NetSuite OpenAir Budget Management enables teams to track detailed cost budgets on a project by project basis. Budgeting allows financial leaders to set initial budget forecasts and then track actuals, comparing different scenarios to allow on-the-go visibility of financial performance. Powerful controls combined with easy to learn and use entry menus provide the perfect balance for today's project financial needs.
Using OpenAir's configurable workflow engine, you can create simple to multiple stage approvals on budgets with full alerting and tracking ability. Use the standard workflows to manage the typical project budget approval scenario or setup unique workflows for exceptional cases allowing financial leaders or project managers sign-off on a specific forecast.
Budgeting also allows for multiple versions giving you point-in-time comparisons through the project lifecycle as well as optimistic versus pessimistic comparisons. Any two versions can be compared to provide insight into different plans or variations through the project lifecycle.
Powerful controls are only as good as the effort it takes to maintain them. To that end, entering forecasts or actuals is as easy as entering data into your favorite spreadsheet. And figures from your team's labor or expense reports is easily updated into the project budget on demand. Additionally, OpenAir offers the ability to manage budgets at the projects, phase or task level, allowing you to maintain your budget at the level of granularity required, and then roll-up the entire budget to gain visibility into the project-wide budget in a single view. Unlike heavy, complex on premise ERP systems, NetSuite OpenAir strikes the perfect balance of control, easy entry and upkeep.
OpenAir's powerful budgeting capability enables you to translate your project plan tasks or resource schedule into financial figures. Using estimated hours to complete tasks and individuals' or roles billing rates, OpenAir can automatically convert that effort into financial figures to quickly paint a picture of what the financial performance will look like. This capability allows better predictability of project cost, revenue and profitability
NetSuite OpenAir budgeting includes sections for estimating and managing labor costs and project expenses. Automatically feed actuals from timesheets and expense reports to populate your project figures. A Material Purchase section also enables you to capture standard project costs not related to a resource, such as hardware or equipment, or when outsourcing some creative work. The budget grid will summarize each category automatically.
Settings and options are available on a collapsible side panel in OpenAir budgets enabling you to see key performance indicators and understand overall progress based on how you measure financial success. Get insight into budget progress and profitability, total cost and category details in a single information panel.
Use existing projects as a starting point when creating a new project by simply copying the budget forecast from one project into another. This allows for most consistent budget creation, standardization and more accuracy for a process that typically is complex. The entire budget forecasting process becomes a simple and seamless part of any new project creation.
Comparing budget forecasts to actuals is now simplified through a sophisticated color-coding capability. OpenAir offers a full range of color options, from deep red to cool blue, allowing you to use a simple traffic light palette to something more sophisticated. Set tolerance thresholds that suit your business and allow OpenAir now more accurately reflects discrepancies to help gain insight and make better financials decisions faster.