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As many of Bi101’s customers know, professional services and software companies have a number of unique challenges when it comes to revenue recognition and billing their customers in the most efficient, productive way possible. For software companies selling a subscription, they have to decide whether they’re going to bill for services or licensing, or combination of both, to best recognize revenue on a month to month basis.
Our partner for financial visibility, accounting, and ERP, NetSuite, recently ran a webinar focused entirely on best practices for NetSuite and services resource planning (SRP), plus tips on better leveraging a products, services, and subscriptions business in NetSuite. It’s still possible to sign up and listen to a recording of the webinar by filling out a short form.
On top of that, professional services companies need to adequately and effectively manage their employees engaged in various projects, via services requirements planning, to ensure they can do the work they promised on a timeline that works for their clients. It all adds up to a remarkably complex landscape.
For the webinar, NetSuite leaders sat down with Thomas Barczak, the CIO and founder of InSource Solutions, to talk about how the company is using NetSuite’s Services Resource Planning (SRP) features to manage its business model. The company creates products and services that aim to strengthen a manufacturer’s processes and align them with larger business goals.
By the end of the webinar, you should have learned out how streamline your quote-to-cash process and comply with the new revenue recognition standards—this means billing for multiple revenue streams with a rules-based engine that can change depending on the particular project. You should also have better insight into how to schedule resources for new projects within a professional services organization.
Listened to the webinar but you’re still confused about how to best leverage NetSuite’s features to make your business stronger? Get in touch and we can start a conversation about some of our own best practices, particularly in vendor-specific objective evidence (VSOE) and dealing with other complex regulatory issues.