Many companies come across variations in the execution of what is planned and budgeted. The non-alignment of antiquated budgeting processes with the actual execution of the plan results in breakdowns. By leveraging the elemental capabilities of the NetSuite Planning and Budgeting Tool, your finance teams can have greater visibility into the activities, resources, and metrics that matter the most.
Driver-based Budgeting with NetSuite helps thriving organizations link their business activities and financial forecasts. Business leaders can evaluate the business drivers that impact financial performance and leverage driver-based budgeting to steer high transparency across departments.
The finance teams need to work closely with business leaders to identify all those relevant drivers that help improve impact business performance. In most cases, key drivers will vary as per the industry and the company.
Key Drivers may include:
Some other business drivers may include economic and market conditions, competitor positioning analysis, and inventory.
Financial Planning with Driver-based Budgeting
You can forbid conventional budgeting with inaccurate data and gear up your financial planning with Driver-based Budgeting in NetSuite to meet evolving business requirements without a hitch.
Considering the operational challenges in the advancing business world, particularly due to the COVID-19 pandemic, it’s high time for growth-seeking and prompting finance companies to revamp their approach to budgeting and planning. Many are now turning to driver-based budgeting and reaping substantial business advantages.
Benefits of Driver-Based Budgeting
Driver-Based Budgeting with NetSuite
NetSuite Planning and Budgeting tools allow you to enhance your ability to manage and analyze finances using driver-based income statements, balance sheet and cash flow planning, or modeling deeper detail for revenue and expenses planning.
Business leaders can easily synchronize their NetSuite transactional data and chart of accounts with NetSuite Planning and Budgeting for budgeting, forecasting, and reporting purposes. It readily eliminates the need to make manual updates in multiple places.
Financial Planning with NetSuite Driver-based Budgeting delivers the collaboration, greater control, and high visibility to better manage the complete budgeting process using a one-stop solution. Today’s finance management companies can make the most of such inventive tools to drive greater scalability, drive growth, and improve financial planning.
Considering a change from running the operations on outdated and complex systems can be an intelligent move. Additionally, a certified NetSuite Partner in India can let you explore it across all the major verticals, be future-ready with advanced solutions, and unveil opportunities to lead the competitive edge.
Serving in the field of cloud computing solutions for more than a decade, inoday has won accolades for its exemplary services, willingness to respond, and industry-specific expertise to do away with operational bottlenecks. As an accredited # 1 Oracle NetSuite Partner in India and recently acclaimed as India’s Top Solution Provider by NetSuite, we would assist you in executing your business vision efficiently and driving unrivaled scalability.