Top 5 Reasons Why You Should Implement PyanGo Budgetary Control for NetSuite in 2023

ARTICLE  — Controlling budgets and spend management is crucial for organizations to achieve their financial goals, and implementing an efficient process is essential. Creating budgets is the first step, but controlling them effectively is the most challenging for most organizations. A survey by PwC shows that less than 50% of the budget process is spent on analysis, strategy development, and target setting. Manual processes, too many people involved, and a lack of reflection on changing business conditions can lead to missed profitability goals, cash flow issues, and strained relationships with management and investors.

Fortunately, PyanGo Budgetary Control for NetSuite offers a solution to automate and streamline budget control. The system removes complexity in spend management, standardizes budget control processes, and provides a single source of truth across the enterprise. Real-time updates to the budget ledgers with every transaction and procurement best practices governance help organizations control spending tightly, accurately forecast cash flow, meet profitability targets, adjust directly, influence buying behavior, and drive action.

Here are the top 5 reasons why you should implement PyanGo Budgetary Control for NetSuite in 2023:

1. 1. Achieve Better Financial Insights
      Implementing PyanGo Budgetary Control for NetSuite provides a single source of truth across the enterprise, enabling organizations to gain better financial insights. According to a report by Aberdeen Group, companies that implement automated budgeting and forecasting experience a 29% improvement in their ability to manage their cash flow and a 23% improvement in their ability to manage their working capital.
   2. Improve Cash Flow Management
      Effective budget control is essential for organizations to improve their cash flow management. According to a study by Accenture, companies that automate their budgeting and forecasting processes save an average of 3.6% on their operating expenses. Furthermore, a survey by Deloitte found that 56% of finance executives believe that automation will significantly impact their organization’s business planning and decision-making capabilities.
   3. Respond Quickly to Market Changes
      Organizations must respond quickly to market changes to remain competitive and meet customer demands. According to a study by Ventana Research, companies that use automated budgeting and forecasting are 50% more likely to be able to adjust their plans quickly to respond to changing business conditions.

      Organizations must respond quickly to market changes to remain competitive and meet customer demands. According to a study by Ventana Research, companies that use automated budgeting and forecasting are 50% more likely to be able to adjust their plans quickly to respond to changing business conditions. PyanGo Budgetary Control for NetSuite helps organizations adjust their budgets directly and influence buying behavior, enabling them to react rapidly to market changes.

   4. Strengthen Relationships with Management and Investors
      Poor budget control can strain relationships with management and investors, leading to a lack of trust and confidence. PyanGo Budgetary Control for NetSuite helps organizations improve their budget control processes, leading to better financial performance and stronger relationships with management and investors. According to a report by PwC, companies that implement best practices in budgeting and planning processes are seven times more likely to achieve significantly better budgeting and forecasting outcomes.
   5. Save Time and Reduce Costs
      Implementing PyanGo Budgetary Control for NetSuite enables organizations to save time and reduce costs associated with manual budget control processes. The platform removes complexity in expense management, standardizes budget control processes, and automates budget checking and enforcement, enabling organizations to free up valuable time for analysis, strategy development, and target setting. According to a study by Gartner, companies that implement automated budgeting and forecasting can reduce budget cycle times by up to 70%.

   Implementing PyanGo Budgetary Control for NetSuite in 2023 can help organizations achieve their financial goals, improve cash flow management, respond quickly to market changes, strengthen relationships with management and investors, save time, and reduce costs. The solution’s features, including a single source of truth, budget checking and enforcement alerts, procurement best practices governance, and instant updates to the budget ledgers, can help organizations gain better financial insights and improve their financial performance.

   Contact PyanGo to learn how we can automate your budgetary control process from end to end.

   Click here to schedule an online product demonstration.