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Oracle NetSuite is a cloud computing firm that enables the management of ERP, CRM, HCM, and other business operations from a single platform. It allows you visibility into back-office operations, financials, and other areas. Because NetSuite ERP hosts various solutions, the amount of data collected is vast, making it difficult to grasp. It is much easier to make educated judgments based on data presentation is in the form of reports. NetSuite allows for real-time data analysis and modeling across the platform. As you grow your e-commerce business, NetSuite reporting tools can be useful.
NetSuite ERP is a web-based software system that provides small and medium enterprises with integrated business applications. Financials, CRM, e-commerce, application modules, and hosting and maintenance services, are all available through the organization. You can read more about NetSuite reporting tools on this page.
What is NetSuite Reporting?
Financial reporting in NetSuite provides finance and accounting teams with extensive capabilities for analyzing and displaying data. Prebuilt financial reports save time and can be simply customized to emphasize specific findings. Create personalized reports with multiple versions and the appropriate layout for each audience. You can gain important insights into your company's performance by combining financial, statistical, and operational data with multi-dimensional analytics. This way, you can receive a holistic perspective of your business using NetSuite, not just reporting.
NetSuite Reporting Tools
NetSuite offers a number of reporting options for retrieving, analyzing, and presenting real-time business data. Users may either run pre-built reports or create and adjust their own choices. The Report Builder tool also allows users to create bespoke reports. The NetSuite Reports tab is where users with reporting access may locate this feature.
It includes a large number of common reports with pre-populated data and style. It also offers ad-hoc reports with a variety of formatting possibilities. They can modify the report's outcomes by adjusting their selections. A Report Snapshot portlet allows you to see a summary of reports on a dashboard for a certain day or time. You have options for printing, emailing, and exporting to .csv, .xls, .doc, or .pdf files after you finish the reports.
NetSuite Report Builder
The Report Builder may be used to customize both standard and ad hoc reports. We may tailor the reports to match your unique requirements. NetSuite has a Financial Report Builder that allows you to alter financial statements solely.
To make a report, go to the Report Builder and select 'Customize' from the drop-down menu. On the new report definition page, select the 'More Customization' option. We may change the report's default columns, filters, and sorting choices. We can also configure permissions to control which users have access to the reports. User roles influence customization choices, permissions, and the report we choose.
The Saved Reports tab allows users to manage custom reports. Users may access all of their stored reports from this page. NetSuite admins can edit, see, delete, or change ownership of reports. On the report, we may do the following things.
- Inline report editing - You can pick and choose which reports we wish to alter, and the results are displayed on the same page.
- Mass report updating - NetSuite has a unique function that allows you to change ownership of a few reports at once.
- Mass deleting reports - You can mass remove reports by selecting all of the reports you want and deleting them all at once.
- Saved reports - The stored reports area contains all of the customized and saved reports.
NetSuite Administrators may use embedded analytics to uncover hidden insights from data. We can track the success of the firm across departments, subsidiaries, and teams. It allows you to store searches and reports, which may help you make important decisions and obtain valuable information.
We can construct workbooks that execute complicated data analytics activities using SuiteAnalytics. By studying data in real-time representations, we may develop complex criteria filters. The worksheet also offers a drag-and-drop function for pivoting and charting. As portlets, a workbook may be added to the NetSuite dashboard. The worksheet may then be saved, shared, or reused.
SuitAnalytics also features artificial intelligence and machine learning-based features that give insights and assist clients to make quicker and smarter choices. Based on previous data, it can also forecast what will happen in the future. Routine duties can also be automated. It also enables data openness at all levels, from the summary to the transaction.
You can keep data across separate systems since NetSuite provides multiple services through a single platform. The analysis of this data will take time and be prone to errors. NetSuite Business Intelligence provides built-in, real-time dashboards, reporting, and analysis on data integrated across all processes inside the Suite platform. It aids in the trustworthy and timely execution of good decision-making.
Users may view concerns, trends, and opportunities in real-time. We have the ability to dig down individual transactions. It's really simple to use because it doesn't require any programming or technological expertise. You can use a web browser or a mobile device to access the Business Intelligence platform.
A saved search is a useful tool that assists NetSuite admins since it is a reusable search definition. We obtain some results when we search by using some filters. We can save these search options, like advanced search filters and results display with Saved Searches. Users that have 'Publish Search' permission can share the search results with others. It facilitates decision-making by providing accurate data reporting and tracking.
Users can store their searches either before or after they are defined. You can create a recipient list and have the search results emailed to them automatically. These emails containing search results can be sent at a scheduled time or as soon as the result changes. Others may use the search option to look for these previously published searches by title.
