NetSuite comes preloaded with hundreds of reports, dashboards, and KPIs, as well as the ability to build custom reports and save searches. If you are already using or contemplating NetSuite, native reporting is one of the most significant advantages.
NetSuite reporting tools’ extensive range of real-time analytics will give you a clear view of your company’s financial and operational performance, allowing you to make informed decisions that drive growth and revenue.
The Overview
NetSuite ERP is a software solution based on the web that combines applications of business activities in small- and medium-scale organizations. The firm offers financial, CRM, e-commerce, application modules, and hosting and maintenance services.
NetSuite’s financial reporting module gives finance and accounting teams robust data analysis and visualization capabilities. Prebuilt financial reports save time and are easily altered to highlight specific results. Create personalized reports with numerous versions and layouts tailored to each audience.
Combining financial, statistical, and operational data with multidimensional analytics can provide valuable insights into your company’s success. Thus, NetSuite can provide a comprehensive view of your business rather than just reports.
Several NetSuite reporting tools help users access, analyze, and present real-time business data. Users can either run pre-built reports or create and customize their options. The Report Builder tool also allows users to generate custom reports. Users with reporting access can find this capability under the NetSuite Reports tab.
Essentials of NetSuite Reporting
KPIs
KPIs are quantitative measurements that compare an organization’s performance to predefined targets, objectives, or industry peers. NetSuite enables enterprises to establish and track KPIs aligned with their business objectives.
These KPIs can be tailored to multiple roles and departments, allowing users to monitor indicators particular to their work, such as sales performance, financial health, inventory levels, customer satisfaction, or operational efficiency.
Standard Reports
NetSuite provides pre-built standard reports for easy data access. These reports can be modified to your specifications and eliminate the need for manual reporting, saving you time and effort. Standard reports can be accessible via the NetSuite Dashboard, specifically the “Reports Dashboard” in the top menu. These reports are readily seen and managed using NetSuite dashboards.
NetSuite also allows customers to create bespoke reports by selecting preferred data metrics, which can provide more particular insights. The preferred method for modifying reports is to alter a pre-built standard report rather than creating one from scratch.
Select the ‘More Customization’ button from the ‘Create Report’ section to create a report. The Report Builder tool allows for easy customization of standard reports to satisfy specific demands while ensuring access to the precise data required to empower the company.
NetSuite Report Builder
The Report Builder is among the NetSuite reporting tools that can customize standard and ad hoc reports. You may customize the reports to meet your specific requirements. NetSuite includes a Financial Report Builder, which allows you to modify financial statements directly.
To create a report, navigate to the Report Builder and choose ‘Customize’ from the drop-down menu. Choose the ‘More Customization’ option on the new report definition page. You can adjust the report’s default columns, filters, and sorting options. You can also set permissions to control who has access to the reports. User roles determine customization options, permissions, and the report you select.
Report Management
Users can manage custom reports through the Saved Reports tab. From this page, users can retrieve all of their previously-stored reports. NetSuite administrators can edit, view, delete, and alter the ownership of reports.
SuiteAnalytics
NetSuite administrators can utilize embedded analytics to extract hidden insights from data. You can measure the firm’s success across departments, subsidiaries, and teams. It lets you save searches and reports, which can help you make critical decisions and gather vital information.
SuiteAnalytics allows us to create workbooks that run complex data analytics processes. By evaluating data in real-time representations, you can make complicated criteria filters. The worksheet also includes a drag-and-drop feature for pivoting and charting. A workbook can be added to the NetSuite dashboard just like portlets. The worksheet can then be saved, shared, and reused.
Business Intelligence
NetSuite provides many services through a single platform, allowing you to store data across different platforms. Analyzing this data will be time-consuming and error-prone. NetSuite Business Intelligence includes built-in real-time dashboards, reporting, and data analysis from all processes inside the Suite platform. It contributes to the reliable and timely execution of good decision-making.
Users can monitor problems, trends, and opportunities in real-time. You can track down individual transactions. It is straightforward to use because it requires no programming or technological knowledge. The Business Intelligence platform can be accessed via a computer browser or mobile device.
Saved Searches
A saved search is among the valuable NetSuite reporting tools because it is a reusable search definition. You get some results when you search with specific filters. You can preserve various search parameters, such as advanced search filters and results display, using Saved Searches. Users with ‘Publish Search’ access can share their search results with others. It aids decision-making by ensuring accurate data reporting and tracking.
Users can save searches either before or after they are defined. You can set up a recipient list and have the search results emailed to them automatically. These emails with search results can be sent at a set time. Others may use the search tool to find previously published searches by title.
Workforce Analytics
Workforce analytics enables you to collect, measure, and analyze information about your workforce. You can study a company’s headcount, hiring, and turnover habits. Payroll data, tenure, and performance management are all approaches CFOs use to identify talent issues. These reports can help HR and management better understand their workforce and plan for employee engagement and retention.
