How To Use NetSuite Planning and Budgeting (NSPB)

By the team at Elevate2 | 10 Sep 2021
5 min read

Elevate2’s guide to using and understanding NSPB; features, benefits & implementation

For truly intuitive forecasting, planning and budgeting software, look no further than NetSuite. Our suite of applications has been designed by financial experts to streamline every pain point common to accounting and financial departments across all industries around the world. Our cloud-based system serves everyone from mid-sized to large enterprises, and has been recognised by Gartner as the leading Financial Planning & Analysis (FP&A) tool available today.

From a financial planning perspective, NetSuite’s Planning and Budgeting (NSPB) tool is the number one platform available on the market today. Our platform doesn’t just offer the tools to manage your existing financial systems or pull reports at month-end; its intelligent software means clients are able to analyse, forecast, plan and budget using its inbuilt data analysis features. With the data at your fingertips, never risk losing track of your finances again – when you incorporate your Planning and Budgeting platform, from NetSuite.

What does NSPB cover?

NetSuite’s Planning & Budgeting tool incorporates both core finance features and additionally brings in features to assist with projections, analysis and planning. Core finance facilities are those required to continue your operations, and include all those practices linked with basic accounting, like processing, recording and auditing the numbers. Planning and analysis targets what we might think of as the financial narrative of your organisation, looking at the patterns, trends and any changes in the books to help with projections and forecasting.

When coupled with one another, these two facets of NSPB allow the stakeholders using the platform to gain a full financial picture of the organisation, in addition to providing upper-level management with the capabilities to make strategic decisions for the company as a whole.

Features & benefits of NSPB

NetSuite’s Planning and Budgeting tool includes real-time management dashboards, which provide an overview of the company’s transactional and payment data. Additional benefits include the platform’s analysis and budgeting features, which allow your organisation to set out your estimated costs and revenues over a specified period of time. Establishing a budget in this way through your financial dashboard allows you to set out projected future financial conditions and goals, as well as potential revenue sources and uses over time.

Forecasting is another essential benefit of implementing NSPB within your organisation. NetSuite’s forecasting tool effectively allows the identification of any risk at the same time as spotting potential opportunities, allowing the creation of new marketing strategies to ensure that your processes are as collaborative, cohesive, and inform one another as much as possible.

It’s also important to ensure that your organisation is fully compliant with local and national regulations and tax laws – even international, should your business sit across multiple countries. Logistically, this can pose a challenge to an organisation looking to scale up or to manage accounts in a number of different locations. With NSPB, automated tax and fiscal compliance is guaranteed for over 100 countries, in addition to supporting 90 currencies – meaning your organisation can concentrate on operational optimisation and growth.

The net result? Efficient, accurate and streamlined operations to take your organisation to the next level. A 38% reduction in planning processes, together with 32% less time creating management reports and 12% increase in forecast accuracy significantly boosts your organisation’s performance and operational efficiency – only through NetSuite.

A cloud-based business management platform like NetSuite requires no costly upgrades or maintenance, and instead updates automatically to ensure maximum utility throughout the year. In addition, NSPB has been specifically designed to improve financial and operational performance, and is fully configurable to reflect your chosen metrics and goals.

In short, if you’re looking to improve your profits, reporting efficiency and forecasting accuracy – what are you waiting for? Implement NetSuite Planning and Budgeting today.

Implementing NSPB for your organisation

Implementing NSPB for your organisation couldn’t be simpler. Contact our experts today to discuss your requirements, answer any queries and to tackle any elements unique to your business. Our dedicated professional team is on-hand to begin discussions at any time, providing our consultations service to determine a customised solution for your organisation.

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