Advanced Cost Budget Tracking Software with Project-Based Budget Management

Track detailed costs on a project-by-project basis

What is NetSuite OpenAir Project Budgeting?

NetSuite OpenAir lets teams track detailed cost budgets on a project-by-project basis. Financial leaders set initial budget forecasts and then track actuals, comparing different scenarios for on-the-go visibility into financial performance. Powerful controls combined with user-friendly menus provide the perfect balance for today's project budgeting needs.

Translate Project Plans into Financial Figures

Using estimated hours to complete tasks and individual or role billing rates, OpenAir can automatically paint a picture any project’s financial performance.

NetSuite helped us to triple our margin by accurately capturing time and forecasting demand. We've also improved the accuracy of our estimates and reduced the amount of time spent on invoicing.

Deborah Hill
Backstop Solutions Group

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NetSuite OpenAir Budget Benefits

Track and Control Costs. Measure and estimate labor, purchases, and expense costs. Automatically feed actuals from timesheets and expense reports to populate project figures.
Greater Time and Expense Forecasting. View and enter time and expense budget estimates, and set standard costs for easy project template setup. View forecasts in detail or summary format.
Boost Revenue Performance. Analyze key performance indicators, like revenue and budgets to actuals, to understand the overall project based on how you measure financial success.
Optimized Decision Planning. Set tolerance thresholds that suit your business and allow OpenAir to more accurately reflect discrepancies to make planning activities more efficient.

NetSuite OpenAir Budget Management Features

NetSuite OpenAir budget management is integrated into timesheet and expense management. Now, project planning and billing can be automated, and teams can track detailed cost budgets on a project-by-project basis. Set initial budget forecasts and then track actuals, comparing different scenarios to allow on-the-go visibility of financial performance.

Transactional Budgets

Track project funding over time and easily manage change orders, extensions, and credits to the project budget. With transactional budgets, identify individual funding items that make up the total project budget, such as statements of work (SOWs) or purchase orders (POs), and align budgets to invoicing and revenue activities.

Project Budgets

Draw detailed budgets for labor, expenses, and purchases associated with your project, and track expenditures at the task, phase, or project level as a cost planning tool. Create budgets based on cost or billing, and estimate costs over the span of the project. View actual incurred costs and compare multiple budgets.

Scenario Planning

Submit multiple budgets for approval for the same project, compare budgets side by side, and approve the most realistic scenario. Compare actual costs against multiple budget scenarios. Identify variances with customizable color-coding for budget items that are on or off target based on the percentage of planned versus actual expenditures.

Budget Reporting

View and compare actual against planned expenditures with project budget reporting. Get an overview of project expenses and profitability. View budgeted totals as well as monthly, quarterly, category-level, and task-level details. Calculate and view estimate to complete (ETC) and estimate at completion (EAC) automatically.

Challenges NetSuite OpenAir Budget Management Solves

Limited Cost Visibility. Easily categorize costs within transactional and project budgeting so you know exactly what expenditures are taking place and maintain project margins.
Weak Foundational Baselines. Integrate and standardize project planning with WBS scenario planning and resource estimates to gain a better understanding of project costs.
Difficulty Tracking Costs. As timesheets and expense reports are entered, they are automatically applied against the project budget to track actual spend.
Disconnected Systems. All project information is captured and centralized so that projects can run from one data set, with no need for spreadsheets or additional applications.

How Much Does NetSuite OpenAir Budget Management Cost?

Companies of every size have made the move to NetSuite OpenAir. Looking for a better way to run your projects but wondering about the cost?

Users subscribe to NetSuite OpenAir for an annual license fee. Your license is made up of two main components: core platform and number of users. There is also a one-time implementation fee for initial setup.

Expense management capabilities are included with the NetSuite OpenAir module.

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