As the year comes to a close, individuals and companies alike are looking back at the accomplishments and lessons of 2017 and ahead toward new goals and achievements in 2018. For many businesses better financial reporting will top that list.
Odds are you already have a system in place that has the capabilities to give you truly excellent top-notch financial reporting, but you may not have the in-house know-how or time to truly optimize these tools. In fact Ventana Research and KPMG recently reported that 62 percent of companies are buried in basic, but necessary tasks with little or no time for more analytical work.
And if you’re investing in a powerful tool like NetSuite and not using it to its greatest potential, you’re literally leaving money on the table. So to help you out with your 2018 resolutions, we’ve pulled together our best practices to guide both the C-Suite and IT on how to work together on better reporting in the cloud with your NetSuite solution.
Make automation your secret weapon.
One of the tougher lessons of 2017 was the profound impact that human error can have on IT (à la AWS and Equifax) and those who rely on it, which is just about everyone.
While those stakes might seem hyperbolic for some businesses, the value of automating processes related to financial reporting cannot be overstated. By building an automated reporting dashboard, with the metrics most relevant to your business, you’ll be able to quickly dive into more detail each week (or day or month or quarter) without the hassle of having to establish that groundwork each and every time.
So start this year by determining your company’s KPIs and getting custom reporting templates in place that track those. Then prepare to take a deep dive into data that can truly help your company get strategic without all those extra steps.
Go beyond the template.
Don’t get us wrong, NetSuite has some stellar templates, but to really get to the meat of the matter for your business, you need to personalize your reports for your business. Whether that’s sales, financial, or other KPIs, having the right data can make all the difference in key decisions for your business.
For some companies that might mean personalizing reports for specific groups of user requirements or using real-time data to track your organization’s key metrics to spot important trends. NetSuite SuiteAnalytics also allows “smart” dashboards to be personalized for specific users and roles, keeping data focused and relevant. The fact is there are a million ways to make sure your data is as useful as it can be for your company. So in 2018, get past the template to truly personalized data.
Don’t forget your (NetSuite approved) SuiteApps.
While NetSuite is a powerful business tool all on its own, there is a whole collection of apps out there to make it even better. That includes apps that add additional functionality for reporting. But be warned, SuiteApps are the ones that are specifically approved by NetSuite, meaning they’re going to play nicely together.
When it comes to reporting with NetSuite, our partner iCharts is a great addition to your reporting processes by helping you dive even deeper into your data KPIs to pull out truly actionable business insights. We covered this in a recent webinar, Actionable Analytics Right From Your NetSuite Dashboard with iCharts. The deeper data you can get by teaming up with a third-party app focused on better reporting can take your data to the next level.
Optimize your resources and talent.
At the end of the day it’s your team and their commitment to your reporting processes that will be the deciding factor on the value that your reporting processes provide your business. For many companies though, IT is simply stretched too thin to truly give reporting the time it needs to be of greatest value. That’s why some organizations choose to partner with a managed services company to manage these daily (but vital) tasks and keep them in tip-top shape. Removing the “daily grind” of managing these tasks can free up your team to get analytical and strategic with data.
As your business moves into a new year, it’s time to reassess goals. Making sure you have the right people, processes, and reporting in place will be key to achieving to reaching your 2018 business objectives. Get a head start on all three with some great tips on better NetSuite reporting in our latest webinar:
And to learn about iCharts' latest offering--iCharts Finance IQ--check out this on-demand webinar.