When it comes to budgeting, planning, and forecasting, spreadsheets fall short in the areas of collaborative planning, information management, and scenario modelling. Cloud-based planning and budgeting solutions, on the other hand, benefit the whole organization and not just the finance and accounting team over the long term.
Obtaining success in corporate performance modelling, foresight, and reporting may be very difficult, especially when considering changes in consumer demand, supply-chain delays, and the growth of subscription-based businesses. And without a precise and dependable data flow between your transactional systems and your planning solution, your leadership will often be unable to make decisions fast enough to make use of all of the information at their fingertips.
Accounting and finance teams can automate time-consuming processes using the NetSuite Planning and Budgeting module, allowing them to create budgets and forecasts quickly and easily. It makes it easy for finance teams to develop budgets and forecasts and produce reports, all inside a single, scalable system, using what-if scenarios and other tools. Real-time financial and operational data allows finance teams to have more control, collaborate more effectively, and improve their visibility in their organizations.
You can save time by integrating NetSuite’s planning and budgeting solution with NetSuite project management, financials, and an external timekeeping system. Employees will be able to devote their time to delivering financial reports and financial analysis rather than paperwork. NetSuite Planning and Budgeting is a prominent cloud-based solution for budgeting and forecasting in the midmarket market.
Office programs such as Outlook, Excel, Word, and PowerPoint work smoothly with Smart View for Office. If you want to conduct ad hoc modelling or add custom members on the fly, Excel can help you accomplish that. When working with planning data grids in Microsoft Excel, two typical financial planning procedures are spreading and allocating money. With NetSuite Planning and Budgeting solution, Indirect cost allocations can be automated. This gives you more visibility into your planning process, enables you to understand real profitability, and creates a single centre for automating all allocation-based company operations.
It won’t be wise to not have NetSuite integrated into your current operational model with so many benefits. You can have Folio3, a certified NetSuite partner, integrate and implement a customized NetSuite system for your business that’s tailored to your business needs to absolute perfection.
Let’s see why NetSuite Planning and Budgeting Module is worth it:
It has been determined that NetSuite’s ERP system and its Planning and Budgeting Solutions are not interoperable anymore. It is possible to automate the transfer of data between NetSuite SuitePeople NetSuite ERP and then from those two systems back to NetSuite Planning and Budgeting. This allows for more accurate budgeting, forecasting, and reporting throughout the organization using a single set of SuiteApps. With the help of this connection, NetSuite users may automate and plan the flow of data, allowing them to devote more time to understanding and assessing the information they have gathered. SuiteApps allow NetSuite customers to reduce the likelihood of making a mistake, free up time spent on low-value tasks, predict more rapidly, and accelerate the close of the month and quarter as well as budgeting and reporting cycles by using these applications.
Using the pre-built data synchronization packages, you can guarantee that your budgets, forecasts, and reports are automatically updated with the most recent financial and operational data, account structures, and dimension information available. As a bonus, they provide a fast and simple method to get started with NetSuite Planning and Budgeting, resulting in a quicker time to value and a shorter time to profit.
Accounting reports will be available for retrieval from NetSuite stored searches and import into Planning and Budgeting through the NetSuite Planning and Budgeting Sync SuiteApp, which will be available in the coming months. Create saved searches with the information you need to improve your planning and budgeting processes with the assistance of this SuiteApp, which you can access from any device. The ability to spend more time analyzing source data from NetSuite ERP will be enhanced as a result of more reliable access to source data. Data flows that are automated will allow you to spend more time on data analysis.
A few of the most significant features include the following:
NetSuite Planning and Budgeting is a web-based application. A SuitePeople Sync is a collaboration tool. It is possible to connect data from SuitePeople to NetSuite Planning and Budgeting in a matter of seconds, which can aid you in improving workforce planning. Using this SuiteApp, you can integrate SuitePeople headcount data into the planning and budgeting solution for more accurate and reliable workforce planning, reporting, and forecasting. Using data from NetSuite SuitePeople, the customer may make quick decisions about headcount, payroll, compensation, and bonus. By eliminating the need for manual data input, customers may minimize errors and save up time that would otherwise be spent on time-consuming manual tasks that provide little value to their business operations.
A few of the most significant features include the following:
NetSuite is a financial and operational management system designed specifically for small and medium-sized enterprises. Using modelling tools and data, NetSuite Planning and Budgeting assists you in making more informed financial decisions about your business’s future. When NetSuite Planning and Budgeting and NetSuite Accounting are integrated, your business will benefit from a centrally managed, regulated, and scalable solution for planning and budgeting. The fact that this connection with NetSuite Planning and Budgeting is fast, reliable, and flexible is in addition to the fact that your data is always up to date. By using the NetSuite interface, financial staff can manage and maintain the data connection, avoiding the need for IT to make any changes. Therefore, you will have more resources accessible to you, allowing you to design a planning process that is more collaborative and responsive. The sooner you integrate a customized NetSuite software for your business, the bigger the edge you’ll have over your competitors. Folio3 can assist you through the process of NetSuite customization, implementation, and integration.