Netsuite Sessions for You
Budgeting and Forecasting in NetSuite is a powerful feature that helps businesses plan, track, and manage their financial performance. It enables finance teams to create budgets, forecast future financials, and compare actual performance against planned targets.
Budget Creation:
Create detailed budgets for accounts, departments, locations, projects, and more.
Set up budgets based on multiple dimensions, such as time periods, subsidiaries, or custom categories.
Flexible Forecasting:
Generate financial forecasts based on historical data and current trends.
Update forecasts dynamically as new data becomes available.
Budget vs. Actual Comparison:
Track actual financial performance against budgeted figures in real time.
Identify variances to take corrective actions.
Integration with NetSuite Modules:
Integrates seamlessly with other NetSuite modules like Accounts Payable, Accounts Receivable, and Financial Reporting.
Pulls data automatically from your NetSuite system, reducing manual effort.
Scenario Planning:
Build multiple budget or forecast scenarios to prepare for best-case, worst-case, or expected outcomes.
Simulate the impact of potential business decisions.
Customizable Templates:
Use pre-built or custom templates to create budgets or forecasts tailored to your business needs.
Multi-Currency Support:
Manage budgets and forecasts for international operations in multiple currencies.
Consolidation for Global Operations:
Roll up budgets and forecasts for subsidiaries or business units into a consolidated view.
Ensure compliance with local and global financial regulations.
Reporting and Analytics:
Use NetSuite’s robust reporting tools to generate insights from budgeting and forecasting data.
Access visual dashboards to monitor key financial metrics.
Improved Accuracy:
Automated data integration reduces errors and improves the accuracy of budgets and forecasts.
Time Savings:
Automates manual processes like data collection, consolidation, and reporting.
Better Decision-Making:
Real-time insights and scenario planning enable informed strategic decisions.
Scalability:
Easily manage complex budgets as your organization grows, including support for multi-entity environments.
Collaboration:
Share budgets and forecasts with key stakeholders across departments for better collaboration.
Set Up Budget Categories:
Define accounts, departments, classes, or other categories for your budget.
Create Budget Records:
Navigate to Transactions > Financial > Set Up Budgets in NetSuite.
Specify the budget year, subsidiary (if applicable), and other relevant criteria.
Input Budget Data:
Enter budget values manually or import them from external spreadsheets.
Use historical data or growth assumptions to populate the budget.
Generate Forecasts:
Use the forecasting tools to project future revenues, expenses, or other key financial metrics.
Adjust forecasts based on changing market conditions or internal data.
Run Reports:
Access reports like Budget vs. Actual, Forecast Accuracy, or Variance Analysis to monitor performance.
If your business requires advanced budgeting capabilities beyond native NetSuite features, you can integrate third-party tools like:
NetSuite Planning and Budgeting (NSPB):
Powered by Oracle, NSPB offers advanced planning and budgeting functionality, including driver-based modeling and rolling forecasts.
Adaptive Insights:
Provides sophisticated modeling and collaboration features for larger organizations.
Vena Solutions or Anaplan:
Offers more robust and customizable budgeting and forecasting tools that integrate with NetSuite.
Retail: Plan seasonal sales and inventory budgets.
Manufacturing: Forecast raw material costs and production volumes.
Services: Budget for staffing, projects, and resource allocation.
Nonprofits: Track grants and manage program budgets effectively.