Most of company preparing Budget and try to use full fledged budget function but failed due to unavailability of Budget Control.
AS IS (NetSuite)
NetSuite Financial Planning is the leading cloud-based planning application, automating budgeting, forecasting, reporting, and analysis. Companies can automate their planning cycle-setting budgets, monitoring and reporting on
variances, analyzing options, and reforecasting accordingly-can dramatically improve execution.
NetSuite provide Budget Function under Advance Financial Module, but doesn’t not provide any Budget Control. System doesn’t restrict any transaction which are going beyond the Budgeted Amount, it’s sheer critical, isn’t it?. When Business pull “Budget Vs Actual” report, they are surprised that there are lots of gap between Budget Vs actual.
Once expense has been done then there is no option to take corrective action for the same. This issue reoccurs month to month, Location to Location and Head to head.
We at inoday have put strategical enormous hours to figure out the process and control which will restrict transaction line which are beyond the approved budget. Means user cannot book any liability which are not approved or beyond the budget.
Business enters the transaction with multi line level, system are only capable to highlight the line level which are not under or equal to the budget. So that user have only two way to encounter the restriction –
- Authorize user have to increase Budget for that selected line or
- User will remove unbudgeted line level and save transaction.
This restriction will indicate risk on line level and Transaction level. To understand your detailed requirement, you can reach us here.