Budgetary Control: The Missing Link in NetSuite Financial Planning
By: Mark A. Brousseau | June 20, 2022
ARTICLE — NetSuite customers must excel in financial planning to respond to changing market conditions and potential threats and opportunities. Financial planning has become a critical success factor for many.
NetSuite customers must be able to instantly assess their financial standing and quickly shift gears and adjust to new market conditions. However, the approach to financial planning used by most NetSuite customers is not up to the task. Key data is not captured. Information is not timely. Systems are fragmented. That is why many NetSuite customers fail to meet expenditure forecasts.
As senior executives navigate the turbulent economy, they need help from finance as their business partners. Together, they can steer through uncharted waters by identifying threats and opportunities.
Sixty-two percent of CFOs see an increase in demand for insights and analytics from financial information to help drive business outcomes, according to Accenture’s CFO Reimagined Study.
To fulfill this expectation, NetSuite customers must take steps to deliver more accurate and timely financial plans. Historical number crunching and financial report generation are no longer sufficient. To determine the direction for steering the business, executive leadership must know how current
enterprise spending is impacting the financial plan and the potential effect of budget overruns.
The missing link NetSuite financial planning lies in the adoption of a budgetary control solution.
By adopting a budgetary control solution, NetSuite customers can improve their financial planning:
- “Budget checking” is enforced during procurement when requisitions and POs are created
- Expenses are encumbered throughout the procurement lifecycle
- Capital outlays for large CapEx projects can be more easily managed
- Spending throughout the enterprise can be proactively monitored and controlled
- The budget ledger is updated in real-time as a transaction is modified
Budget versus actual reports can be effortlessly reconciled against procurement data
Budgetary controls solutions serve up complete, timely, and well-integrated spend insights.
More than half of CFOs (53 percent) worry that the finance function is reactive or that data and information sharing processes are not streamlined, Accenture’s CFO Reimagined Study found.
Budgetary control solutions help bring real-time enterprise spend insights to the fingertips of executive leadership, resulting in more accurate and more timely NetSuite financial planning and better-informed decisions. Today more than ever, these insights are critical to navigating the new and largely unpredictable economic challenges that have resulted from the COVID-19 pandemic.
Ready to improve your NetSuite financial planning?
Click here to learn more about PyanGo’s automated budgetary control solutions for NetSuite.