This One NetSuite Excel Integration Can Double the Speed of Your FP&A Activities
One NetSuite Excel integration can dramatically alter the way you do FP&A - reducing the time your finance team has to spend performing rote tasks, unlocking deeper insights, and generally fueling growth.
Let’s dive into how: Excel remains a critical component of thousands of businesses’ FP&A activities; one estimate has about 60% of all businesses in the U.S. using spreadsheets, with FP&A professionals being among their chief proponents. For the FP&A industry as a whole, 75% of roles require an advanced understanding of Excel.
Despite industry-wide adoption of Excel, it simply doesn’t have the functionality to perform in-depth, high-yield FP&A activities compared to cloud FP&A integrations. In fact, the best NetSuite Excel integration is one that maintains Excel’s look and feel while providing the added functionality your organization needs to maximize the ROI of its FP&A activities.
Getting the Most Out of Your FP&A Activities with Cloud FP&A
And ultimately, that is the goal of a NetSuite Excel integration: to provide a seamless transition from Excel to your new FP&A platform, providing your organization with more robust, in-depth, and faster FP&A without requiring a lengthy onboarding process or creating complicated processes for your finance team.
How is this accomplished? Because these FP&A software solutions have been designed from the ground up with finance teams in mind. The providers know that finance teams have been using spreadsheets for FP&A for years, maybe even decades - it’s what their comfortable with.
But they also know the immense frustration that managing financial data in Excel can bring. For instance, working with Excel, there’s no way to ensure data integrity other than combing through entry after entry, version after version to ensure that all the data is correct.
If a mistake is made early on, for instance, and not caught, that could lead to dozens of lost hours as the mistake has to be tracked down and corrected, and multiple versions redone.
With cloud FP&A, this simply isn’t a problem. There’s a clear audit trail at all times that serves as a ledger of all changes, so you can precisely locate the exact moment data was altered. Furthermore, you can revert to previous versions using the cloud functionality.
That’s just one example, of course. Using Excel for data analysis is also inefficient due to the lack of automation.
When you connect an FP&A integration into your NetSuite ERP, then data will be pulled automatically from your ERP and entered into the FP&A platform. Compare that with Excel which requires manual entry, and it’s clear that this addition alone can save your team hundreds of hours of their time - and also reduce the chance of error.
Better yet, once you have that imported data from NetSuite, your FP&A software will be able to provide far more robust analysis of it, which can in turn encourage data-driven decision making at your organization.
Being able to perform long-term workforce planning, budgeting, what-if scenario planning, individual departmental analysis and projections - all these services can help management better determine where best to allocate resources to maximize their return. This comprehensive data analysis also provides your organization with the ability to mitigate risk by determining areas of vulnerability before they are able to impact your organization, giving you time to take the necessary steps to address these vulnerabilities.
Learn more about FP&A software:
Ultimately, Excel is a wonderful tool for smaller organizations when you’re just managing a few dozen spreadsheets. But as your organization grows, you’ll notice that a few dozen spreadsheets can quickly grow into a few dozen hundred spreadsheets - exponentially increasing the time it takes to process the data for FP&A activities. That means that instead of providing your organization with valuable, actionable insights from your data, your finance team is too busy stuck meticulously grooming hundreds of spreadsheets.
But the right FP&A software eliminates that time drain, empowering your team to analyze data and provide your organization with real value beyond simply putting together budgets and reports.
Your NetSuite Excel Integration Solution: Limelight Cloud FP&A Software
Your organization can’t afford to throw time away unnecessarily on Excel - it needs a comprehensive FP&A platform that can help it respond to a shifting, unpredictable economic environment. What it needs is Limelight Cloud FP&A Software.
We are a NetSuite Excel integration/replacement that can:
- Save your FP&A team hundreds of hours during FP&A tasks with automation
- Leverage data in real-time from your ERP
- Keep track of in-depth audit trails to ensure data integrity
- Uncover hidden costs, leading to significant savings
- Support planning activities like risk mitigation and what-if scenario modeling
- Interrogate data to reveal rich insights that in turn can inform business critical decisions
Get a free demo and see how with one integration you can unlock the full potential of your NetSuite ERP.