Top 5 Reasons You Need to Revamp Your Financial Analytics and Reporting Process.

The one big truth for all businesses out there today is that they run on data. From customer files to project details, to inventory records to financial analytics and reporting– every business unit today processes a tremendous amount of data. Processing this much data would not have been possible without technological advancements.

ERP systems have become an essential tool for managing and organizing business data. It is true that each department only needs access to a subsection of this data or information but collecting business data together within a single platform has become the norm as it provides more room for data evaluation.

Let's say you are a company operating in the current business climate. If you want to take full advantage of the raw corporate data available to you from your company's operations, you need good analytics. These include creating dashboards, producing analytical reports, and tracking your KPIs.

As a business owner, you would want to access financial statements easily, you want increased financial visibility, and you want to leverage your financial data to make informed decisions. There is no shortage of software tools that can offer these functionalities, but all these software tools are not created equal. Keeping this in mind, we bring to you the five foremost reasons that say it's time to revamp your financial analytics and reporting process with NetSuite.

1. Flexible financial reporting 

Typically, ERP and accounting solution providers have multiple pre-formatted financial reporting capabilities which produce financial statements and reports. Additionally. ERP solutions also offer standard financial reporting features for systems like warehouse and trade management. This type of financial analytic capability helps save time and resources as there is no need to create frequently used words repeatedly.

Having predefined financial analytics and reporting templated can be convenient. This system may not be helpful for all companies. Financial statements are an excellent example of this. These statements may need to be customized to present data to different audiences.

While the board may want summarized income statements, internal managers may wish to detailed breakdowns. Now where finance and analytics tools should allow users to change layouts easily, or add data elements to a report, etc., this is not the case. Hardcoded designs are impossible to edit, and thus companies are often limited in the way they can present data.

NetSuite is a flexible solution that allows users to customize the way they present data. With NetSuite, users can generate reports and statements that meet their exact business needs. The easy-to-use functionality and powerful dashboards can help users generate reports in no time. NetSuite consultants can help users quickly grasp the system and empower them to leverage advanced reporting that gives them the edge.

2. The right finance and analytics tools - improved financial visibility

Predefined reporting is an asset, but truth be told, every company will at some point need custom reports. Before NetSuite, people would have to hire technical resources with advanced training to create such custom reports. Furthermore, making these reports would take weeks.

The business expectation has changed now, and no one has time to wait around for so long for reports. If your business uses spreadsheets or waiting around days for custom reports, you will end up with reduced productivity and quality. Additionally, with legacy systems and spreadsheets, you will not have any control over data-entry errors.

NetSuite, on the other hand, streamlines every aspect of your financial data right from the start. Relevant stakeholders can easily access NetSuite's centralized database and gain visibility into the business's finance and analytics. This allows for quick decision-making and total control over the data flow of your organization.

3. Accessible financial data

One key benefit of using a NetSuite is syndicating essential data elements to create financial analytics and reporting abilities. An excellent example of this is how NetSuite allows companies to combine financial, production, and organizational data to assess the cost of manufacturing a given product at two different locations. Since NetSuite provides centralized access to data across departments, such information is readily available for analysis.

This is not possible for businesses relying on spreadsheets and separate systems, however. This is because they have limited access to financial analytics and cannot assess data in two different modules. Back to NetSuite, it offers multiple levels of redundancies that guarantee continuous access to business data. Additionally, it enables replication and synchronization across data centres to ensure that your company's data is secured and backed up.

4. Advanced KPIs

KPIs are management tools that help companies achieve their goals and objectives by giving managers visibility into team performance. For KPIs to be effective, they need to cater to the company's goals and business model. Since no two companies have the exact requirements, software often overlooks their needs and offers a handful of standard key performance indicators.

Luckily, NetSuite's advanced financial analytics capabilities tackle this problem. With NetSuite's SuiteAnalytics KPI, you can add KPIs to a NetSuite dashboard and significantly improve your business processes. NetSuite supports industry-specific KPIs that can be tracked in real-time, which makes it ideal for any company.

5. Real-time personalized dashboards

We can all agree; dashboards are an essential tool for everyone in a business. They display your KPIs. They help teams stay focused. They increase efficiency. They help track deadlines. They help address issues, and the list goes on. If you are looking to improve profit margins and streamline your business operations, then clear visibility into team performance is probably on top of your list. NetSuite's robust dashboards, financial analytics, and reporting tools help provide real-time visibility into the organization.

NetSuite's dashboards and financial analytics solutions allow companies to report, analyze and monitor their project's real-time performance. It investigates profit margins, project budgets vs. actuals, resource utilization, etc. Furthermore, NetSuite's personalized dashboards provide one-click access to project data, allowing users to monitor the project's profitability closely.

NetSuite offers advanced financial analytics solutions to its users by giving them the right tools that produce meaningful reports, track their KPIs in real-time and help improve the decision-making process. Companies usually opt for a NetSuite Solution Provider to help implement NetSuite with the help of NetSuite developers.

Additionally, NetSuite Developers can adapt standard and industry-specific reports to cater to your business's needs. This robust financial reporting and analytic tools are designed to ensure that even the non-technical and inexperienced members of your project can easily use and understand them. If you are in a slump and are looking to augment your growth with financial and reporting capabilities, there is no better partner than NetSuite. Companies can opt for NetSuite partners and NetSuite Solution Providers that have trained NetSuite consultants with industry experience. These consultants can help companies up their financial game.

If you have any questions or queries, do not hesitate to reach out to us!

by Fatima Tahir, AlphaBold, www.alphabold.com

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