NetSuite Planning and Budgeting: The Key to Accurate Records and Reliable Forecasting

Budgeting software can either set your company up for success or cause it to crash and burn. That's why you need the right system implemented by the right experts.

Issues with Spreadsheets

We understand that spreadsheets can feel as comfortable for an accountant or bookkeeper as an old blanket. Most people know how to use them, so there’s little training necessary.

However, spreadsheets aren’t always the best tools for managing a budget. They can be clunky and inefficient and may cause significant problems for your company. These issues can include:

1.    Error-Prone Processes

Businesses and organizations depend on accurate numbers, and one mistyped sum or formula in a spreadsheet can make an enormous impact. 

Need some cringey examples? In January 2023, the Associated Press reported that a spreadsheet containing an incorrect mathematical formula caused some Virginia K-12 schools to overestimate how much state funding they would receive. The Washington Post reports that another spreadsheet error embarrassed a major Austrian opposition party in June 2023 when it announced the wrong leadership election winner.

Mistakes like this can cost millions and reduce confidence in your company’s leadership.

2.    Disconnected Data Sources

Many spreadsheets operate as a miniature data siloes. Nothing updates automatically, so you must constantly collect information from your data sources and input it manually. That takes a frustrating amount of time and creates ample opportunity to introduce errors.

3.    Inefficient Collaboration

Teams using spreadsheets for budget management often pass those documents back and forth, adding new info and deleting outdated information. It doesn’t take long for the most updated version to get lost in the mix.

If your company can’t keep track of its budgeting data, you risk errors and added time for troubleshooting and auditing. Entire departments might also run on outdated information, so they can’t make solid decisions that move the company forward.

We know these issues can do more than cause frustration—they can cost your company millions. SuiteDynamics will implement NetSuite Planning and Budgeting with your NetSuite ERP to create a more flexible, dependable financial system that keeps your budget updated and accurate.

Schedule a free NetSuite demo with SuiteDynamics experts and discover how this software can save your company from a disaster waiting to happen.

What is NetSuite Planning and Budgeting?

NetSuite Planning and Budgeting is a cloud-based solution and part of the NetSuite business management suite. It’s built on the Oracle NetSuite Planning and Budgeting Cloud Service (PBCS) structure and shares many software components.  

NetSuite Planning and Budgeting streamlines the budgeting and planning processes for businesses. It includes several features and functionalities that help companies develop flawless budget processes.

1.    Cloud-Based Platform

NetSuite Planning and Budgeting operates in the cloud, allowing users to access the platform from anywhere with an internet connection. This facilitates team collaboration, especially in organizations with multiple locations or remote employees.

2.    Comprehensive Planning

The software provides tools for comprehensive financial planning, including budgeting, forecasting, and scenario analysis. This enables organizations to create detailed financial plans that align with their strategic goals.

The software simplifies various types of financial planning, including:

• Capital Expenditure
• Travel and Expense
• Indirect Expense Allocation
• Operating Expenses
• Strategic Workforce
• Financial Statements
• Predictive

3.    Integration with NetSuite ERP

Planning and Budgeting integrates seamlessly with NetSuite’s ERP system as part of the software suite. This integration ensures financial data stays consistent across the organization and reduces the need for manual data entry.

4.    User-Friendly Interface

NetSuite Planning and Budgeting typically offers a user-friendly interface, making it accessible to users with various levels of financial expertise. This ease of use is essential for involving different departments in the budgeting and planning process.

5.    Real-Time Collaboration

The platform allows real-time collaboration among team members involved in the budgeting process. Coordination encourages timely input from stakeholders and ensures everyone works with the latest information.

6.    Scenario Modeling

Businesses can create and analyze different financial scenarios to assess the potential impact their decisions or changes may have in the market. This feature helps company leaders make more informed and strategic decisions.

7.    Workflow Automation

NetSuite Planning and Budgeting often includes workflow automation capabilities. Automation helps streamline the budgeting process, reducing manual errors and ensuring the process follows a defined and efficient workflow.

8.    Mobile Access

The platform’s cloud-based nature allows users to access the system via mobile devices. Consequently, executives and managers can review and approve budgets while on the go.

NetSuite Planning and Budgeting allows your company to surpass competition with world-class planning, budgeting, and forecasting tools. But don’t take our word for it. Schedule a free NetSuite demo with SuiteDynamics experts and experience the software yourself.

Why Should You Ditch Spreadsheets ASAP?

At some point, every company outgrows its spreadsheet phase.

To compete in today’s market, you need software that solves more problems than it causes. NetSuite Planning and Budgeting software boosts your business in a few key areas so your company can spend more resources gaining customers and making sales.

1.    Efficient Resource Allocation

NetSuite Planning and Budgeting software helps businesses allocate resources more efficiently, including finances, time, and labor. This is crucial for optimizing operations and achieving organizational goals.

2.    Strategic Decision-Making

This product allows organizations to make informed and strategic decisions by providing a clear overview of their financial situation. Updated overviews help companies adapt to market changes and stay competitive.

3.    Goal Setting and Monitoring

NetSuite Planning and Budgeting software facilitates financial goal setting and allows organizations to monitor their progress toward these targets. It enhances accountability and helps achieve long-term objectives.

4.    Forecasting and Risk Management

The software assists financial forecasting by analyzing historical data and predicting future trends. This functionality helps organizations identify potential risks and develop strategies to mitigate them.

5.    Enhanced Communication and Collaboration

NetSuite's product fosters communication and collaboration among different departments within an organization. It ensures everyone works toward common financial goals and that resources are allocated in a coordinated manner.

6.    Compliance and Accountability

NetSuite Planning and Budgeting helps organizations, particularly those subject to regulatory frameworks, adhere to financial regulations and remain accountable.

SuiteDynamics experts can answer more NetSuite Planning and Budgeting questions in your free NetSuite demonstration. We’ll discuss your current pain points and spreadsheet issues. Then, we’ll show how this software can help your company meet bigger and better goals year after year.

How to Forecast a Successful Future

According to The Conversation, the United Kingdom failed to report 16,000 COVID test case details after experiencing a spreadsheet issue. If that can happen to a government agency, what could an error cost your company?

We don’t want you to experience the same humiliation and turmoil Boris Johnson’s administration suffered. Schedule a free NetSuite demonstration with SuiteDynamics experts and discover how NetSuite Planning and Budgeting can keep your data accurate, increase team collaboration, improve decision-making, and save your company from embarrassing errors.

We pull information from NetSuite material, SuiteDynamics experts, and other reliable sources to compose our blog posts and educational pieces. We ensure they are as accurate as possible at the time of writing. However, software evolves quickly, and although we work to maintain these posts, some details may fall out of date. Contact SuiteDynamics experts for the latest information on NetSuite ERP systems.



Part of this text was generated using GPT-3, OpenAI’s large-scale language-generation model. After generating the draft language, our team edited, revised, and fact-checked it to ensure readability and accuracy. SuiteDynamics is ultimately responsible for the content of this blog post.