How to Do NetSuite Planning and Budgeting?

NetSuite Planning and Budgeting

Here’s everything that you should know about NetSuite planning and budgeting including its definition, features, benefits, and other details, before proceeding with the service.

NetSuite is an extensive ERP and CRM solution used by thousands of businesses around the world. The software has helped numerous small, medium, and large businesses since its inception. The advancement in technology as well as increased expectations or requirements of businesses, lead to the birth of the platform. 

The software offers multiple features and services to users. All these features and services are user-requirement-centric. This means that if a particular business needs help with a specific requirement, then it can use NetSuite accordingly. For example, suppose a business is facing troubles with the CRM aspects of the business, then the same can activate or use the CRM services of NetSuite and get things done as required. Different services of the tool allow you to counter specific problems. 

One such service is NetSuite planning and budgeting. 

What is NetSuite Planning and Budgeting? 

Just as the name of the service indicates, NetSuite planning and budgeting is associated with the planning and budgeting aspect of the business. With the help of this feature, any business can easily automate the typical process of NetSuite planning and budgeting with ease. The service gathers and processes specific information from various sources, and then creates a planning or budgeting structure accordingly. 

With the help of the tool alone, you can ascertain the results that may appear under different circumstances. If you want to find out how to proceed and what to do in any situation, then NetSuite planning and budgeting is the answer. With the help of this feature, the finance department of the business can generate event-specific reports, automate different processes, and get the most probable results for further study or research. 

With this simple procedure, the business can strengthen its financial competence with ease. But that’s not the only thing that it helps you with. 

Why is NetSuite planning and budgeting important?: The Challenges it Tackles

One of the major concerns that may appear after learning about the service is what challenges it tackles. Generally, one of the major problems associated with planning and forecasting is the manual aspect. With the presence of an automated tool, everything needs to be done manually. This task can be both time-consuming and costly as to take care of data manually, you need to employ more workforce. 

Additionally, in the absence of an advanced platform like NetSuite planning and budgeting, the business has to gather the data from various sources and platforms rather than just taking the help of one platform. This recording of data from various sources is more prone to human errors. 

Lastly, everyone, especially the lower-level executives present in any organization is never an expert in the field. If they are presented with the task of planning and forecasting using their insights, the business can not rely on such forecasts fully. These problems are quite hurtful and can bring drastic damage to the business if not catered to smartly. Thankfully, the NetSuite planning and budgeting service takes care of all such tasks for you. 

NetSuite Planning and Budgeting Features 

Below are some features of the NetSuite planning and budgeting service and how it can revolutionize the finance aspect of the business. Have a look at all the top features to understand the working of this service of NetSuite. 

1. NetSuite Forecasting 

As you may have understood from the name of the service, NetSuite planning and budgeting helps the business in forecasting. The software gathers data from various fonts and sources. This data is then processed according to the directions specified by the business and presented in a comprehensive form. The business can either direct the tool to ascertain results (forecast according to the results) or manually use the data for forecasting. As the data used by the tool for NetSuite forecasting is gathered from the past experiences and history of the business operations, the forecast or plan it assembles is quite accurate. 

2. NetSuite Financial Planning 

Finance is an important and complicated aspect of any business. One of the most common problems faced by the business is financial management and planning. Thankfully, NetSuite planning and budgeting can help with the same. With the help of NetSuite financial planning features, you can ascertain how and when to allocate funds for different purposes. The automation features of the ERP tool will automatically figure out where the money needs to be invested so that the overall operation strengthens and the business sees quicker and more stable growth. 

3. Event Management 

As you know, the business and its operations are uncertain. A simple change in the working environment can bring about drastic changes in the business. These can either be better for the company or take a turn for the worst. Hence, the business needs to be prepared for such circumstances. NetSuite planning and budgeting help you with the same. With the help of the service, the business can figure out what to do in different circumstances. The tool automates different requirements and then presents even-centric results. The concerned department or the top management of the company can study these proposed results and prepare for the future accordingly. 

4. Revenue Forecasting 

It’s very crucial for the business to know the sources and period of revenue generation. With the help of this information, the business can be certain about the revenue-generating sources and work of the fronts where the revenue is lacking. This allows the business to know what to work on and what to skip. All the services of NetSuite planning and budgeting direct the business about what to expect in the future and make plans accordingly. The business can forecast the sales, then compare the data with the actual one, and make amends if and when required.

5. Expense Monitoring

Apart from NetSuite forecasting, the service can also help you with expense monitoring. You can ascertain where to spend. At times, it may be hard for the business to know what to spend on using NetSuite and hence they take the help of third-party NetSuite ERP experts and professionals who can ascertain the data generated from the tool. Alternatively, with effective NetSuite planning and budgeting training, the business can generate the required results quite easily. The business can then find out the requirements of various departments and fronts of operation and allocate the necessary funds to meet the projected expenses. Once the revenue and expenses are figure out, it becomes quite easy for the business to manage the two. 

6. Personnel Management 

Another crucial factor that NetSuite forecasting and financial planning help you with is personnel management. If the revenue and expenses are rolling out and streamline, the business can easily ascertain the number of employees require to take care of specific requirements. This establishes the smoothness of work, controls the finance spent on over-hiring, and reduces the cost and damage involved in inadequate hiring. 

7. Creation of Financial Statements 

As you know the platform helps with NetSuite financial planning, you can also use the same to create financial statements. Statements like the Balance Sheet, the Statement of Cash Flow, and the Statement of Profit and Loss present a better and more accurate picture of the performance of an organization. The projected statements generated using NetSuite planning and budgeting help the business in determining the economical and financial grounds of the business operations and performance. 

8. Comprehensive and Elegant Dashboard

Dashboard is one of the most important and determining factors of NetSuite. With the help of the NetSuite Dashboard, any organization can ascertain the results derived from various forms of data. The dashboard presents charts, graphs, numbers, and more to make the data more comprehensive and presentable. A single glance at the dashboard allows the businesses and their related parties to know what’s going on in the business and what may appear in the near future. Using the planning service, you can create a desired dashboard that meets your requirements as well as shows the presumed information accordingly. 

What are the Benefits of NetSuite Planning and Budgeting?

Now that you have understood the basic and top features of NetSuite financial planning, let’s head over to the advantages of employing and using the service in the ERP platform: 

  1. The service reduces the significant time spent on data capturing, analysis, planning, and forecasting. 
  2. With the help of the service, you can automate the entire process without worrying about human errors like omissions and miscalculations. 
  3. The tool offers a better vision for the business on how to proceed, what to do, and various other fronts. 
  4. If any business is seeking advanced and accurate decision-making features, then NetSuite planning and budgeting is the one to go with. 
  5. Using the service, you can ascertain the actual and potential performance of the business over time. 
  6. Businesses can use the service in integration with Microsoft Office and its tools for simulated performance. 
  7. You can reduce the overall cost of hiring personnel for data management and analysis as the tool takes care of such tasks quite easily. 
  8. The service is highly-customizable which allows the business to use NetSuite as required and generate the required results. 

So, this was all that we had to share about NetSuite planning and budgeting. If you want further help with the implementation of the service, then you can, and are suggested to seek the help of some NetSuite experts who can provide you with better insights on the requirements of your business as well as help you with NetSuite implementation.

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