NetSuite planning and budgeting platform has the following features and functionalities:
1. Budgeting and Forecasting in NetSuite
Creating budgets is easier in the NetSuite budgeting solution. You don’t need to feed or transfer data from one sheet to another. The software has templates and pre-built reports, making it easier for you to prepare and compare budgets.
The NetSuite budgeting platform supports multiple currencies and subsidiaries, adding to the ease of budget preparation. You can access the projections for revenue, operating expenses, workforce planning, and other data.
2. Revenue planning with NetSuite financial planning
You can make assumptions based on changing market conditions to your revenue forecasts. The NetSuite planning and budgeting solution allows you to combine revenue forecasts of different business units to get an overall prediction. You can monitor the actual revenues and compare them with the projections to identify the impact on financial performance.
3. Generating Financial Statements
The NetSuite planning and budgeting solution generates accurate and timely financial statements. The balance sheet, cash flow, and P&L statement follow the accounting framework you feed in. You can compare the historical statements with the current ones to draw conclusions and make decisions.
4. Scenario Planning and Modelling
You can consider dimensions such as product, expense, customer, or location to create different models. You can plan scenarios with these dimensions to calculate business performance against the stated objectives.
You can also use predictive analytics, rolling forecasts, and other advanced modelling techniques to understand your financial situation. Thus, the modelling aspect of the NetSuite planning platform leads to projected revenues, resources costs, cash flow, operating expenditures, and sales calculations.
5. Projecting Operational Expenses
NetSuite planning and budgeting platform allows every department to prepare the projections of their operational expenses. After that, you can collate and get a picture of the company’s operational expenses. Later, you can compare the projected figures with actual figures to know where you went wrong.
6. Workforce Planning
You can decide the budget for human resources and related processes for it. Based on this, you can hire the right people, spend an amount on them within the budget, and allocate proper responsibilities in line with business objectives. NetSuite planning and budgeting allows you to collate data from finance, HR, and payroll departments to determine the right salary, bonus, incentives, taxes, etc.
7. Creating Dashboards
The solution has dashboards that give you the complete picture of your financial performance. You can compare actual vs budgeted and historical vs current data. You can generate financial reports based on different metrics and performance indicators.
NetSuite planning and budgeting solution immediately reflects the changes or updates made to the data. It has dashboard templates, which you can customize based on your industry needs and display data. Since the information is shared across departments, creating and publishing insightful reports is easier.