What are the benefits of having a budget in Netsuite ERP?

AI generated answer (using internal Slack threads):

****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ****** The benefits of having a budget in NetSuite ERP are: 1. Budget vs Actual Reporting: NetSuite's budgeting functionality allows you to compare your budgeted figures with actuals. This can help in identifying variances and taking corrective actions. 2. Import Functionality: NetSuite allows you to prepare your budget outside of the system and then import it using the budget import tool. This can be beneficial if you have complex budgeting requirements that cannot be handled within NetSuite. 3. Integration with Other Modules: Budgets in NetSuite can be integrated with other modules like Purchase Orders. For example, at the time of PO creation, you can query against the budget to ensure that you are not ordering beyond the approved budget. This can be achieved either through scripting or workflows with saved searches. 4. Expense Commitment and Budget Validation: There is a free SuiteApp called Expense Commitment and Budget Validation that can be used to check budgets at the time of PO creation. 5. Basic Budgeting Tool: If you are new to budgeting, NetSuite's budgeting functionality can serve as a good starting point. It provides basic budgeting capabilities that can be sufficient for small businesses or those with simple budgeting needs. However, it's important to note that NetSuite's budgeting functionality is quite basic and may not meet the needs of businesses with more complex budgeting requirements. In such cases, it may be beneficial to consider other budgeting tools that can integrate with NetSuite.