How Edgewood Companies Did It
Successful companies are accelerating and producing information that supports planning, decision-making, better service, and a clearer view of what’s next in their business models and operations as a result of cloud apps. With Oracle NetSuite’s Planning and Budgeting solution, businesses can now generate and share plan information and documents as well as any supporting comments, formulas, or workbooks from a single central location.
Companies of all sizes can rapidly deploy world-class financial planning and budgeting across all divisions with Oracle NetSuite Planning and Budgeting, which is available as a cloud-based solution. Accounting and finance teams can automate time-consuming processes using the NetSuite Planning and Budgeting module, allowing them to create budgets and forecasts easily and that too, in lesser time. 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. If you’re struggling with getting finance and budget-related tasks done in time, we suggest you invest in a customized NetSuite system for your business. Certified NetSuite partners like Folio3 can help you through the process with their expertise in NetSuite customization, integration, and implementation.
Edgewood Companies Setting an Example
Edgewood Tahoe resort is one of the names in the travel and leisure industry that’s making fine use of NetSuite’s Planning and Budgeting module. It’s situated on 235 acres along the shores of Lake Tahoe is the country’s finest resort destination.
The property is owned by Edgewood Companies, a privately held, diversified real estate company with origins in Lake Tahoe in 1896 and a presence in the region. In addition to Edgewood Tahoe, the company also controls a water utility and acres of land in the surrounding area. It has now implemented NetSuite Planning and Budgeting software to improve the management of its three income streams, five separate business entities and budgets from 30 different departments. When the need for near-real-time financial analysis and frequent financial forecasting became necessary in March, the decision to implement the system was essential.
What are Edgewood Companies Using Oracle NetSuite for?
Planning for Capital Expenditures
Edgewood Companies are using Oracle NetSuite Financial Management and Planning. By using CapEx planning in SuiteSuccess, it can more effectively manage, prioritize, and plan for capital expenditures and the impact of these expenditures on expenses and financial statements. You may guarantee that decision-makers and management have a clear knowledge of the process from request to approval, from reasoning to review and approval by creating a model of your organization’s capital expenditures.
Reporting and Analytics
Oracle NetSuite Planning and Budgeting provides access to a comprehensive range of management, narrative, and regulatory reporting and analytics capabilities. In addition to providing finance and business managers with sophisticated but easy-to-use web-based reporting capabilities, the drag-and-drop report builder also enables them to define, write, evaluate and publish financial and management reports in a secure collaborative and process-driven environment. Office products from Microsoft, such as Microsoft Outlook and Microsoft Excel and Microsoft Word and PowerPoint with Smart View for Office, are completely integrated with Oracle NetSuite Planning and Budgeting, with a single-click refresh option available. Excel may be used for ad hoc modelling, data slicing and dicing, and other data manipulation tasks. Spreadsheets and allocation are two of the most popular planning tools in Microsoft Excel.
It also finds great use in Smart View for Office integration, which enables real-time viewing, refresh and manipulation in Microsoft Office applications like Word and PowerPoint. Prebuilt reports may be consumed and input forms can be used to create budgets, but users can also go into ad-hoc mode and extract data cells from the data model using Smart View mode.
Budgeting and Financial Projections
Edgewood Properties was able to accomplish two things that are usually essential but were especially crucial during the pandemic: trust in its budgeting data and confidence in its frequent financial projections, both of which were made possible by NetSuite Planning and Budgeting software. It has three distinct sources of income recorded in a single database: land rentals, a water business, and the resort where it operates. Edgewood had difficulties managing budget version control and maintaining data integrity in Excel before adopting NetSuite Planning and Budgeting, but these issues were resolved much more quickly once all information was housed in a centralized database. Finance no longer wastes time verifying data and ensuring that everyone is working from the most up-to-date version of the budget document.
Tracking of KPIs
NetSuite Planning and Budgeting offers CFO dashboards for key performance indicators (KPIs) like revenue, cost of sales, and earnings before interest and taxes (EBITA). However, the program also has the extensive drill-down capability, enabling the finance team to view the budget components as they are being created, thoroughly comprehend the figures, generate anticipated financial statements, and automate reports for day-to-day management operations. Consequently, budgeting procedures that previously took several months to finish the first iteration are now completed in three weeks, according to Lucas Hansel, who oversees the day-to-day financial operations at Edgewood Properties. “It’s a huge improvement,” Hansel said. While department heads use Excel to plan budgets, the information can be readily transferred into the system so that everyone is working from the same version of the truth in real-time.
Budgeting cycles are shortened thanks to NetSuite Planning and Budgeting, and forecasts are more accurate and more precise Financial forecasts are simpler to make when data is readily available and reliable. In addition, the company’s financial accounts are better managed because of improved predictions. While the program cannot offer the same level of relaxation as a vacation at Edgewood Tahoe, it can alleviate some of the worries about accurate data, forecasting, and having excellent information to share with senior leadership, the board of directors, and the bank. If you wish to rise above your competitors as Edgewood Companies did, you know what you’ve got to do – invest in a customized NetSuite system for your company to make the process shorter and less time-consuming. Folio3 can help you go through the entire process without any hassle. Being certified NetSuite partners, they know how to integrate NetSuite into any operational model seamlessly.