Last month went amazing; you welcomed some huge clients to your network, your sales soared, the company acquired a top name among best workplaces of the year, and you were able to strengthen your standing in the market. Still can’t get over it? Did you go over the numbers (your financial standing) after spending a great deal on your marketing campaigns and workplace renovations?
Now that you’ve seen the financial disaster, you’re no longer feeling that vibe.
Going over budget is never a smart approach. The last thing you want to be doing is filing for bankruptcy.
There is a reason why experts emphasize so much on aligning your efforts with your budget. What’s the point of earning a huge revenue when it will be used to balance the expenses? You need to think wisely and stop when your expenses are about to exceed your budget. Negative cash flow is one of the worst situations a business owner can find themselves in. Why take the risk when there are efficient ways to go about the budgeting and planning process?
A Strong and Better Methodology
Budgeting and planning are keys to success in the corporate sector. Without a proper plan, it is a challenge to hit the targets and enjoy desired results. It is always wise to dedicate a team to work on your company’s budgeting and planning entirely.
But other companies have strong finance teams, but their budgeting and planning efforts are not that effective. The reason behind it is manual management and processing of data. To eliminate these inaccuracies while setting and planning for a budget, it is important to automate and minimize the chances of human errors.
And how can one reduce the risks of human errors? It’s simple, by relying less on humans and replacing the manual, tedious tasks with automated operations, possible through smart tools such as NetSuite Planning and budgeting.
The Benefits of NetSuite for Budgeting and Planning
When it comes to smart business management tools, there is no other to name besides Oracle NetSuite. This is a cloud-based software suite that has been specifically designed to aid a company’s effort to stabilize and succeed. From efficiently monitoring the end-to-end operations across a supply chain to equipping a business with tracking and traceability capabilities, this business management software suite is on its way to revolutionizing the way companies operate in every sector.
Given the many beneficial aspects of this software suite, it’s hard to overlook its budgeting and planning domain. There are a plethora of ways Oracle NetSuite can help you operate in the market with a strong and efficient process.
Rolling Forecasts and Budgets
While many companies still rely on their manual methodologies for forecasting and budgeting, it is one of the biggest mistakes they make. Just because the majority uses a certain procedure to get things done doesn’t make that right.
Tracking historical data and statistics are key to making effective predictions. It is one of the crucial steps of forecasting that brings results. It is where NetSuite comes to your rescue. The planning and budgeting software allows you to benefit from rolling forecasts and budgets.
With this, you can base your predictions on past data and improve your business’s standing in the market through continuous planning. Thanks to automated data collection and processing, NetSuite has a vast bank of data that it can further process for providing you with usable forecasts that will help you plan your company’s every move in advance.
When it comes to budgeting and forecasting, data plays a key role. Without having access to data from internal departments of a company, getting accurate forecasts for setting budgets is impossible. It is important that a finance team has ways of internal collaboration for a smooth process.
It is not feasible to personally visit and hold meetings for the very basic data. It not only wastes time but exposes your efforts to human errors. NetSuite Planning and Budgeting is one way to get past all of this. This software allows companies to adopt an open-door policy. All departments are logging their data into a single database, making information available for all those authorized to use it.
Your finance team doesn’t have to rely on other departments to provide them with the required information. Everything is just a click away.
One of the most important elements of budgeting is being well-informed about the industry trends and statistics. It’s what helps a company stay ahead of the competition. A reason behind inaccurate budgeting and ineffective forecasting is not being aware of what’s happening in the industry.
Rolling budgets and accurate analysis of the trends help companies stay well-informed of the happenings in a market. This is where NetSuite Budgeting and Planning plays its part. The path to success becomes easy and simple when you’re not only prepared for the best of possibilities but also have a plan to get through the worst situations.
NetSuite Budgeting and Planning allows you to be prepared for every situation. You can acquire invaluable insights into an industry’s performance and set your expectations accordingly.
Bid Farewell to Manual and Time-Consuming Methodologies
As a business owner, you must understand that having a robust strategy is important if you wish to succeed in the market, but ensuring it aligns with your budget is key. Know that you can’t, under any circumstances, allow your company to function at a higher budget than that originally set. It can ruin your efforts to acquire a stable standing in the market and even make it impossible to escape the perils inherent in negative cash flow.
It’s time to integrate Oracle NetSuite into your business model and add to the efficiency of your finance team to make accurate forecasts and design a practical budget. Partner with Folio3, an Oracle NetSuite Alliance Partner, to efficiently implement and integrate a perfectly tailored NetSuite budgeting and planning software.