Most businesses in the U.S. rely on hundreds of spreadsheets and their ERP to perform FP&A- which is scary considering that a staggering 88% of spreadsheets contain errors. This translates into the annual budget process and other critical FP&A tasks taking longer, producing inaccurate results, and potentially misrepresenting or obfuscating critical data that can drive high-return decisions. The good news: if you’re on NetSuite, a cloud FP&A NetSuite integration can reduce your budgeting time by more than 50% and eliminate these errors.
In a recent webinar, Elevate Your FP&A Game, Limelight Cloud FP&A Software was proud to demonstrate we were proud to show a packed audience what cloud FP&A software can do to change how they you do FP&A, and in particular how Limelight integrates with NetSuite to make your process more:
- Reliable - all data is pulled directly from your NetSuite in real-time, ending the dozens of hours of pulling data manually from your ERP into spreadsheets and eliminating the propensity for errors
- Secure - SOC-2 compliant
- Verifiable - comprehensive audit trails ensure data integrity
- Scalable - the cloud, dashboard, and templates makes it easy to add departments, budgets, revenue streams, etc.
- Collaborative - use the cloud to work together seamlessly
See full webinar here: https://info.golimelight.com/elevate-your-netsuite-fpa#form
Want to learn more about how our NetSuite and Limelight work together to make your FP&A more effective? Get it touch.
How Limelight Works as Your NetSuite Integration
If you don't have time to watch it now, here are highlights from the event:
- Putting an end to time-wasting and frustration due to Excel spreadsheet overflows
- How to empower your FP&A team to make deeper insights into your data and drive high-value decision-making
- Understanding the evolution of FP&A and AI
- Eliminate errors and ensure data integrity
- Allow your financial numbers to tell a story that drives growth and innovation
The Perfect NetSuite Integration for Mid-sized Businesses
Using NetSuite and Excel as your FP&A tools is highly inefficient for medium-sized companies.
With those tools alone you won’t be able to leverage your financial data to inform decisions that actually help your organization grow. That’s because, by the time you gather your data for reports from each individual department and are able to input said data into spreadsheets, it’s already out of date. This tells an important story - what happened - but can’t help you chart an effective financial strategy moving forward as weeks or months may have passed. The earlier you can access this information, the more relevant to your decision-making processes it will be.
Worse yet, odds are you’ll run into incorrect data.
Here’s a true story: one organization migrated its accounting data to NetSuite, but during that migration, two accounts were left off . . . for years.
That means quarter after quarter after quarter these accounts were not being analyzed or included in reporting and budgeting activities.
That can happen when you pair Excel and NetSuite, but not when you use Limelight and NetSuite.
More Features, Less Complexity
Eliminate costly errors and save dozens of hours of their time through automation - that’s a great start. But Limelight also simplifies the reporting and budgeting process.
Your FP&A team will have an intuitive dashboard as their interface with our FP&A platform that allows for intuitive filtering by location, department, etc.
With a few clicks you can run standard financial statements or build new ad hoc reports from scratch. This allows you to access the exact data you need in seconds, with real-time figures pulled directly from your NetSuite. This empowers your FP&A team to not only report on past performance, but also reveal insights into your data that can help chart out your organization’s future.
Workforce planning, what-if scenario modeling, risk mitigation - your team will have the time, tools, and insights needed to complete these tasks when equipped with Limelight.
Faster Reporting and Budgeting
Reporting and budgeting goes from a headache-inducing, months-long slog to a streamlined process that is easy to understand, replicate, and scale.
Expense planning, for instance, becomes fast and easy with Limelight, allowing you to filter by specific dimensions like location, type of department, etc., to plan for expenses or to report on them.
No-Barrier Implementation
And to make things even easier on your team, Limelight templates are built to look and feel like Excel (cells, columns, rows, formulas, etc.) but even better. You’ll get enterprise-grade power in a software solution that your team can master in less than half an hour.
Your team will be using an FP&A platform that they will be immediately familiar with, reducing barriers to adoption and potential for errors.
Couple this with our in-depth understanding of the technical side of NetSuite, you can count on no downtime or software incompatibilities; get access to superior FP&A almost immediately with Limelight as your NetSuite integration for FP&A.
AI FP&A - Looking to the Future
We’re witnessing what could be the next economic revolution with the creation and rapid evolution of AI - and that has a lot of people excited for how this technology can improve FP&A processes.
Limelight is looking into how best to leverage AI to help with your budgeting and analysis activities.
Right now, AI excels at ‘softer’ tasks like language processing and automation - it hasn’t quite figured out how to carry out in-depth analyses of your financial data, which is where we see the real value.
It's not far off, but don't stress if you don't have an AI strategy – most don't.
In fact if you're using NetSuite and Excel for your FP&A, automation and cloud software are certain to provide far more value compared to where AI is at . . . currently.
Harnessing AI to interrogate data, recognize patterns, and make actionable recommendations based on in-depth analysis is where we believe the future of AI FP&A sits - and we’re looking into how to implement that into our platform.
Watch this space for more information dropping on this topic soon.
Learn More About NetSuite FP&A
- More on NetSuite integrations
- 3 Ways to Improve NetSuite Planning and Budgeting
- This One NetSuite Excel Integration Doubles the Speed of Your FP&A
- Top 3 NetSuite Financial Planning Software and NetSuite FP&A Solutions
Discover How Limelight Can Change the Way You Perform FP&A
Get rid of error-ridden spreadsheets and elevate your FP&A game with Limelight Cloud FP&A Software.
As your Netsuite integration, Limelight can:
- Cut budgeting time by 75%
- Pull data from your ERP in real time
- Provide audit trails that ensure data integrity
- Reveal $100,000s in hidden costs, leading to massive savings
- Enable planning activities like risk mitigation and what-if scenario modeling
- Uncover rich insights into your data that in turn can inform business critical decisions
Get in touch to learn more about how Limelight can help you level up your FP&A.
