NetSuite plans to introduce a Web-based financial planning module to help companies create “what-if” modeling scenarios so they can plan, forecast, and budget their finances better.

The financial planning module, which NetSuite plans to begin selling in the third quarter, will provide drill-down features to allow users to review a plan vs. actual variance, isolate the organization responsible for the variance, and drill down into the transactional details contributing to the variance.

“It helps with strategy, planning and execution,” said vice president of product marketing Mini Peiris. “It’s focused on letting people more effectively manage their businesses. They can measure how they’re doing against any plans they have, so they can course-correct more rapidly.”

NetSuite is positioning the financial planning module as an alternative to juggling a series of complicated spreadsheets or investing in a business intelligence system such as Hyperion or Cognos. The company developed the software in partnership with Adaptive Planning using its own SuiteCloud technology. The software will integrate with NetSuite’s Internet-based enterprise resource planning, customer relationship management and e-commerce products using the software-as-a-service model.