Use budgeting to plan and control finances
Every business ought to have a plan estimating their revenue and expenses and how they will manage those things to meet their short- and long-term goals. This is what a budget is, and businesses should perform their day-to-day operations and their planning according to their budget. Without this, the business doesn’t know whether they’re on track from a financial standpoint.
NetSuite allows us to create a budget for the entire business, or for each subsidiary (in a OneWorld account). We do that by defining a budget amount for each GL account, thereby defining the anticipated revenue and expense amounts for each fiscal year. We can create a budget in the NetSuite UI or via CSV Import, or even by copying an existing budget to create a new one. The system supports budgets for multiple currencies and accounting books, and we can even define more than one budget per period and business unit, if we choose to.
Once you have...
