Using OpenAir With Timesheet Management

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OpenAir is a Professional Services Automation Solution owned by NetSuite, which provides resource management, project management, project accounting, invoicing, and time and expense management within a single could-based application. OpenAir helps professional service organizations manage their largest expense (people), while driving revenue and improved profit margins through:

  • Increased resource utilization
  • Decreased overhead for project accounting and reporting
  • Expedited billing
  • Increased billing accuracy
  • Improved on-time project delivery

Simply put, OpenAir is able to consolidate multiple billing applications into one solution.

Take the following example to see how OpenAir timesheet management can help employees enter time more quickly and accurately.

Scenario

Agency needs to improve speed and accuracy of timesheet entries.

Business Challenge

Accurate and punctual timesheets are critical for Finance, so they can quickly issue bills to customers and process payroll to the resources. Project Managers need timesheet compliance in order to accurately track project progress, budget vs. actual costs, and project profitability. When timesheets are late, finance teams and project managers end up having to spend a lot of extra time and energy to collect that data which often leads to:

  • Increased frequency of credit/rebills,
  • Delays in month end closing,
  • Manual reconciliation, and/or
  • Revenue leakage.

NetSuite OpenAir Solution

OpenAir with NetSuite provides a fully connected timesheet, financial management, and project management system. NetSuite’s OpenAir solution provides anytime, anywhere access with its cloud-based solution as well as mobile apps to make it easy to enter timesheets on-the-go for resources.

The easier timesheet entry is, the more apt employees will be to enter them on time. The sooner the resource enters the timesheet, the sooner project managers will be able to approve/correct, and thus will result in more accurate financial data. OpenAir processes timesheets directly within its own billing system, reducing the need for dual or manual entry, leading to invoices getting generated more quickly and accurately.

OpenAir’s workflows approvals provide additional quality control, by allowing Project Managers to review project billing and progress information ahead of generating the final invoice for finance. As a result, the finance team gains extra confidence that the invoice they receive has been pre-approved by the project manager and is ready to be sent to the customer!

Have any questions about NetSuite OpenAir or NetSuite in general? Feel free to contact us at any time!

This publication contains general information only and Sikich is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or any other professional advice or services. This publication is not a substitute for such professional advice or services, nor should you use it as a basis for any decision, action or omission that may affect you or your business. Before making any decision, taking any action or omitting an action that may affect you or your business, you should consult a qualified professional advisor. You acknowledge that Sikich shall not be responsible for any loss sustained by you or any person who relies on this publication.

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