Advanced Financials provides extended functionality to your budgeting and forecasting cycles that is worth exploring. Before considering an external tool for your planning needs, consider this module first… after all, it may even be included in your NetSuite subscription!
Seeding budgets and forecasts can be as straight-forward as following instructions. Defining budget categories for each plan, such as original budget, 3+9 forecast, and 6+6 forecast take a matter of seconds to establish. Budgets, forecasts, and actuals are all options for seeding the next plan. An incremental percentage can be applied as well the option to replace existing plan values or add on to existing values. You also determine whether or not to retain customers, items, and general ledger attributes from the source.
Statistical accounts can also be leveraged for loading plan values as well as calculating average costs. Value types such as FTEs (full-time equivalents), usage units and square footage are likely candidates for storing into statistical accounts as plan values as well as actuals.
Making an assessment of NetSuite Advanced Financials is an important first step in determining the capabilities of your SaaS subscription with NetSuite that could satisfy planning needs.
By: Tom Bardwil – Illinois NetSuite Solution Provider