NetSuite Helps Construction Businesses Protect Margins and Improve Cash Flow

Planned AI-powered construction accounting solution connects job costs, billing, and financial management to support project oversight and billing

Oracle NetSuite, the #1 AI Cloud ERP, today announced plans for a new AI-powered solution to help general contractors, subcontractors, and specialty-trade firms connect construction accounting workflows and financial management in one system. NetSuite for Construction Businesses is designed to give finance and project teams a shared view of job performance by bringing together estimates, contracts, job costs, billing, and work in progress (WIP) accounting.

“Construction businesses operate on tight margins, and small gaps between project activity and financial information can quickly impact profitability and cash flow,” said Evan Goldberg, founder and executive vice president, Oracle NetSuite. “NetSuite for Construction Businesses will help finance and project teams the visibility they need to spot cost pressures earlier, keep work and billing aligned, and make better decisions as their business grows.”

NetSuite for Construction Businesses will help finance and project teams reduce manual work and stay aligned as jobs progress by connecting job-level construction accounting with the general ledger, multi-entity financial management, procurement, and company-wide reporting. Ask Oracle, NetSuite’s natural language AI assistant, provides a conversational entry point to AI agents that help streamline job setup and payment application preparation. Planned capabilities of NetSuite for Construction Businesses include:

• Estimate Import Agent: Helps finance and project teams automate job setup by converting estimates into contracts, schedules of values, and cost-coded job budgets. Source traceability enables teams to verify imported information against the original estimate and establish a consistent financial baseline for each job.
• Payment Application Agent: Helps project and billing teams reduce manual work and accelerate billing by preparing payment applications based on verified progress, approved changes, and retainage terms. Project managers verify percent complete and billing teams review and approve before posting.
• Construction Workbench: Helps project managers and controllers identify cost exposure and potential margin issues earlier by monitoring job performance and providing a single view of budgets, committed and actual costs, billed-to-date amounts, and estimated cost to complete.
• Change order and progress billing: Helps project and billing teams keep approved work aligned with billing by carrying change orders into schedules of values and subsequent payment applications. Construction-specific progress billing features support the preparation and review of amounts requested for payment.
• WIP accounting: Helps finance teams achieve a clearer basis for assessing job results and the amounts still to be collected by aligning earned and billed revenue, adjusting for over- and under-billing, and keeping retainage visible through final collection.
• AIA-style progress billing: Helps contract administration and billing teams prepare and review consistent payment requests by using American Institute of Architects (AIA) payment applications based on schedules of values, verified progress, approved changes, retainage terms, and stored materials. This gives teams a construction-specific structure for presenting and reviewing amounts requested for payment.
• Payroll: Helps payroll and finance teams manage construction-specific payroll requirements by supporting garnishments, multi-rate overtime, certified payroll, wage determinations, and payroll exceptions. It connects employee time with project/contract, job-cost, and financial data.
• AI-powered financial orchestration: Helps finance leaders manage job and company performance in the same financial environment by connecting construction accounting with the general ledger, multi-entity accounting, procurement, and company-wide reporting. Close enhancements include AI guided close-plan orchestration, and reconciliation. This keeps job-level performance connected to the broader financial management of the business.

NetSuite for Construction Businesses is built on NetSuite’s integrated business suite and SuiteCloud platform, enabling organizations to connect and extend financial, operational, and industry-specific workflows. The solution is designed to leverage the AI capabilities and experiences in NetSuite Next, including Ask Oracle, to help users find insights, automate tasks, and interact with AI agents.

Availability:

NetSuite for Construction Businesses is planned for a limited U.S. rollout initially, with broader availability expected later. Availability, features, and timing remain subject to change.

Future Product Disclaimer

The preceding is intended to outline our general product direction. It is intended for information purposes only and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, timing, and pricing of any features or functionality described for Oracle's products may change and remains at the sole discretion of Oracle Corporation.

About Oracle NetSuite

For more than 28 years, Oracle NetSuite has helped organizations of all sizes reach their goals faster and more efficiently. NetSuite provides an integrated business system with embedded AI that delivers powerful financial management, supply chain, customer experience, and HR capabilities. Relied on by more than 44,000 customers in 220 countries and dependent territories, NetSuite is the #1 AI cloud enterprise resource planning (ERP) solution.

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Media Contact

‍Dallas Ripka
Oracle Corporation
dallas.ripka@oracle.com

Source: Oracle Net Suite.