Keeping your business’s financial planning and budgeting on track is essential—but does that mean constant maintenance for NetSuite Planning and Budgeting (NSPB)?
Many businesses hesitate to implement new financial tools, fearing they’ll require nonstop manual upkeep. The reality? NSPB is designed to be highly automated, streamlining forecasting, budgeting, and reporting with minimal intervention. However, like any system, a few periodic maintenance tasks ensure smooth performance and data accuracy.
Substitution Variables in NSPB
A critical part of maintaining NSPB involves managing substitution variables. These variables define time periods within your planning and budgeting application and help automate financial calculations. Some key substitution variables include:
- Last Closed Month
- Budget Start Month
- Current Year
- Last Closed Year
- Budget Year
These substitution variables play an essential role in aggregation and calculation rules, ensuring that your data remains accurate and up to date.
Updating Substitution Variables: A Necessary Task
Each time a financial period is closed in your NetSuite ERP, the corresponding substitution variables in NSPB must be updated. This is a straightforward but essential step in keeping your data aligned. Here’s what the process looks like:
- Close the Financial Period in NetSuite ERP: Once a month ends, it is closed within the NetSuite ERP.
- Update Substitution Variables in NSPB: The last closed month variable must be shifted forward by one month.
- Ensure Accurate Aggregation and Calculation Rules: With the updated substitution variables, NSPB will correctly aggregate new financial data and execute calculations.
This process ensures that your financial planning and budgeting stay accurate without requiring extensive manual intervention.
The Automated Nature of NSPB
One of the greatest benefits of NSPB is its automation. Outside of updating substitution variables, there is very little periodic maintenance required. Some key automation features include:
- Automatic aggregation and calculations: Once substitution variables are updated, NSPB handles data processing automatically.
- Annual Updates: Once a year, you will need to update the year substitution variables and add new periods if necessary.
- Minimal Manual Effort: Beyond these few adjustments, NSPB is designed to run seamlessly without requiring frequent manual updates.
Benefits of NSPB for Your Business
Implementing NSPB can significantly streamline your financial planning and budgeting processes. Here’s why:
- Automation Reduces Manual Work: With NSPB, forecasting and budgeting require less manpower.
- Faster, More Accurate Data Processing: The system automatically aggregates financial data, ensuring that numbers are always current.
- Scalability for Growing Businesses: Whether you’re managing a small business or a large enterprise, NSPB scales effortlessly.
In Summary
While there are a few periodic maintenance tasks required for NSPB, such as updating substitution variables monthly and making minor adjustments annually, the system is largely automated. This allows businesses to focus more on strategic financial planning rather than day-to-day system maintenance.
If you need assistance managing your NetSuite environment, contact us today. Our team at Meridian Business specializes in helping companies optimize their NetSuite solutions for seamless financial operations.
