Are your executives and FP&A teams sick of fumbling around with saved searches in NetSuite? Are you looking for a solution that is able to lock down data that can be pulled right into Excel, PowerPoint, or Word? Do you need a better way to facilitate and execute your budget and forecast cycles while benchmarking against actuals? Are you looking to leverage AI and predictive modeling to help you identify trend and anomalies that might be missed by the naked eye? This is where NSPB comes into play (NetSuite Planning and Budgeting).
A Better Vehicle For NetSuite Enterprise Reporting
The name NetSuite "Planning and Budgeting" is an undersell in my opinion. The application itself provides much more than budget and forecast facilitation. The real value you get from NSPB is in the transformation of all of your transactional level data from NetSuite into a more agile reporting "cube". During development of the NSPB solution, you are able to clearly define the "dimensions" in which you need to report your data. This definition allows you to considerably improve reporting performance and ensure that the way data is being presented is consistent. When reporting from saved searches in NetSuite, it can be easy sometimes for your team to forget exceptions, re-org rules, or filters needed to present the financials consistently. NSPB allows you to line up your dimensions and consistently report on what matters.
Another main benefit is the ability to leverage the SmartView add-on with Excel, PowerPoint, and Word. SmartView is an executive's best friend because it allows them to pull data right into Excel to do any sort of ad-hoc analysis with the tool that everyone is most familiar with. Dashboards and pre-built reports are great, but sometimes your FP&A department needs to pull data easily into Excel in order to dig for underlying trends or anomalies that might not be prebuilt into your management reporting.
Streamlining Your Budget Cycle
NSPB allows you to automate your tedious budgeting processes. You are given the tools to develop workflows that make it easy to closely track the progress of tasks, such as input gathering, reviews, and approvals. Budget templates are dynamically populated and updated from NetSuite’s general ledger and accommodate changes to accounting segments. NSPB also gives you the ability to create real-time forecasts in minutes, based on actuals from NetSuite. The real benefit you get here is in the transparency and accountability that is gives to your budgeting process. Each input is submitted, reviewed and approved approved to ensure each contributor to your process is focusing on their respective role. Those inputs then flow right into the system. No more fumbling around with multiple spreadsheets and cobbling them together to create the single version of truth.
Simplify Workforce Planning
Simplify workforce planning and associated tasks, like headcount management, salary structuring, and compensation planning, by harmonizing your organization's requirements and workforce priorities, ensuring the achievement of organizational goals. This is especially important for labor intensive business such as professional services.
Predictive Planning
By harnessing embedded artificial intelligence (AI), Intelligent Performance Management automates data analysis, enhancing and expediting decision-making processes. Prediction algorithms consistently scrutinize plans, forecasts, and discrepancies, identifying and emphasizing trends, anomalies, biases, and concealed correlations, facilitating swift analysis of large and complex datasets. This enables finance teams to focus most of their efforts on communicating insights and emerging risk to business leadership for improved execution.
Unlock Value With NetSuite Planning and Budgeting
NetSuite Planning and Budgeting will change the game for your organization if implemented with care. Owning NetSuite, but not NSPB is kind of like buying a car without headlights. It's going to run, and you will mostly get around, but when times get dark and you need visibility and direction, you need to easily see the road ahead.
NSPB will maximize what you get out of NetSuite in the following ways:
Precise Data: Seamless integration with NetSuite ERP guarantees the utilization of up-to-date, precise financial and operational data.
Streamlined Planning Processes: Templates and workflows simplify the collection of inputs and assumptions, reducing planning cycle times.
Organizational Harmony: All stakeholders are linked within a unified environment, limiting the need for emails and spreadsheets.
Enhanced Visibility: Consistent data entry and standardized processes ensure transparent tracking of all changes made by everyone.
Enhanced Forecasting Precision: Continuously compare and analyze actual outcomes against projections to enhance forecast accuracy.
We're Here To Help
If you are thinking about NSPB, our team at Equify Advisors has deep functional experience in leading these implementation efforts. Equify Advisors is a NetSuite Alliance Partner and has technical experts within the technology. Set some time with us to learn more here: https://www.equifyadvisors.com/contacttheteam
Author:
Taylor Kopnitsky - Partner, Financial Transformation
NetSuite Certified SuiteFoundation
NetSuite Certified ERP Consultant
Comments