How are NetSuite Customers Benefitting from a Budgetary Control Solution?
February 18, 2021
VIDEO — What would your budget managers do with more time?
For organizations that deploy an automated budgetary control solution integrated with their NetSuite ERP, the notion of creating more time for budget managers isn’t as far-fetched as it might seem.
Automated budgetary control solutions eliminate many of the manual tasks that bog budget managers down. For instance, many budget managers scrutinize their budget versus actual reports daily to see how their department or business unit is performing against budget and to identify budget overruns. But a budgetary control solution automatically alerts staff to transactions that exceed budget and to categories that are approaching their budget limit. Budget managers can even ‘slice and dice’ the data generated by a budgetary control solution to see which transactions and types of transactions are having the biggest budget impact. Freeing budget managers from the drudgery of poring over budget versus actual reports daily frees them to focus on higher-value activities such as data analysis.
Reporting isn’t the only way that budgetary control solutions for NetSuite save staff time.
Budgetary control solutions also automate time-consuming tasks such as correcting mis-coded data. A budgetary control solution immediately alerts users of any codes that do not match a budget line, eliminating the need to correct the data after it hits the organization’s accounts payable system.
The technology also performs encumbrance and commitment accounting, manages CapEx project expenses and OpEx budgets with rollover, and amortizes numerous expenses throughout the year.
Less time spent on budget monitoring and control. More time spent on growing the business.
That’s a good use of a budget manager’s time.
Want to learn more about how a budgetary control solution can free your budget managers to focus more times on the things that matter most?
Listen to the latest edition of PyanGo’s Budget Bites, How are NetSuite Customers Benefitting from a Budgetary Control Solution?