NetSuite introduced a next-generation services resource planning solution Tuesday at SuiteWorld 2014, the first cloud suite to combine ERP and professional services automation to enable project and product-based businesses to run their business life cycle— from project management, resource management, time-and-expense management, to project accounting—in one software solution.

During his opening keynote, NetSuite CEO Zach Nelson outlined the SRP solution’s new features and functionality, which include multi-model billing for service delivery across the services value chain and mobile and social capabilities.

The solution gives service organizations comprehensive visibility into both back-office financials and front-office services operations, along with real-time visibility into operational metrics.

Other key features include:

•    A new project management center
•    Resource management with real-time project timelines and the capability to assign the best available talent to a project
•    Advanced job costing to track labor from timesheets to financials
•    Simplified timesheet and expense reporting and tracking
•    Automated revenue recognition to schedule, calculate and present financial statements
•    Real-time visibility into all aspects of a project-based business to optimize the entire services business lifecycle