Why Visibility is Critical to Financial Planning and Control
April 21, 2021
VIDEO — Tightly managing cash flow and corporate spending means more in difficult times.
Simply establishing a budget in your ERP’s general ledger isn’t enough.
What businesses need is an automated financial planning and control solution that provides a native integration, or synchronization, with Oracle NetSuite, the world’s #1 cloud ERP.
The technology provides NetSuite users with financial modeling tools that makes it easy to perform statistical and trend-based calculations and forecasts. The modeling tools that are available in an automated financial planning and control solution enable businesses to manage short-term needs – such as navigating the recession – while preparing for future trends – such as the recovery.
Automated financial planning and control solutions that are native in NetSuite also enable users to analyze data and develop financial plans through familiar interfaces such as Microsoft Excel. By integrating with the ERP, the financial planning and control solution extends the capabilities of Excel – a popular tool among financial professionals – beyond reporting to include financial planning.
Some financial planning and control solutions also enable users to track budgets from a variety of dimensions – referred to as segments within NetSuite. Users can slice and dice data for standard and custom segments established within NetSuite. The technology also can separate standard general ledger segments such as account and location to allow for budgeting by a different set of segments.
Extending the visibility and control that they provide, financial planning and control solutions can enforce budgets by automatically checking for budget availability from the point of requisition.
All this delivers the visibility businesses need to better manage their cash and spending.
Want to improve the financial health of your business? Listen to the PyanGo’s latest Budget Bites, “What are the Key Features in an Automated Financial Planning and Control Solution.”
The software can seamlessly integrate with an ERP and other legacy applications to provide execs and frontline staff with increased visibility and control over crucial financial data such as actuals. A financial planning and control solution automatically collects data from different departments.
Centralized, real-time access to financial information enables execs to analyze data more closely to make better informed decisions. Finance, operations, HR, and other parts of the business also can collaborate on the information served up by an automated financial planning and control solution.
What’s more, automation improves control over forecasting and budgeting. A plan for corporate spending has little chance of success without a way to control expenses. The budgetary control software that is integrated with some financial planning and control solutions automatically checks for budget availability before a purchase is committed, eliminating the possibility of budget overruns.
Eliminating unexpected spending is critical to tight spend management. And an automated financial planning and control solution makes that possible.
All this empowers the different parts of the business to own their forecasts and budgets.
If your business wants to improve its forecasting and budgeting, listen to PyanGo’s latest Budget Bites, What are the Stakeholder Benefits of an Automated Financial Planning and Control Solution?”