As a comprehensive, cloud-based ERP, Oracle NetSuite empowers businesses with a unified view of finances and operations. While it generates canned reports, custom reports still require the help of IT departments and outside consultants. For your accounting and finance team especially, this challenge makes it difficult to create the critical financial reports that drive your business.
How can you simplify report building while leveraging all the benefits of Oracle NetSuite? With the right technology, you can streamline reporting at your organization while relieving pressure off overtaxed IT departments. Here, we discuss how you can generate your NetSuite top reports with ease.
Benefits of Oracle NetSuite
On top of being named in Business-Software.com’s top 20 ERPs of 2022, Oracle NetSuite was rated as the best ERP for large businesses. With key features like multi-location ecommerce tools, a planning and payment calendar, and customer self-service portals, the ERP offers many appealing functions.
Additionally, the ERP operates completely in the cloud. Advantages of working in the cloud are:
- Reduced IT costs over time
- Better communication between locations and systems
- Greater scalability
- Access to automatic updates
NetSuite’s Top Reports
Reporting is critical for finance teams to gauge the health of a company, make more informed business decisions, and see where your organization needs improvement. Top reports on NetSuite include:
- Accounts Receivable
- Accounts Payable
- Income Statements
- Balance Sheets
- Cash Flow
Out-of-the-box reports provided by NetSuite are adequate for legal compliance. But they won’t help if you need more in-depth, custom analysis included. Anyone who builds NetSuite assets knows that producing a comprehensive and refined financial report requires significant further effort. So much so, that some companies limit their reporting to strictly what’s legally required instead of producing the best reports to inform decision-making.
The Importance of Analysis
The ability to analyze data is key to drive growth, find, and fix data issues. Because ERP-native reporting tools require finance and accounting professionals to rely on IT departments and consultants, generating key reports saps time away from an organization’s ability to investigate and interpret information. According to insightsoftware’s Operational Reporting Global Trends Report, 71% of those surveyed are forced to involve IT in the reporting process. Nearly 90% of finance professionals face challenges with operational reporting tools, including Microsoft Excel, Power BI, and out-of-the-box ERP reporting tools.
41% of finance professionals identified strategic decision making as a priority, but report generation without automation hampers their ability to analyze data from reports. Half of the participants cited manual processes as the reason their teams can’t execute on financial planning tasks. And when deadlines for period-end close draw near, manual processes leave little to no time for critical analysis.
Take Control Over Your Financial and Accounting Reports
In most companies, finance teams strongly prefer to work in Microsoft Excel because it is powerful, flexible, and very familiar. Spreadsheet Server from insightsoftware provides an excellent complement to NetSuite’s built-in reporting capabilities. With its seamless Excel integration, Spreadsheet Server makes it easy to create reports that span multiple entities and answer users’ specific questions without relying on specialized technical expertise. Because Spreadsheet Server is a dedicated reporting tool, it makes the process more powerful, flexible, and user-friendly.
With Spreadsheet Server, finance teams can easily create their own custom reports, bypassing the need for IT’s help entirely. These self-service reporting capabilities push users to think beyond standard formats and create the custom reports your business needs. Using the drag-and-drop report creator, your finance team can mold real-time data into precise reports, expediting the entire reporting process.
By using Spreadsheet Server with your NetSuite ERP, accounting and finance teams have greater control and accuracy over the reporting process.
Spreadsheet Server enables you to:
- Build and manipulate custom and ad hoc reports without IT or consultants
- Easily track performance
- Drill down on data
- Close the books faster
- Devote more time to valuable analysis
Spreadsheet Server automates data collection and imports, saving your teams both time and frustration. Your finance and accounting teams can create their own custom reports and make last-minute changes to them while ensuring data accuracy. You can also create consolidated reports across multiple divisions and currencies. Using Spreadsheet Server saves your team valuable time that can be spent analyzing critical information and generating insights that will have a positive impact on your organization.