To help UK organisations drive accurate, connected plans across the business and be prepared for what's next, Oracle NetSuite today announced new updates to NetSuite Planning and Budgeting. The latest updates to NetSuite Planning and Budgeting help UK organisations make data-informed decisions by providing the flexibility to adjust budgets and forecasts as change happens.

“Many of the challenges in the budgeting and forecasting processes stem from using the wrong tools. Boards and business leaders depend on getting the right numbers, and errors reduce their confidence and could lead to misguided decisions,” said Evan Goldberg, founder and EVP, Oracle NetSuite. “In a challenging economic environment, accurate financial planning and analysis is critical. Spreadsheets cannot support a business properly and quarterly planning is not enough. The new features in NetSuite Planning and Budgeting help UK organisations confidently and continuously navigate and plan for change within one collaborative and scalable solution.”

The latest updates to NetSuite Planning and Budgeting are planned for later this year and include:

• Version Builder Wizard: Helps organisations effectively and quickly deal with market changes by delivering enhanced scenario planning functionality that makes it easier and faster for customers to model a range of budget or forecast scenarios. By automating simulations, it also helps organisations quickly and easily understand the potential impact of business variables, identify potential business opportunities and risks, and make faster and smarter business decisions.
• Task Manager: Helps organisations define, execute, and report on the interdependent activities of a business process. It provides centralised monitoring of all tasks and provides a visible, automated, repeatable system of record for running a business process. This enables users to define the tasks and schedule to ensure the most efficient task flow, automate the business process, monitor and track status, and analyse the effectiveness of a business process.

NetSuite Planning and Budgeting is already enabling organisations to automate labour-intensive planning and budgeting processes so finance teams can quickly and easily produce budgets and forecasts, model what-if scenarios, and generate reports — all within one collaborative, scalable solution. Businesses are using NetSuite Planning and Budgeting to assist with:

• Budgeting and Forecasting: Helps organisations automate tedious budgeting processes. Budget templates are dynamically populated and updated from NetSuite’s general ledger and can accommodate changes to accounting segments. In addition, forecasts and reforecasts can be created in minutes while prebuilt workflows make it easy to track the progress of reviews and approvals.
• Scenario Planning: Helps organisations perform scenario modeling and multidimensional planning with any number of NetSuite dimensions, such as location, product, customer, or expense. This simplifies the modelling of complex calculations including projected revenue, operating and capital expenditures, headcount costs, cash flow, and sales without the risk of formula errors posed by regular updates or monthly maintenance.
• Workforce Planning: Helps organisations simplify workforce planning elements such as headcount, salary, and compensation planning by aligning the needs and priorities of an organisation with those of its workforce, helping ensure short and long-term objectives are met.
• Rolling Forecasting: Helps organisations account for and adapt to market changes by producing rolling forecasts against a best-practice framework and enabling users to continuously update a plan.
• Reporting: Helps organisations deliver insightful data and analysis to stakeholders by leveraging pre-built executive dashboards, board reporting packages, and budget vs. actual reports. In addition, Smart View, a Microsoft Office Add-In, provides the ability to integrate NetSuite Planning and Budgeting data directly into Excel, PowerPoint, and Word for ad-hoc reporting and analysis.

Customer Success with NetSuite Planning and Budgeting

Deliciously Ella, the fast-growing plant-based wellness brand, is using NetSuite Planning and Budgeting to run scenario planning and forecasting projections as it expands the business and aims to grow the Feel Better by DE(opens in a new tab) subscription service in 2023.

“NetSuite Planning and Budgeting is a critical part of how we look forward as a business,” said Georgina Pattison, finance and commercial director, Deliciously Ella. “We have a wide portfolio of products sold through multiple channels in multiple countries, as well as a holistic wellness app that is a big focus for us in 2023. NetSuite helps us build up our products forecast, which feeds into our production plans and enables us to have a live view of our expected financial performance. It allows us to plan for different scenarios and outcomes, and gives us a solid foundation for the road ahead.”

Change, Grow, Live is a UK national health and social care charity, helping address issues relating to drugs and alcohol, housing, justice, health and wellbeing.

“NetSuite Planning and Budgeting is key to our ability to forecast and budget, helping us better deliver our services to those that need it most,” said Lorna North, NetSuite systems administrator. “It helps us plan for multiple scenarios and gives us the ability to not only look at budget more than a year out but reforecast based on performance. With this solution, we have the visibility into budget category and type of spend in order to help us make better decisions.”

The preceding is intended to outline our general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, timing, and pricing of any features or functionality described for Oracle’s products may change and remains at the sole discretion of Oracle Corporation.

Contact Info
Samuel Jamieson
PR Manager, EMEA
+44 (0)7468 752231
samuel.jamieson@oracle.com

About Oracle NetSuite

For more than 20 years, Oracle NetSuite has helped organisations grow, scale and adapt to change. NetSuite provides an integrated system that includes financials / Enterprise Resource Planning (ERP), inventory management, HR, professional services automation and omnichannel commerce, used by more than customers in countries and dependent territories.

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