
Moreover NetSuite for Construction addresses the unique challenges faced by construction businesses, offering tailored solutions to enhance efficiency, accuracy, and scalability. Here’s why NetSuite stands out:
360° Visibility of Your Entire Enterprise:
Gain complete oversight of your business operations, from project management to financials, all within a unified platform.Powerful Job Costing and Forecasting:
Track project costs with precision and forecast future expenditures to ensure projects stay within budget and timelines.Robust Accounting Designed for Construction:
Built specifically for the complexities of the construction industry, NetSuite’s accounting capabilities handle multi-company, multi-currency operations, and project-based financials with ease.Fully Scalable, Supporting Unlimited Projects:
Whether you’re managing one project or hundreds, NetSuite scales effortlessly to support your growing business needs.More Precise Bids:
Generate accurate estimates and bids, reducing errors and improving win rates.Real-Time Tools That Eliminate Margin Erosion:
Leverage live dashboards, real-time data, and automated workflows to monitor project performance and safeguard profit margins.Future-Proof Technology That Keeps You Updated:
Stay ahead of the competition with cloud-based, always-updated technology that evolves with your business.
Discover how Azdan helped DMG Mountain View overcome industry challenges and achieve a 40% reduction in planning maintenance time, enabling streamlined operations and enhanced productivity. Check full Case Study.
Conclusion
NetSuite provides a powerful, all-in-one solution designed to meet the specific demands of the construction industry. By implementing NetSuite, construction businesses can gain greater project visibility, foster collaboration, manage costs effectively, mitigate risks, and scale operations seamlessly. These capabilities work together to streamline processes and drive efficiency, resulting in improved project outcomes and business growth.
Choosing NetSuite is a strategic step for construction companies aiming to stay competitive and achieve long-term success. Its adaptability to industry changes ensures your business remains agile and prepared for future challenges.
Lay the groundwork for a stronger, more efficient construction business with NetSuite and Schedule a free consultation with a premier NetSuite Implementation Partner today.
