How NetSuite Financial Planning & Reporting Can Help Your Business

Built on the Cloud, NetSuite Financial Planning utilizes a powerful financial modeling engine to automate financial processes like budgeting, forecasting, analysis and reporting. The user interface makes tasks simple through its unique drag-and-drop functionality. A majority of businesses still rely on spreadsheets for accounting purposes, which require considerable time and effort. Data from Ventana Research indicates that an average user spends over 18 hours a month on spreadsheets. The firm's research found that 7 out of 10 small-to-midsize companies still use spreadsheets for planning. However, 58% of these companies with over 1000 employees report that spreadsheet use makes the financial planning process considerably more tedious. NetSuite Financial Planning offers a simple, cost-effective solution for companies of all sizes that is cloud-based, easy to deploy and use, and the perfect alternative to time consuming spreadsheets and expensive on-premise planning software. In this blog, we'll take a look at how NetSuite Financial Planning and Reporting can help your business.

Key Features of NetSuite Financial Planning and Reporting

It has been widely observed that companies that switch to automation for processes such as setting budgets, monitoring and reporting variances, and analyzing options, have a competitive advantage over businesses that don't. NetSuite Financial Planning and Reporting comes with several features that not only automate your financial workflows but also saves time for your finance team. Following is a list of key features of NetSuite Financial Planning and Reporting and how your business can benefit from them:

End-to-end budgeting and forecasting on a single dashboard

With NetSuite, your finance team can focus their efforts on other higher level business decisions without the need to be bogged down by data consolidation or managing multiple versions of spreadsheets. NetSuite Financial Planning reduces user error and improves accuracy and reliability. It allows for faster business decisions by dramatically reducing budgeting and forecasting cycle times- by up to 90%, and delivering more complete and frequent forecasts.

Comprehensive reporting and analysis

NetSuite's Financial Planning platform allows users to create reports with ease with their drag-and-drop report builder, pulling data from multiple sources to generate and distribute real-time reports as needed.

Allocation management

The platform includes a simple, user-friendly Allocation Manager that facilitates the creation of balanced allocations with greater data accuracy, based on source and target departments and accounts, and allocation method. Complex formulas are replaced with easy-to-use allocation rules, which can be viewed and modified all in one place. It helps businesses adapt to changing policies and regulations using date-effective allocation rules.

Multiple currency support

NetSuite Financial Planning reduces the complexities of multi-national planning and reporting with automatic currency conversions and simple exchange rates. This powerful tool also automatically calculates unrealized gains and losses. The Currency Translation Adjustment feature saves on time and improves accuracy by automatically accounting for balance differences due to currency conversion.

With the NetSuite Financial Planning platform, businesses can rely on Financial Reports, a modern financial reporting experience with the following benefits:

• Real-time business insights, whenever you need it: Financial Reports can be accessed by users from anywhere, using a mobile device or browser. The platform generates standard reports that can also be be easily customized to see specific types of GL accounts, transaction fields or even custom fields as they are recorded on transactions. The customizability also extends to report layouts, which can be tailored to different presentation formats, or can be used to highlight critical data.
• Flexible, multi-dimensional reporting: NetSuite provides a comprehensive view of the business by going beyond just financial metrics, and tracking statistical and operational data as well. It allows executives to quickly identify and diagnose financial issues with real-time reports, and improve performance by taking well-informed business decisions. Dynamic GL segments capture and store transactions for multidimensional reporting and single version of truth.
• Global compliance: NetSuite Financial Reports provide global support via multiple accounting books, multiple fiscal and tax calendars, localized tax calculations and reporting, local format income statement and balance sheet, and audit and compliance reporting. Accurate statements and reports that comply with accounting standards like US GAAP and IFRS can be easily generated.

Better planning leads to better outcomes. Out team of NetSuite implementation and optimization experts at Tvarana can help with customized NetSuite solutions for your business. Schedule a demo with us today.