Users will find displaying all of the reports on a dashboard to be crowded and difficult to grasp. As a result, NetSuite reporting tools provide a feature called report snapshots that allows you to save screenshots. It gives a high-level overview of the selected report's findings. It also includes links to the supporting reports. When there isn't enough room to display the entire report, we can utilize report snapshots. Instead of presenting all of the goods on the dashboard, we might show the top 5 sales items. Prebuilt and custom snapshots are available in NetSuite.
Key Performance Indicators
KPIs in NetSuite synthesize raw data and display the outcomes over time. It aids in the analysis of data findings over time. The results of a KPI dashboard component will be shown in a tabular style. We may then go deeper into each of these outcomes. You can use stored searches to construct custom KPIs.
On their home screen, a user can only have one KPI dashboard component. The KPI Meter dashboard component allows us to display the KPI search result as a picture. A dashboard can have a maximum of three KPI Meter portlets. More than 75 KPIs are available in NetSuite, including revenue trends, sales pipeline trends, and so on.
Workforce analytics allows you to track, measure, and analyze data about your employees. A company's headcount, hiring, and turnover patterns may all be investigated. Payroll data, tenure, and performance management are ways for CFOs to spot talent deficiencies. These reports may be used by HR and management to have a better understanding of the workforce and plan for employee engagement and retention.
It includes two pages that exhibit human resource data, namely Headcount Analysis and Turnover Analysis. It also has drill-down capabilities for getting more information on analytics. Tracking and reporting on the company's benefits schemes and expenditures may assist both workers and HR. Historical, predictive, and prescriptive analytics are all possible with it.
NetSuite is a web-based ERP that is accessible through your company's Intranet. The system is simple to use and operates in a browser. You can access this software through PCs, tablets, and smartphones. Each employee who will access the system will require a license. And remember that the system must be deployed on the company's internal server.
5 Benefits of NetSuite Financial Reporting
1. Transcends Mere Data Analytics
To acquire unique insights into performance, use multidimensional analysis to financial, statistical, and operational data.
Role-based dashboards and key performance indicators (KPIs) aid in keeping team members focused on the most important business results.
3. Efficient Process
Ad hoc report creation is faster and easier with customizable layouts, reusable reporting templates, and stored searches.
4. Maintains Accurate Information Dissemination
You can schedule and send reports automatically, ensuring that everyone has the same accurate data.
5. Secure NetSuite Reporting Data
Configurable role and user-based access and permissions limit access to critical financial information.
Here is An Overview of Oracle NetSuite Reporting Tools Capabilities
NetSuite reporting tools allow you to do real-time financial analysis and modeling across all departments of your company.
These technologies, when utilized correctly, may give precise insights into corporate performance and help businesses make better decisions.
This cloud platform also offers worldwide support for localization and internationalization. It can create financial statements that adhere to various accounting standards.
How can NetSuite Reporting Tool Help Your Business Grow
1. Segmenting your company's financial operations.
Financial segments are divisions of your company's business activities that have a direct financial impact. NetSuite administrators can individually track each set of expenditures and income in each department. For almost all types of records and transactions, segments are available. Segments also offer parent-child relationships, allowing you to establish classes and sub-classes based on your business's requirements.
2. Financial report customization
Because NetSuite reporting is so versatile, is customizable to certain types of general ledger (GL) accounts and transaction information.
In the Options menu, you may further personalize your NetSuite report. With a single click of a button, you can add graphs to your report. This can come in handy when you're short on time before a major presentation.
3. Adaptability of NetSuite Reporting Tools
While NetSuite provides a variety of reports, they may not satisfy your company's unique business goals or reporting needs. Because no profit and loss statement is the same, NetSuite's Report Builder provides extra customization options.
5 Tips to Fully Optimize Your NetSuite Reports
1. Consolidate Your Reports
Compressing your reports can make uploading them to NetSuite or Excel easier. It may also save you time by reducing the file's size, resulting in fewer data to process.
2. Simplify NetSuite Reporting Data
When you remove unnecessary data and simplify complex views, it's easier to explore reports. Break down a report into sections and link each section with a hyperlink to make it easier for users to access. Group similar things together under custom headers that offer a brief overview of the data to reduce misunderstanding.
3. Split Large File Reports
Because some reports include more entries than others, your browser may take a long time to load them. If you routinely open a report that is too large to fit on a single screen, break it up into sections. After which, link each section with a hyperlink so that people can simply access it. Group similar items under custom headers that offer a brief overview of the data to minimize misunderstanding.
4. Emphasize Important Information
One technique to convey key elements without clogging up your report with extraneous material is to highlight significant information in your reports. Focus on highlighting significant items by color, size, or both, rather than labeling every field in your list.
5. Filter Data for Easy Assessment
Filtering your report data allows you to quickly find useful information among a large number of items. It's critical that you select the appropriate filter criteria. This is because too many filters may slow down the retrieval process and may possibly result in report errors. These issues may be avoided by employing a filter that is simple to use and has a clear purpose.