The ability to summarize essential data and create reports is a fundamental feature of business software. However, these reports can vary in complexity from basic to highly advanced.
Small companies might benefit from basic reporting features until they start to grow. Then, like most profitable organizations, they will need more advanced capabilities that allow them to create reports that match their unique needs.
NetSuite reporting provides businesses with customizable templates while allowing them to create detailed reports from scratch. They can pull data from several sources and deep dive with detailed automated reports.
Why Is Advanced Reporting a Must for Businesses?
The insights garnered from data are crucial to improving business performance and keeping them competitive.
Different departments within your organization may need to view the same data from different angles to see how it affects mission-critical objectives within their department. Even within the same department, other individuals will need to examine information based on their responsibilities.
Without advanced reporting, like that found in NetSuite report builder, your organization will waste a lot of time manually creating individualized or personalized reports. Management may wait days or weeks to get essential manual reports. This could lead to management delaying in making critical decisions that affect your company’s bottom line.
What Is Advanced Reporting?
Advanced reporting, such as NetSuite expense reporting, makes it easy for your organization to understand, summarize, and select data. Data is produced in charts and tables that are easy to digest. Advanced reporting allows you to:
- Pull information from multiple sources to create a comprehensive view of customer activity and business performance
- Create customized reports that highlight and contrast the performance of different departments, groups, or products within your organization
- Customize reports by deleting or adding fields or incorporating calculations, metrics, and data based on your current needs
- Automatically create detailed reports so your organization can identify the factors that are impacting trends
Also read: NetSuite Reporting Features and Tips
How Does NetSuite Advanced Reporting Benefit You?
NetSuite reporting tools allow you to address pain points that are overlooked with basic reporting. It improves productivity and allows for strategic decision-making.
- With NetSuite advanced reporting, you can present your team with the information needed in an easy-to-understand format that allows them to make data-driven decisions.
- Automated reports, created on-demand and populated with real-time information, let you make accurate decisions quicker.
- Save time by eliminating manual efforts to create customized reports. Automation frees up your staff so that they can focus on productive work.
How Businesses Are Using NetSuite Reporting Capabilities
Before using NetSuite, controllers, and accountants in many businesses admit that they spent hours each month creating reports for individual business identities and profit and loss statements. These needed to be exported to Excel and then consolidated for leadership. With NetSuite, they can accomplish all of this with a button click. Some of NetSuite’s features include the following:
Configurable Financial Reports
NetSuite includes hundreds of standardized reports, like financial statements that have been formatted in advance to meet the requirements of multiple countries. The layouts are flexible, allowing for the grouping and sorting of data and increased control of how information is organized. You can configure reports to show specific GL accounts, custom fields, or types.
Multidimensional Analysis
NetSuite’s multidimensional analysis feature lets you look at the financial performance of your business from a granular level. Each dimension is a custom data element that links the characteristics of your organization to critical financial transactions. This lets you track revenue, byproduct, geolocation, department, distribution channel, and other vital operational criteria.
Report Snapshots
A snapshot is a high-level overview of reports that contain links to the data that supports snapshots. You can include summaries on your dashboards, allowing users to monitor the financial details that are pertinent to them.
NetSuite is a powerful tool for making detailed reports. It can help your organization save money year-to-year through taxes and meaningful cost-cutting. If you are interested in getting the most out of your business reports, our experienced team of accounting professionals can help your business set up and integrate the NetSuite software.
__________________________
This blog article is not intended to be the rendering of legal, accounting, tax advice, or other professional services. Articles are based on current or proposed tax rules at the time they are written, and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.
