11 Jul, 2023

Budget Like a Pro with NetSuite’s Advanced Financial Planning Tool

Are you planning to effectively compare and analyze financial results? NetSuite’s Multiple Budgets feature is your optimal solution. This feature gives you valuable assistance with projections and forecasting.  

It also permits you to create and manage multiple budgets simultaneously. Each one shares common segments like department, location, and project. Multiple Budgets feature allows users to establish and manage numerous budgets at the same time.  

They can also create separate financial plans for different divisions, places, initiatives, or any other essential categories. This function helps in examining actual financial results in comparison with expected outcomes. It also offers useful insights for forecasting and decision-making. 

Multiple Budgets Feature in NetSuite 

The Budget Category field helps create budgets for various forecasted scenarios, regardless of surplus or deficit for the year. 

NetSuite enables the import of previous budgets using its Import Assistant, allowing users to utilize historical budget data for forecasting and projections. Additionally, you can gain further insights by utilizing standard reports. The Budget vs Actuals Report enables you to choose your Budget Category. You can also compare it with real-time financial data stored in your NetSuite environment.

Exploring the Robust Functionality of Advanced Financials 

Oracle NetSuite Advanced Financials provides comprehensive financial management capabilities. It makes an impact on the financial performance of CFOs (Chief Financial Officers), Accounting and Finance departments, and management. It enhances visibility, transparency, and control over financial operations.   
It empowers businesses with budgeting, expense allocation, amortization, adaptable billing management, and statistical account capabilities. These features enable organizations to save time, optimize resource utilization, and achieve continuous growth.

Simplifying Budget Creation and Duplication

Smooth Budget Handling 

In simple language, Oracle NetSuite ensures precise and accurate budget management and reporting for the financial department.   

It facilitates easy duplication of existing budgets using the Copy Budgets feature. This is particularly helpful for recurring budgets and creating variations for different departments or projects.   

The innovative feature also provides the option to create budgets in Excel sheets. One can also import them in CSV (Comma Separated Value) format. This advanced module allows convenient entry of account budgets on a single screen, streamlining the entire process.    

With straightforward data input and efficient parameter setting, financial professionals can navigate the budgeting process with ease. 

In-Demand Functionality: Multiple Budgets Category

Oracle NetSuite Advanced Financials offers the ability to support multiple budgets. This feature allows the financial team to establish, modify, and generate reports for various budgets on the same criteria. This provides unparalleled flexibility for management. Now, it is possible to create budget varieties such as typical or conservative and allocate resources and labor accordingly.

We can define multiple budget categories, both global and local. These categories aid in parent-level subsidiary reporting, as well as individual subsidiary-wise reporting in local currencies.

Trustworthy Budget Reporting 

With this solution, organizations can generate dependable reports on budget performance, including Budget Income Statement and Budget vs. Actual comparisons. The finance team can now design customized reports for budgets aligned with predefined criteria and specific business needs. 

Real-Time Collaboration  

The Multiple Budgets feature places a strong emphasis on real-time collaboration among team members. This allows multiple users, spanning different departments such as finance, sales, and project management, to work simultaneously on budgets. The result is the elimination of delays and an enhancement in efficiency.   

Real-time collaboration in a multi-departmental organization aligns diverse teams in their budgeting efforts. This fosters a holistic and integrated approach to budget management. By emphasizing seamless collaboration, NetSuite transforms the budgeting process into a dynamic, collective endeavor, adding to the overall success of financial planning within organizations.   

Creating Budgets  

Creating budgets in NetSuite is a straightforward process that facilitates financial planning visibility. Users can choose and define accounts required for their budgets, providing expense and income statements for a specified duration. New budget creation or importing an externally created one is now easy in NetSuite.    

To wrap it up, NetSuite's Multiple Budgets feature enables effective cash flow management and financial planning. Organizations gain valuable insights for forecasting and decision-making. NetSuite's Advanced Financials module offers comprehensive capabilities including budget handling, reliable reporting, adaptable expense allocations, amortization planning, and dynamic billing management. Creating budgets using this solution is straightforward, allowing users to easily create, duplicate, or import budgets.    

To know more about this cloud ERP solution and to enhance and streamline your financial management and financial planning, contact Jobin & Jismi, the trusted Oracle NetSuite Solution Provider. Our team possesses robust technical expertise and extensive integration experience. We offer comprehensive solutions to help companies leverage the power of NetSuite.