What is NetSuite Planning and Budgeting?
NetSuite Planning and Budgeting automates labor-intensive planning and budgeting processes so finance teams can quickly and easily produce budgets and forecasts, model what-if scenarios and generate reports — all within one collaborative, scalable solution. With less time spent on manual consolidation, troubleshooting, reporting and data loading, finance staff can reallocate time from data entry and formula maintenance to strategic analysis activities that have a greater impact on the company’s financial position.
Data synchronization with NetSuite ERP ensures automated, ongoing access to up-to-date financial and operational data. Reduced reliance on manual data input and reconciliations means better control.
All stakeholders are connected in a single environment, streamlining data collection. Accessibility boosts participation and accountability, making it easier for finance to get meaningful input and engagement from operational managers.
NetSuite Planning and Budgeting Benefits
90% of NetSuite Planning and Budgeting customers surveyed have achieved increased visibility, control over their business operations, and more organizational alignment.
95% of surveyed customers confirmed that since adopting NetSuite Planning and Budgeting, their organization has achieved increased visibility and control over their business, and more accurate forecasting.
69% of NetSuite Planning and Budgeting customers surveyed said they’ve experienced improved efficiency, accuracy, and automation of previously manual, time-intensive processes.
From both a functionality standpoint and a technology perspective, NetSuite delivered a robust planning and budgeting solution in a tight timeline. Now we have more time for high-value analysis, partnering and collaborating with stakeholders across the business.
NetSuite Planning and Budgeting Features
Budgeting and Forecasting
Automate tedious companywide and departmental budgeting processes. Prebuilt workflows that leverage best practices make it easy to closely track the progress of tasks, such as reviews and approvals. Budget templates are dynamically populated and updated from NetSuite’s general ledger and accommodate changes to accounting segments. Create real-time forecasts in minutes — based on actual data from NetSuite financials — to make more informed decisions and drive your business forward.
Scenario Planning and Modeling
Perform scenario modeling and multidimensional planning with any number of dimensions, such as location, product, customer or expense. Easily model complex calculations including projected revenue, operating and capital expenditures, headcount costs, cash flow and sales without the risk of formula errors posed by regular updates or monthly maintenance.
Align revenue forecasts and sales plans with corporate objectives. Create driver-based revenue and sales forecasts for all business units in collaboration with finance, sales and service teams. Then, continuously monitor actual performance against objectives and track the resulting impact on cash flows and balance sheets.
Enable flexible driver-based planning to connect your operational assumptions to financial outcomes. Support a hierarchical planning process that encompasses both corporate finance and lines of business.
Simplify workforce planning and related efforts, such as headcount, salary and compensation planning, by aligning the needs and priorities of your organization with those of the workforce to ensure organizational objectives are met.
Trended Financial Statements
Fully integrated financial statements mean the income, balance sheet and cash flow statements are connected with logic derived from Generally Accepted Accounting Principles (GAAP). These financial statements provide seamless actual-to-budget trending and this integration is flexible enough to accommodate industry-specific configuration requirements. Both direct and indirect cash flow methods are supported.
Prebuilt data synchronization with NetSuite ERP ensures data accuracy and accessibility. Up-to-date financial and operational data, account structures and dimensions are automatically reflected in your plans, budgets and forecasts.
Easily create in minutes dashboards that display budget and actuals data. NetSuite's drag-and-drop report builder puts powerful, yet easy-to-use, web-based reporting into the hands of finance and business managers. The system's secure, collaborative, process-driven approach makes defining, authoring, reviewing and publishing financial and management reports an effortless process, while drill-through capabilities let the finance team and business managers dig deep into numbers and better understand areas like budget vs. actual variances.
Microsoft Office Integration
Smart View for Office enables the integration of NetSuite Planning and Budgeting with Microsoft Office tools, such as Outlook, Excel, Word and PowerPoint. Users can add what-if analyses in Excel for customers, items or expenses categories on the fly and create data grids incorporating Excel formulas and formats. Common planning actions, such as spreading and allocation, are available for data grids rendered within Excel.
Leveraging embedded artificial intelligence (AI), Intelligent Performance Management automates data analysis to improve and accelerate decision making. Prediction algorithms continually monitor and analyze plans, forecasts, and variances to uncover and highlight any trends, anomalies, biases—as well as hidden correlations—allowing large amounts of data to be quickly analyzed. Finance can take faster actions on these insights, have better data to plan and significantly reduce the time spent on analysis.
Challenges NetSuite Planning and Budgeting Solves
Faster Time to Value
NetSuite distills the experience gained from tens of thousands of worldwide deployments over two decades into a set of leading practices that pave a clear path to success and deliver rapid business value. And, we get you live on NetSuite in a predictable timeframe. Intelligent, stepped implementations span the entire customer lifecycle, so there's continuity from sales to services to support.
Access specifications, features and benefits of NetSuite Planning and Budgeting.
Spark ideas with success stories from NetSuite customers.
- How Edgewood Companies Took its Budgeting Process from Months to Weeks
- Depatie Fluid Power Improves Forecasting With NetSuite Planning and Budgeting
- Apparel Brand Marine Layer Takes Demand Planning to the Next Level with NetSuite Planning and Budgeting
- United Exchange Reclaims Three Months of Work Annually via NetSuite Planning and Budgeting
- Nonprofit Optimizes Grant Planning and Forecasting in NetSuite as It Doubles in Size
- Family Landscape Business Uses Automation to Speed Budgeting and Reduce Accounts Receivable by $1M+
See NetSuite Planning and Budgeting in action.
View our on-demand webinars, which deliver insights from NetSuite and industry experts.
- Moving Away from Budgeting in Spreadsheets (opens in new tab)
- From Many Spreadsheets to One Budgeting and Reporting Solution (opens in new tab)
- Scenario Planning for What Comes Next (opens in new tab)
How to Create
Scenarios Faster (opens
Create Faster Financial Forecasts and Workforce Planning (opens in new tab)
Guides & Blogs
Go deep into topics around NetSuite Planning and Budgeting.
- Budgeting in the Cloud: Graduating from Spreadsheets (Guide) (opens in new tab)
- Planning, Budgeting and Forecasting in the Cloud (eBook) (opens in new tab)
- 6 Signs Your Business Has Outgrown Budgeting in Excel (Blog)
- 3 Ways to Prepare for Budgeting Season (Blog)
- xP&A: Extending FP&A Principles Beyond the Finance Department (Blog)
- Create Better Budgets and Forecasts with Integrated NetSuite Financial and Operational Data (Blog)
Discover best practices and learn more about planning and budgeting from beginner to advanced levels.
- What is Planning & Forecasting? (Video)
- A Guide to Financial Modeling for Startups and Small Businesses (Article)
- Zero-Based Budgeting Revisited: A Practical Guide for 2021 (Article)
- 5 Best Practices to Master Rolling Forecasts (Article)
- Scenario Planning: Strategy, Steps and Practical Examples (Article)
- Scenario Analysis Explained (Article)
- What Is Integrated Business Planning and Why Is It Important? (Article)