It contains two pages of human resource data: Headcount Analysis and Turnover Analysis. It also includes drill-down features for accessing additional analytics data. Tracking and reporting the company’s benefits programs and expenses can benefit employees and HR. It allows you to perform historical, predictive, and prescriptive analytics.
NetSuite ERP
NetSuite is a web-based ERP accessed through your company’s intranet. The technology is simple to use and runs within a browser. You can use this program on PCs, tablets, and smartphones. Every employee who will use the system will need a license. Remember that the system must be installed on the company’s internal server.
Financial & Operational Reporting in NetSuite
Financial Statements
The NetSuite financial reporting platform has an added advantage: it provides real-time general data analysis, improving financial decision-making. This platform automates and integrates the different financial operations regarding the general ledger, accounts receivables, and accounts payables, ensuring the accuracy and efficiency of reports.
This unified system allows users to create thorough, configurable reports that reflect the current financial situation, trends, and performance indicators. Furthermore, its cloud-based architecture enables quick access to financial data from anywhere, increasing the flexibility and responsiveness of financial management inside a business.
Customizing financial statements in NetSuite guarantees that they accurately reflect the company’s financial status. This customization can be accomplished with the Financial Report Builder, which lets you personalize financial statements to your requirements. With the proper financial statements, you can make smarter business decisions, propel your company to development and success, and improve its financial performance.
Operational Reports
NetSuite’s operational reports provide significant insights into numerous elements of your business operations. Analyzing operational reports assists in identifying areas for improvement, streamlining procedures, and optimizing resources. You can ensure that your organization runs smoothly and successfully with the correct operational reports.
Customizing NetSuite Reports
Creating and customizing NetSuite reports is a critical step in improving the efficacy of your reporting capabilities. Tailoring reports to individual needs allows you to ensure that your firm has access to the most relevant and accurate data.
NetSuite’s comprehensive reporting tools enable you to modify existing templates or create a report completely from scratch. You can generate the most appropriate reports for your needs. Whether modifying an existing report or creating one from the ground up, NetSuite has many customization options.
You can customize NetSuite reports for individual users and positions in your organization. Advanced reporting tools like filtering, sorting, and grouping help personalize the report templates so that, due to those options, every user will get results tailored to their needs. This will allow team members to drive data-driven decisions needed to grow and scale the company by providing each of the users with the most relevant data—correct for them.
Real-Time Reporting in NetSuite
NetSuite’s real-time reporting features provide an effective solution for monitoring your company’s financial and operational performance. These tools eliminate the need for inefficient manual reporting processes and provide your team with precise information to improve decision-making.
Benefits of NetSuite Financial Reporting
Pre-built Reports
NetSuite provides a library of pre-built financial reports, saving you time when generating standard reports like income statements, balance sheets, and cash flow statements.
Customization
These reports can be easily customized to fit your needs, allowing you to tailor them for different audiences or highlight critical metrics.
Reusable Templates
Save time by creating reusable report templates for frequently needed analyses.
Saved Searches
Quickly access frequently used data sets with saved searches.
Automated Reporting
Schedule reports to be automatically generated and distributed at regular intervals.
Reduced Errors
By automating data entry and report generation, NetSuite minimizes the risk of human error associated with manual processes.
Drill-Down Capabilities
Gain deeper insights by drilling down into underlying transaction details for any financial data point.
Audit Trails
Maintain a clear audit trail for all financial activities, enhancing compliance and accountability.
User Permissions
Control user access to reports based on roles and responsibilities, ensuring data security.
Real-time Data
Access real-time financial data for a more accurate and up-to-date understanding of your business performance.
Multidimensional Analysis
Combine financial, operational, and statistical data for a holistic view of business health.
Key Performance Indicators (KPIs)
Create role-based dashboards with relevant KPIs to focus teams on critical metrics.
Scenario Planning
Conduct scenario planning and forecasting with real-time data to make informed business decisions.
Scalability
NetSuite’s cloud-based platform scales with your business, accommodating growth without the need for additional infrastructure investment.
Integration
NetSuite integrates seamlessly with other NetSuite modules like CRM and inventory management, providing a unified view of your business data.
Compliance Support
NetSuite helps ensure compliance with various accounting standards like GAAP and IFRS.
Summing Up Reporting Tools NetSuite
Businesses can go beyond simple financial statements by embracing NetSuite reporting tools, which reveal data-driven insights. NetSuite enables users to obtain real-time visibility, reduce reporting procedures, and make informed business decisions that promote growth and profitability. Whether your goal is to improve efficiency, compliance, or strategic planning, NetSuite reporting tools lay the groundwork for a future-proof financial management solution.
If you want to maximize the chances of success of your company’s NetSuite implementation, consider bringing us on board to support your in-house team. Be confident because we have the expertise and experience for NetSuite implementation with many clients.
You can contact us and check out our resources at Folio3.
