Ultimate Guide on NetSuite Planning and Budgeting – 2024Every organization requires financial planning, forecasting, and budgeting. It is preferable to have an ideal tool for properly handling these needs. And what better option than the NetSuite planning and budgeting platform to boost your financial accuracy and efficiencies?
NetSuite Planning & Budgeting is an effective tool for simplifying forecasting and budgeting processes in businesses. With its user-friendly interface and extensive capabilities, assists. organizations of all sizes in developing real budgets, forecasting performance, and making instructed decisions.
NetSuite ERP includes pre-built data synchronization, which improves data accessibility and accuracy. Basically, this assures that your plans, forecasting, and budgets are always up to date with financial and operating data, as well as dimensions and account systems.
In this post, we’ll go over how you can use your business and financial data to make more. profitable decisions and enhance the success of your company.
What is NetSuite Planning & Budgeting?NetSuite Planning & Budgeting goes far beyond to automate manual consolidation, data. loading, and troubleshooting, enabling up your staff to do more than just enter data. You are able to access all functionalities from a single collaborative and scalable platform. In other words, it helps in the streamlining of your financial procedures and the transfer of how your finance team operates. The system is built on a sophisticated calculation engine and in memory integration, allowing for real-time analysis and reporting.
Furthermore, the solution is compatible with existing tools such as Excel. Oracle NetSuite Planning and Budgeting can serve as a hub for adding new users, modifying records and data, and doing real-time modelling. Since the solution is multifunctional and collaborative, your finance team will spend less time on input of data and formula maintenance and more. time on value-driven strategic analysis
How does NetSuite Planning & Budgeting help your Business?When it comes to lean, transparent, and accurate financial reporting, using attachments and spreadsheets sent by email is not enough. Merging multiple sources of data can result in outdated or inaccurate financial data as well as a delayed reporting procedure. Without streamlining your procedures, your company would be unable to respond and adjust in the manner expected of a modern organization.
NetSuite Planning and Budgeting offers businesses with an easy-to-use application that contains financial data from NetSuite financials, eliminating the need for time-consuming. and inefficient manual entry. Implementing this financial budgeting tool enables you to generate predictions that are more precise by using prior data. You can harness the power of improved revenue, expense, and capital forecasts to operate your business more profitably. and predictably with the help of numerous pre-built reports, dashboard layouts, and other helpful templates.
Key Features of NetSuite Planning and Budgeting
- Scenario Modeling and Planning:
Scenario modelling is an essential part of risk management and business planning. You are able to create complicated models with multiple dimensions, such as location, client, product, or expense. This is where you can precisely predict revenue, expenses, staffing costs, and cash flow, among other critical metrics, without worrying about formula errors caused by continual revisions.
- Budgeting and Forecasting:
The budgeting process is filled with mundane, repetitive tasks. NetSuite Planning and Budgeting already has processes set up to manage tasks like approvals and reviews while providing your team time to perform other things. With pre-built processes based on best practices, you can effortlessly keep track of steps like reviews and approvals. In other words, regardless of changes in accounting segments, the budget templates begin automatically filling in and updating with data from NetSuite’s general ledger.
- Revenue Planning:
Revenue forecasting is possible with the correct data, insight, and modelling. Revenue planning makes it very simple to integrate revenue predictions and sales plans with corporate objectives. Furthermore, you can create revenue and sales predictions for various business units in collaboration with sales, finance, and service teams. Tracking the resulting impact on balance sheets and cash flows becomes much easier. The NetSuite Planning and Budgeting solution ensures that your company’s sales and income estimates are in line with its overall goals and objectives.
- Operational Expense:
You may now keep a careful eye on all operational expenses. You can quickly link your operating assumptions to financial results with NetSuite Planning and Budgeting. A hierarchical planning approach is centered on corporate finances and various business units. NetSuite Planning and Budgeting enables you to link operating expenses to financial results. This connection allows real-time reports based on accurate data to be generated. This enables your team to prepare based on a thorough grasp of how spending corresponds to results.
