An effective budget should give a business the tools to track how the company is doing financially so it can plan for both short- and long-term expenses for everything from new hires to the cost of expanding operations. It can also give a company the ability to share its process and budget with a governing… Continue reading NetSuite Planning and Budgeting Benefits
Category: NS Planning and Budgeting
What is a Budget? and Why budget is important?
What is a budget? A budget is an estimation of expenses and income over a certain period, usually monthly, quarterly or yearly. It allows a business to plan out expenses, reach business goals and anticipate any operational changes as needed to support the business. A budget helps a business understand its operating costs and can… Continue reading What is a Budget? and Why budget is important?
Importance of OpEx Planning
Operating Expenses (OpEx) is a term used within budgeting and spending that is usually refers to a company’s everyday expenses. These are all purchases that are required for the day-to-day essential functions of the organization and are generally exhausted within the same accounting period. Some common examples of OpEx expenses include but are not limited… Continue reading Importance of OpEx Planning
13-Period Calendar
Some organizations and individuals choose to deviate from the traditional 12-month calendar and adopt a 13-period calendar instead. This alternative calendar divides the year into 13 equal periods, each consisting of four weeks. With exactly 28 days in each period, the 13-period calendar offers several advantages over its 12-month counterpart. One notable benefit of the… Continue reading 13-Period Calendar