Nestlé uses NetSuite's SavedSearch feature to extract multi-dimensional financial data and feed it directly into FP&A tools like Basis, avoiding spreadsheet wrangling. NetSuite handles all currency conversions so the FP&A system works from a single source of truth.
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I just want to give everyone an overview of what it looks like. Nestlé is a little bit unique. It's not like QBO or Xero where you have a standardized backend table. Some systems have that. One of Nestlé's strengths is its ability to scale and be flexible. You can have as many different types of dimensionality you want. But what that means is in the backend, it's not just one simple table that I can pull. And what you have to look for, and the best practices I've seen in the industry, and I've worked with 20+ tools, is to create something they call a SafeSearch. That's the name of a report builder in NetSuite. What happens is you want to create a structure in the SafeSearch that pulls the data that you need. So your accounts, your departments, any additional dimensionalities, plus your financials. And then what happens is you're going to pull directly from that SafeSearch to whatever tool you're using. Basis is included to pull that data and then manage that data in, in that FP&A system such as Basis. Right. And one more caveat on that to connect to all the entity questions. I always recommend if you have multi-currency, especially in multi-entity situation, have NetSuite run the FX for you. Don't do that in your FP&A system or your Google Sheets, because again, like I said earlier, I want one source of truth. I don't want to recalculate something that's already being calculated in your accounting system.
