First of all let us understand what exactly do we mean by financial forecasting – A financial forecast is a tool that evaluates the historical, current and proposed financial status and predicts the estimated revenue and expenses trends for a company or a country in its near future.
Advanced NetSuite Forecasting:
The Advanced Forecasting feature lets you manage and track three categories of sales forecast amounts. These amounts represent your sales team’s worst case, most likely and upside forecasted sales amounts. In addition to this advanced forecasting gives your sales reps more control over their sales forecast and increases the accuracy of your forecast reports and KPIs.
Managing different forecast categories also lets sales managers evaluate how well sales reps are able to predict their sales. With Advanced Forecasting, you can also enter multiple projected amounts on opportunities that are used to calculate your worst case, most likely and upside sales forecast.
NetSuite Financial Planning Module:
NetSuite Advanced Financials module gives you growing and medium sized businesses access to sophisticated financial tools that were earlier too complex or expensive for their resources. Businesses will now have the power to create internal controls, manage financials, and report with accuracy and confidence.
Budget and Budget Categories:
A budget records the expected values of income and expenses for your business.
If you want to create multiple budgets to use as proposals, you can assign a budget category to each budget. Budget category values allow differentiation between budgets for which other criteria, such as Item, Customer or Project, Class, Department, or Location, are identical.
NetSuite Advanced Budgeting:
Creating and managing budgets in NetSuite is now much easier and more powerful than ever before. It allows you to enter your budgets for all your accounts on one screen, reducing time and labor to a great extent. Furthermore, you can create an entire budget even faster with the Copy Budgets utility. This allows you to create a new budget based on another budget or actual financials. You can specify to increase/decrease the amounts being copied by a certain percentage.
NetSuite Financial Planning Demo (Setting up Budget):
In NetSuite, each budget covers a year and allows to enter the amount for each account, per accounting period in the year. You can choose the types of accounts to include in a budget: income accounts, expense accounts, income and expense accounts or balance sheet accounts. You can also enter budgets for statistical accounts.
We Hope that this quick tutorial on will help you drive your business and get accurate estimates for business processes.
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