Time Tracking in NetSuite

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Our team has seen a recent client need for time tracking in NetSuite, especially in the life sciences space. Our clients have come to us asking about this functionality, because they are looking to know how to best track specific “project and task” hours as a result of new studies or collaborations they are a part of. This blog will provide you with an overview of NetSuite’s Timesheets, and hopefully answer any questions you had on the functionality.

NetSuite’s timesheet management makes it easy for NetSuite users to enter their time/hours worked on a weekly or bi-weekly basis. Timesheets can also grow with your business, so if you only want to track time by the whole program, that is possible. If a year later you need to get more granular, that is also possible. Here are a few added reasons/features for why we recommend clients use NetSuite’s out-of-the-box Timesheet functionality.

Timesheet Entry

NetSuite allows users to customize time entry to meet business requirements, enter time for multiple projects on the same timesheet, and enter and submit time in bulk.

NetSuite Time Tracking

Here is a snippet of NetSuite’s time entry. You can see the multiple project/tasks entry on one page.

Timesheet Approvals

NetSuite allows users to define user/project level approvals, change approved timesheets, reject time entries, and route for reapproval.

Integrated

NetSuite time tracking is out of the box and does not require an additional module for most instances of NetSuite. It keeps track of time spent on both projects and tasks and is fully connected with the rest of your NetSuite system.

Mobile Application

NetSuite’s mobile application makes it easy to enter time to project/tasks anywhere on any device.

Employee Center Role

NetSuite has a license called the “Employee Center Role” that is for employees who need to perform time entries, submit expense reports, or enter vacation time. These licenses come in 5 packs and (1) 5-pack is the same cost as 1 Full Access license.

For more information on NetSuite time tracking, please reach out to us at any time! Stay tuned for part II of NetSuite timesheets, where we give examples of how Life Science companies use timesheets for revenue purposes on collaboration agreements and how to allocate salary expenses to programs.

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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