Industry Details

Manufacturing Financial Services Professional Services Retail Transportation and Logistics Health and Beauty Biology Nonprofit Food and Beverage Software Healthcare Construction

Grow your business with NetSuite Experts @ SixLakes

Unlock the full potential of NetSuite with our expert consulting services!

Professional Services

We are trusted NetSuite experts dedicated to optimizing professional services firms with precision, efficiency, and industry best practices. We understand the unique challenges of project-based businesses, from resource management and time tracking to complex billing models and profitability analysis.

Project & Resource Management

  • Project Setup & Tracking: Use NetSuite Project Management to set up fixed-fee, time & materials (T&M), or milestone-based projects.
  • Task Assignments & Timelines: Ensure proper project structuring, with clear phases, milestones, and deadlines.
  • Resource Allocation: Optimize workforce allocation to prevent over/underutilization of resources.

Time & Expense Tracking

  • Time Tracking: Ensure employees/contractors can log billable and non-billable hours accurately.
  • Expense Reporting & Approvals: Configure workflows for employee reimbursements and project-related expenses.
  • Automations: Integrate with time-tracking tools (e.g., OpenAir, Harvest, or Expensify) to streamline entry.

Billing & Revenue Recognition

  • Billing Models: Ensure NetSuite supports time & materials, milestone-based, fixed-fee, and retainer billing models.
  • Automated Invoicing: Configure billing schedules to auto-generate invoices based on project terms.
  • ASC 606 / IFRS 15 Compliance: Implement deferred revenue recognition for multi-period contracts.
  • Charge Rules: If applicable, set up different billing rates by role, client, or project type.

Profitability & Financial Reporting

  • Project P&L Tracking: Ensure granular reporting on revenue, costs, and margins per project.
  • Utilization Rate Monitoring: Track billable vs. non-billable hours to measure resource efficiency.
  • Segmented Financial Reports: Structure reports by department, region, client, or service type.
  • Custom KPIs: Implement dashboards to track gross margin, revenue per consultant, and backlog reporting.

Multi-Entity & Global Operations

  • Multi-Subsidiary & Currency Handling: Use NetSuite OneWorld for firms operating in different regions or currencies.
  • Intercompany Transactions: Automate cross-subsidiary billings for shared resources.
  • Tax Compliance: Ensure correct VAT, GST, or Sales Tax configurations based on locations.

CRM & Client Engagement

  • Client Onboarding & Relationship Management: Ensure a streamlined process for contract approvals, renewals, and project kick-offs.
  • Integration with CRM: Align NetSuite with Salesforce or HubSpot for end-to-end visibility from sales to delivery.
  • Proposal to Project Automation: Automate the conversion of sales orders into projects to avoid manual data entry.

Workflows & Approvals

  • Project Budget Approvals: Configure multi-level approvals for budget changes, invoices, and expense reports.
  • Contract Renewals & Change Orders: Automate tracking for renewals, amendments, and client scope changes.

Compliance & Security

  • Data Security & Role Permissions: Restrict sensitive financial and project data access.
  • Audit Trails: Ensure that all financial and project transactions are properly logged for compliance.
  • GDPR & Data Protection: If handling EU-based clients, ensure compliance with data privacy regulations.

Our team pays close attention to critical areas such as ASC 606-compliant revenue recognition, automated invoicing, utilization tracking, and multi-entity financial consolidation. We ensure seamless project accounting, CRM integration, and approval workflows, so your firm can focus on delivering value while we handle the complexities of NetSuite.

With a commitment to accuracy, compliance, and automation, we don’t just implement NetSuite—we tailor it to drive your firm’s success, streamline operations, and maximize profitability. Partner with us for a NetSuite solution built for the way professional services firms work.