Cost and Data Process

Data Reports & Extractions

Can we Data Forecast on Netsuite?

Netsuite allows data forecast with following steps:

  • For starters, NetSuite PB leverages on multiple budget scenarios entered or imported via the Excel connector for a month, quarter, or year. Leveraging on baseline alignments with actuals, the respective forecasts are also extrapolated.

  • Further to imported data and its extrapolation on actuals, predictive planning collects historical data in NetSuite to identify trends, across time and seasons, to produce scenarios different to manually entered data. Comparison with the manual scenarios yields valuable insight and challenges to own planning assumptions.

  • In case of actual figures, users can always drill through back to the original transactions.

How do we handle Data Extraction in Netsuite

All reports, list views, and SQL queries can be extracted into CSV, Excel (XML format), and PDF. Reports can also be exported into NetSuite and edited via Web Query, hence linking back to NetSuite. ​​​​​​ Further to data extraction options, NetSuite features a very powerful built-in Controlling tool called SuiteAnalytics workbook, which allows for ad-hoc reporting across the entire database. SuiteAnalytics combining functionality of BI solutions (creating datasets by adding records and fields via drag & drop) and Excel Pivoting (grouping, visuals) to a powerful controlling tool. Respective reports can be run adhoc or saved and shared across the NetSuite platform.

Cost Features

Does Netsuite support Activity Based Costing?

Yes, Netsuite supports Activity Based Costing data process via NetSuite SuiteProjects

  • NetSuite SuiteProjects supports full Activity Based Costing – both in Planning as well as Actuals – and is integrated with all sources for actuals, from Purchase Orders and Vendor Bills to Employee Expenses to Timesheets.
  • Timesheets are noteworthy in particular as Employee Opportunity Costs represent a significant driver of costs in service oriented companies, all the more in the innovative technology sector. With the Job Costing module, employee labour costs can be associated with activity based cost or profit centres (jobs) and subsequently, all time tracked against respective jobs can be pooled, reported on, and even booked into GL accounts, hence made available to all standard reports.

Can we control Costs through Netsuite?

Netsuite develops Netsuite Project to help with Cost controlling. NetSuite ERP allows to store budgets by GL code, period, and any number of GL Dimensions, which are subsequently available for Profit & Loss financial reports for budgeted vs actuals reporting including variance calculation.

  • NetSuite Budgeting & Planning are most recommended because:
    • In NetSuite Budgeting & Planning, the user interface behaves very much like Excel. In fact, the Excel connector allows to slice and dice the data directly in the Controller’s tool of choice and subsequently reimport the data into NetSuite.
    • NetSuite PB reports are designed for not only financial reports, but also management reports, allowing for reporting by cost carriers for example.
    • Driver-based cost allocation of indirect costs

What is Personal Expenses?

Personal Expenses refer to Employee Expenses and Requisitions. It includes two essentials, as:

  • Approval workflows on Expense Reports as well as Employee Requisitions (Procurement)
  • Budget approval thresholds with automatic escalation to higher-up supervisor or predefined approval routings

Can we create Budget Plan in Netsuite?

Budgeting and Planning in Netsuite includes these following aspects:

  • Financial Reporting & Variance Analysis
  • Variance Analysis & Reporting
  • Trended Revenue/COGS Planning
  • Trended OpEx Planning
  • Price x Volume Revenue/COGS Planning
  • Driver-based OpEx Planning
  • Detailed Workforce Planning
  • OpEx Modules (T&E, CapEx, Others)
  • SmartView Microsoft Office Integration