How often are they updated and how long do they take to update?
Allocating and tracking expenses by department, project or other category is often done with spreadsheets. The process is labor-intensive, prone to errors and difficult to manage. Lack of visibility into actual expenses vs budgets also increases the risk of overspending.
Many companies use MS Excel for budget tracking. Tracking budgets manually requires extra work and increases the risk of errors. Spreadsheets are inherently insecure, create version control issues and can’t be audited. The data isn’t real time and spreadsheets don’t have drill down capability.
Even with just a few prepaid expenses, you still need to record the expense and update balances at the end of the month. NetSuite does this automatically, saving time, ensuring accuracy and giving you one less thing to think about.
Okay, so you are already allocating expenses by department. How do you keep track of allocation percentages? Typical measures like square footage and headcount can change. Who maintains this data? Managing allocations manually also takes time, which extends the close process.
Automating allocations and expenses amortization saves time at month end and increases efficiency, allowing you to close faster with less risk of error. This translates into greater confidence in the accuracy of financial reports provided to stakeholders.
Grow your business with automation as opposed to adding additional headcount. Save on full/part time employee expense.
Better, more reliable financial impact means better decision making. Asa result, drive more revenue and improve margins.