- Trended Financial Statements:
One of the best elements of NetSuite Planning and Budgeting is that it allows you to efficiently observe how all of your organization’s finances are operating. You can relate your income, balance sheets, and cash flow to generally accepted accounting principles (GAAP) by automating and integrating your financial planning and statements.
With more precise financial accounts, you may obtain ongoing actual-to-budget trending. This integration is adaptable and may be tailored to your specific needs or sector. It is compatible with both direct and indirect cash flow methodologies.
- Workforce planning:
You may now keep a careful eye on all operational expenses. Employee expenses are the most important cost for most businesses. A lean, efficient business requires careful management of these resources. NetSuite Planning and Budgeting assists in streamlining and simplifying the process of planning compensation, headcount, and other costs.
- Data Synchronization:
NetSuite ERP data can be synchronized with your Planning & Budgeting system. By automating this data, you save time while increasing accuracy and visibility. Simply said, this ensures that your plans, forecasts, and budgets always include up-to-date financial and operational data, as well as dimensions and account structures.
Dashboards are the most useful tool for visualizing, tracking, and discussing your planning. and budgeting. This feature displays both budget and actual statistics in just a few minutes. NetSuite dashboards are simple to create and may be tailored to your organizations. requirements. The drag-and-drop builder allows you to create unique web-based reports without knowing much about programming. Furthermore, this secure and collaborative technology makes the process of creating, authoring, reviewing, and publishing financial and management reports entirely effortless.
5 Tips while implementing NetSuite Planning and BudgetingKeep the following recommendations in mind when you implement and use NetSuite Planning and Budgeting.
- Assessing Planning and Budgeting Needs Analyse company goals and objectives for both short and long-term goals. Examine financial health utilizing previous statements and profitability. Consider market conditions and seek input from stakeholders.
- Utilizing Templates and Workflows: Use NetSuite’s pre-built procedures to streamline budgeting and saves time, reduces errors, and assures budgeting accuracy.
- Leveraging System Integration: Use NetSuite’s integration features to share data seamlessly and automate activities in finance, supply chain, and CRM to increase efficiency.
- Implementing Predictive Planning: Predictive planning provides insights into future financial circumstances. Analyse previous data to predict future obstacles and opportunities for better decision-making.
- Empowering Your Team Through Training: Essential NetSuite planning and budgeting training for team proficiency. Understand the methods used to generate accurate forecasts, detect risks, and optimize resources for success.
NetSuite Planning and Budgeting BenefitsNetSuite Planning and Budgeting provides numerous benefits that improve financial reporting and productivity. The benefits of this tool are summarized below.
- Get More control. NetSuite Planning and Budgeting gives your company greater control over financial planning. With improved connectivity and more real-time information, it is easy to see beyond the line and understand how the finances are performing.
- Enhanced organizational alignment: Centralizing planning and budgeting help to bring all stakeholders together, reducing the need for data sharing via email or spreadsheets.
- Efficiency in Time Management:educe planning cycles by 50% by utilizing NetSuite Planning and Budgeting’s preconfigured procedures and templates. Furthermore, when compared to spreadsheet methods, budget cycles are streamlined by up to 71%, resulting in significant time savings.
- Refined Forecasting: Easily compare forecasts to actual results, allowing for continuous model refining for increased accuracy over time and better decision-making.
- Robust Data Integrity: NetSuite Planning & Budgeting’s easy synchronization with NetSuite ERP assures increased budget and report accuracy through real-time data connectivity. This synchronization ensures strong data integrity, which is critical for accurate financial planning and reporting activities.
By implementing this financial budgeting system, you may generate more accurate predictions based on prior data. With a variety of pre-built reports, dashboard layouts, and other handy templates, you can tap into the potential of better revenue, expense, and capital forecasting, allowing your organization to run more efficiently and reliably.
When you are well-informed, you can make decisions with confidence that impact your bottom line, compete with competitors, and increase your overall productivity.
Do you need specific NetSuite Planning and Budgeting advice when you’ve hit a stumbling block? Why not touch with one of our NetSuite consultants? They are glad to address your concerns. Schedule a free consultation today!