New Year, New Approach to Financial Planning and Budgeting?

Whether it’s a new calendar year or a new financial year, thoughts always turn to planning and budgeting. It’s a process that finance managers and directors need to be committed to, but the most successful ones are always in planning and budgeting ‘mode’, not just at the beginning of a year or quarter.

 

How do you do this? Is it by extracting data from your finance system and manipulating endless scenarios on a spreadsheet? Is it by mapping out a plan and budget on a spreadsheet but it’s never looked at again until the next new year or quarter?

 

Without suitable technology, the process can be laborious, error strewn and in some cases more of a ‘tick box’ or guesswork-based exercise, than a meaningful and integral task. Recent research by Barclaycard Opinium revealed that 40% of finance leaders state that their accounting systems are too labour intensive and 22% know that they are out of date. Add to that the ‘unknown’ element involved in scenario planning, particularly in the current economic and political climate, and you can see why a fresh approach might be the answer.

 

With the appropriate technology – in this illustration we discuss Oracle NetSuite’s Planning and Budgeting software – quick wins achieved include:

  • 38% less time in the planning process,
  • 32% less time creating management reports, and
  • 12% increase in forecasting accuracy.

 

For companies thinking about implementing NetSuite ERP, or those already using it, implementing the Planning and Budgeting module is the logical step where the business and its environment are complex, moving factors. Planning and budgeting don’t have to be guesswork.

 

Some of the reasons why 100+ companies per week are currently implementing NetSuite Planning and Budgeting:

  • Integration

 

NetSuite Planning and Budgeting seamlessly integrates with NetSuite, providing efficient access to financial and non-financial data. This ensures users have the information they need to make timely, impactful business decisions.

  • Scalability

 

NetSuite Planning and Budgeting is built on the Hyperion Planning/Essbase platform, a proven financial analytics solution. As it scales with a business from start-up to global domination – and doesn’t have the common relational database structure limitations of many other solutions – it’s the last and only budgeting/planning/reporting solution they need.

  • Flexibility

 

Now, while one of the major benefits of Oracle NetSuite products is the continual updating and incorporation of proven best practice out of the box, this is complimented with the ability of an experienced partner to customise the technology to your requirements, and NetSuite Planning and Budgeting is no exception.

  • High User Adoption

 

NetSuite Planning and Budgeting Smart View functionality is a significant advantage for any company that wants to leverage Microsoft Office applications in their planning, budgeting and forecasting process. Smart View is a Microsoft Office Add-In that comes with NetSuite Planning and Budgeting, and gives the average user the ability to create reports utilising Excel and easily connect them to PowerPoint presentations for their Board, for example. This familiarity reduces the learning curve, increases efficiency and gives end users the immediate confidence to create their own reports and presentations with NetSuite data.

  • Quality, Meaningful Reports and Analytics

 

Out of the box, the NetSuite Planning and Budgeting solution comes with pre-configured roles, pre-built reports and best practice dashboards. There are templates to help you hit the ground running with your planning and forecasting, and allow you to scenario plan around revenue and sales, external events, operational expenses and much more, drawing on real, meaningful data.

 

According to Vertana Research, companies that use dedicated software instead of spreadsheets are likely to have a better planning and budgeting process that is more accurate. Make planning and budgeting an ongoing, meaningful endeavour rather than an occasional chore separate from your core financial operations and start the new year by contacting Eureka Solutions for more information on NetSuite Planning and Budgeting or to set up a discovery call. We are a leading NetSuite partner and can tailor a demonstration to your particular business needs and pain points, exploring:

  • How to streamline your planning and budgeting processes and to produce forecasts and targets that are fresh, relevant and actionable.
  • How NSPB can scale with your business when there is rapid growth.
  • How the reporting capabilities enable you to make smarter and faster business decisions.
  • How a best practice approach is beneficial.