Hey there, NetSuite Newbies! Today we’re diving into the world of financial planning and analysis with a spotlight on NetSuite Planning and Budgeting (NSPB). If you’re looking to take your financial management to the next level, buckle up and get ready for a ride through the essentials of NSPB, the new features launched in November 2023, and how Salora ERP can help you make the most of this powerful tool.

What is NetSuite Planning and Budgeting?

NetSuite Planning and Budgeting (NSPB) revolutionizes financial planning by automating the tedious processes of budgeting, forecasting, and reporting. This powerful tool allows finance teams to efficiently produce budgets and forecasts, conduct what-if scenario analyses, and generate comprehensive reports—all within a unified, scalable platform. By minimizing the time spent on manual data consolidation, troubleshooting, and report generation, NSPB frees finance professionals to focus on strategic analysis that can significantly improve the company’s financial health.

NSPB is built on the powerful Oracle Hyperion Planning technology, the same technology used by Oracle Planning and Budgeting Cloud Service (PBCS). This foundation ensures that NSPB is equipped with enterprise-level capabilities, providing a reliable and scalable solution for your financial planning needs. Hyperion has long been a leader in the financial planning and analysis space, known for its robust performance management and planning capabilities. With NSPB, you benefit from this proven technology within the NetSuite ecosystem.

By utilizing the robust capabilities of Hyperion technology, NSPB empowers businesses to transform their financial planning and budgeting processes, making them more efficient, accurate, and strategic.

You’re the CFO of a rapidly growing apparel company. Each quarter, you spend countless hours manually consolidating spreadsheets, trying to forecast sales, manage budgets, and plan for future growth. The process is tedious, prone to errors, and leaves little time for strategic decision-making. This is where NSPB comes in. With NSPB, you can automate these processes, gain real-time insights into your financial data, and make informed decisions that drive your business forward.

NSPB vs NetSuite

It’s important to understand that NSPB and NetSuite are not competing solutions; rather, they complement each other to provide a comprehensive financial management system. Each serves a distinct purpose, ensuring your business operations run smoothly while enabling strategic financial planning.

NetSuite for Day-to-Day Operations

NetSuite is your go-to solution for everyday accounting and operational needs. It handles a wide range of tasks, including:

• Invoicing and Billing: Streamlines the process of creating and sending invoices, ensuring timely payments and accurate billing.
• Expense Management: Manages expenses and reimbursements efficiently, providing visibility into spending and helping control costs.
• Financial Reporting: Generates standard financial reports such as income statements, balance sheets, and cash flow statements, giving you a clear picture of your financial health.
• Order and Inventory Management: Tracks orders, manages inventory levels, and ensures timely fulfillment, keeping your operations running smoothly.
• Compliance and Auditing: Ensures compliance with regulatory requirements and facilitates auditing processes with accurate and up-to-date records.

In essence, NetSuite is the backbone of your financial operations, handling the day-to-day transactions and ensuring your business runs efficiently.

NSPB for Strategic Financial Planning

On the other hand, NSPB focuses on financial planning and budgeting, providing advanced tools for:

• Comprehensive Budgeting: Allows you to create detailed budgets that align with your business goals, incorporating various scenarios and assumptions.
• Forecasting and Predictive Analytics: Leverages historical data and predictive analytics to generate accurate forecasts, helping you anticipate future trends and make informed decisions.
• Scenario Analysis: Enables you to run multiple scenarios and what-if analyses, assessing the impact of different business conditions and planning accordingly.
• Collaborative Planning: Facilitates collaboration among multiple stakeholders, allowing teams to contribute to the planning process and ensuring alignment across the organization.
• Real-Time Insights: Provides real-time access to financial data, integrated with your NetSuite system, ensuring you have the most up-to-date information for decision-making.
• Performance Management: Tracks key performance indicators (KPIs) and monitors performance against targets, helping you stay on track and achieve your business objectives.

Think of it this way: NetSuite is like the engine of your car, ensuring everything runs smoothly on a daily basis. NSPB is the GPS, helping you chart your course, anticipate obstacles, and reach your long-term destination efficiently. Together, they provide a comprehensive financial management system that covers all bases.

How They Work Together

• Integrated Data: NSPB integrates seamlessly with your NetSuite data, ensuring that your financial plans and budgets are based on accurate and up-to-date information.
• Enhanced Decision-Making: With both solutions working in tandem, you can make better, data-driven decisions that consider both your current operational performance and future financial goals.
• Streamlined Processes: Automate and streamline financial processes across both systems, reducing manual effort, minimizing errors, and increasing efficiency.
• Scalability and Flexibility: As your business grows, both NetSuite and NSPB can scale with you, providing the flexibility to adapt to changing business conditions and requirements.

By leveraging the combined power of NetSuite and NSPB, you can achieve a holistic view of your financial health, streamline operations, and drive strategic growth. NetSuite handles the day-to-day financial management, while NSPB provides the tools for long-term planning and budgeting, ensuring your business is well-equipped to navigate the future.

New NSPB Dashboard from November 2023 Launch

In November 2023, NetSuite rolled out a new and improved NSPB dashboard, packed with features designed to enhance usability and provide deeper insights. The updated dashboard offers:

• Enhanced Visualization: Improved charts and graphs that make it easier to understand your financial data at a glance.
• Customizable Views: Tailor the dashboard to show the metrics and KPIs that matter most to your business.
• Real-time Data Integration: Seamlessly integrates with your existing NetSuite data, ensuring you have the most up-to-date information at your fingertips.
• Collaborative Planning: New tools for team collaboration, allowing multiple stakeholders to contribute to the planning process.
• Scenario Analysis: Advanced features for running multiple scenarios, helping you plan for various business conditions and make informed decisions.

These enhancements make NSPB more powerful and user-friendly, enabling businesses to gain deeper insights and make data-driven decisions with greater confidence.

NSPB Professional Services by Salora ERP

At Salora ERP, we understand that implementing a robust financial planning and budgeting solution like NSPB can be daunting. That’s why we offer a comprehensive range of professional services to help you get the most out of NSPB. Our services include:

• Full-Service Implementation: From initial setup to full deployment, we handle every aspect of NSPB implementation, ensuring a smooth transition and minimal disruption to your operations.
• Evaluation and Exploration of FP&A Needs: We work closely with your team to understand your financial planning and analysis needs, tailoring NSPB to meet your specific requirements.
• Pre-Implementation Discovery: Before we begin the implementation process, we conduct a thorough discovery phase to identify potential challenges and opportunities, ensuring a customized and effective solution.
• Post-Implementation Services: Our support doesn’t end with implementation. We provide ongoing support and training to ensure your team is fully equipped to leverage NSPB’s capabilities.

Partnering with Salora ERP means you have a team of experts dedicated to helping you harness the full power of NSPB, driving efficiency and enabling smarter financial management.

NetSuite Planning and Budgeting is a game-changer for businesses looking to elevate their financial planning and analysis. With the latest enhancements and the support of Salora ERP’s professional services, you can unlock new levels of efficiency and strategic insight. We’re here to help! Reach out to Salora ERP for expert guidance and solutions tailored to your business needs. Let’s make your NetSuite experience seamless and powerful!

Contact Us and let’s make NetSuite easier today!

Stay tuned for more tips, insights, and guides in our Salora’s Guide to Navigating NetSuite series. Until next time, happy planning!