Solution 7 is the highest rated SuiteApp for Excel Financial Reporting in NetSuite. Looking for a NetSuite Excel Connector? Read our article to find out how Solution 7 connects your critical business information from NetSuite to Excel, allowing finance teams to leverage NetSuite data in the tool they know and love, whilst owning financial reporting.
For most finance teams, accountants and CFOs using NetSuite, there are two tools relied on most: NetSuite and Excel. On the one hand, NetSuite gives businesses real-time data on the finances and operations with a single, fully integrated cloud-based system. On the other hand, Excel allows accountants to drill-down into these numbers, make calculations and forecasts, present meaningful information and allow strategic decisions to be made. Not to mention, Excel is familiar for finance teams – they know exactly how to use and navigate the software.
Solution 7, a Financial Reporting tool for NetSuite, is the catalyst that seamlessly connects both pieces of software to become incredibly powerful. As fellow spreadsheet enthusiasts, we understand the power of Excel for financial reporting, but know that copy-paste jobs, permission restrictions and IT dependency when trying to link NetSuite data to Excel, grow tiresome. In this article, you’ll learn the value that Solution 7’s comprehensive and automated reporting capabilities can bring finance teams as we cover some of our most loved features, including:
Refresh NetSuite dashboards in Excel with one click
The challenge with having NetSuite data in Excel without a connector such as Solution 7, is that it requires valuable time being spent on copy-paste tasks that not only hinder the team’s every day but is an ineffective way to utilise NetSuite’s real-time data.
By connecting directly to NetSuite, Solution 7 provides a bi-directional integration enabling users to push, pull and dissect data any day of the week – removing this data entry pain. Once you create your reports the way you want to present them (in Excel), simply click ‘refresh’ and watch Solution 7 do its magic.
The reason Excel is loved for a business’ financial reporting is because everything about is specifically designed to assist with complex accounting, budgeting and forecasting. When you plug real time data from NetSuite into the back of Excel via Solution 7, it allows finance teams to slice, dice, chop and quarter numbers exactly how you want to see them, without affecting the general ledger.
Achieve full drill down and drill back of NetSuite data in Excel
“That number doesn’t seem right?”
Mistakes happen: Something’s been mis-posted, there’s a calculation error in the workbook or a new quote hasn’t been logged in the system yet, making board meetings not as action-driven as they could be. Even without errors, analysing month-end reports is more than merely reading the numbers in front of you – you need more flexibility than this to drive the business forward. With Solution 7’s incredible drill down and drill back capabilities, you can quickly solve problems and have more in-depth discussion to get on with making strategic decisions.
Break down the data by subsidiary, account, class, department, and location – all the way to the transaction level without leaving Excel. What’s more, once you reach transaction-level details – Solution 7 pre-populates the transaction link in question, which you can easily open via NetSuite login and continue the conversation with ease.
Drill down to transaction-level detail:
How to tackle complex financial reporting scenarios in Excel
Solution 7 is flexible by nature, meaning you can build any report your business needs in Excel, no matter how complex. We’ve included a few real-life examples and requests of Solution 7’s report builder capabilities to support financial reporting needs.
“I need more freedom to design and structure reports in Excel whilst using NetSuite data”
From a NetSuite perspective, dashboards and reports are designed to be as interactive as they can be for users within the confines of the core database and table structure, as well as the pre-defined format financial reports need to follow based on your NetSuite set-up. For example, your General Ledger structure determines how your Balance Sheet is produced in NetSuite. You can’t just decide to amend codes, or group codes differently as it has a fundamental impact on all postings and reports within the system.
Solution 7 however, provides a blank canvas in Excel. CFOs and accountants are given the keys to create things like alternative, or selective GL reports to analyse specific scenarios whilst maintaining full access to NetSuite’s real-time data that is plugging into the back of Excel. Choose the order, structure and design of dashboards to view the data however you want, without actually impacting the nominal ledger in NetSuite.
“I want to view my subsidiary costs in different currencies in Excel using NetSuite data with minimal effort”
If your business has multiple subsidiaries across different regions, a powerful way to view financial reports is to transform reporting for multiple regions and view costs in foreign currencies, just like in NetSuite. With Solution 7, you can do this with no extra effort.
Once you create a report, drill down by subsidiary to view each subsidiary structure without having to create multiple reports for each location. If you want to drill down to US dollars or GBP, you will see the correct currency and inter-company exchange rate as the values are hooked up directly from NetSuite. To make this process even easier, Solution 7 creates a new sheet every time you enter a new level of drill-down.
Create simple and good-looking financial templates
Without the right structure and templates in place, reporting can consist of hundreds of reports created by different team members, all of whom have different ways of using, styling, distributing, and saving Excel spreadsheets. This results in inefficiencies, duplicate or redundant files and inconsistent branding and formatting across the board.
Although Solution 7 don’t profess the way in which reporting should be done - in fact that’s specifically why we exist: to give you the freedom and agility to build reports the way you want to - we would recommend a master template that makes life easier, more accurate and accessible for everyone.
By master template we mean a worksheet, or multiple sheets, created by you, using your knowledge and experience of Excel with a simple point and click interface which allows you to easily put any NetSuite field anywhere in a spreadsheet. This entire report, or set of reports, can then simply be updated with a single click to pull through live data directly from NetSuite.
No more having to browse multiple menus to run various reports across numerous tabs all of which have to be filtered every time to produce the specific view you’re looking. Just click ‘Refresh Data’ and hey presto, your entire financial reporting is live and up to date in an interface you can really get stuck into.
Easily share reports with your team (inc. non-NetSuite users)
After creating reports the way you need to, you can share them with your team either via email, the Cloud or PDF. Using Solution 7’s Automation Sheet functionality, you can automatically generate output sheets that send the necessary workbooks to the relevant departments and locations, rather than sending multiple people the same workbook filled with all subsidiary details when they only require UK and USA, for example.
Alternatively, you can save the report to a secure shared location and provide permissions to the right people, none of which need to be NetSuite users or have Solution 7 installed.
Ultimately, if you are looking to leverage NetSuite data but need more freedom to build and automatically generate reports in Excel in a way that suits the business, Solution 7 is the answer.
About Solution 7
Solution 7’s award-winning SuiteApp provides finance professionals with all the power and capability of NetSuite’s reporting within the familiar and flexible interface of Microsoft Excel. Recognised by NetSuite as ‘SuiteApp of the Year’ in 2018, Solution 7 is one of the most, and highest, rated apps on SuiteApp.com, with an average rating of 4.8/5 from almost 100 reviews.