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3 Tips to Improve Financial Planning and Reporting in 2020

Jan 30, 2020 10:27:52 AM

For many financial teams, planning and budgeting takes far too long and can exhaust resources rather quickly. This department often spends too much time on administrative tasks related to collecting, consolidating and reconciling data, and not enough time on analysis and strategic development. 

At neo3, we help businesses identify and resolve inefficiencies to drive growth and profitability. That's why we're sharing three financial planning tips to help keep your business moving forward.

1. Ditch the Spreadsheets 

It’s no secret this static procedure can put organizations at risk for human error, leaving information unreliable and inaccurate. We encourage you to leave spreadsheets behind and consider a better option to enhance reporting efforts. Using a cloud-based platform can provide real-time analytics and give you a clear picture of business performance. 

2. Utilize Rolling Forecasts  

With this financial management tool, your predictions no longer need to be based on outdated results. It minimizes uncertainty and helps companies make intelligent decisions about business development by providing a rolling forecast of data for a set number of periods in advance. It also enables finance departments to revisit plans and reforecast as new information flows in.  

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3. Enhance Data Analysis with Predictive Analytics  

Businesses perform more efficiently when they’re able to adapt and respond to the ever-changing market. With predictive analytics and rolling forecasts, financial teams can deliver reliable information and reports for better decision making.  

You may be asking, “Well, how do I accomplish this?” NetSuite’s planning and budgeting tools facilitate company-wide planning and reporting in an all-in-one scalable software solution. A cloud-based platform provides real-time data, giving you a clear picture of performance. 

We invite you to learn more about NetSuite and how we can accelerate growth for your business.  

Jim Rosenberg
Written by Jim Rosenberg