Oracle NetSuite Introduces Enterprise Performance Management

by

General Ledger

Oracle NetSuite has announced Enterprise Performance Management (EPM) from the main-stage of "SuiteWorld 2023." EPM will help organizations further unify and automate their financial operations.

NetSuite EPM brings together planning, budgeting, forecasting, account reconciliation, financial close and reporting processes across the entire organization to help increase business visibility, enhance decision-making and drive growth. 

"Finance teams with disconnected processes spend too much time looking at where the business has been and have less time to think about what's next, leading to missed growth opportunities," says Evan Goldberg, founder and EVP of Oracle NetSuite. "By further unifying and automating their entire financial operations – from planning to close and reporting—NetSuite EPM focuses on proactivity. With this new solution, finance teams can operate more efficiently and drive the business forward." 

NetSuite EPM is built on the foundation of Oracle Fusion Cloud Enterprise Performance Management and seamlessly integrated into NetSuite, helping organizations improve the speed and accuracy of financial processes and gain the business insights they need to enhance decision-making.

NetSuite EPM is composed of new and existing NetSuite solutions, including:

  • Planning and Budgeting — Automates labor-intensive planning and budgeting processes so finance teams can quickly and easily budget and forecast, scenario plan, and report — all within one collaborative, scalable solution. New AI capabilities in NetSuite Planning and Budgeting further enhance data analysis to improve and accelerate decision-making by using predictive algorithms to continually monitor and analyze plans, forecasts and variances. This allows them to uncover and highlight trends, anomalies and correlations. 
  • Account Reconciliation — Streamlines and automates the reconciliation process for accounts payable, accounts receivable, bank and credit card transactions, prepaid accounts, accruals and fixed asset accounts, intercompany transactions and other balance sheet accounts. Launched in July 2023, it helps accounting teams increase the accuracy and speed of the entire close process by automating the complex and time-consuming tasks involved in aggregating financial data from various sources. NetSuite Account Reconciliation helps standardize and automate any reconciliation process, strengthen internal financial controls, produce more accurate financial statements and close the books faster.
  • Narrative Reporting — Helps contextualize financial data by aligning narrative writing with financial statements and data in a single report. With this new solution, finance teams can easily collaborate in a central space to define, author, review, and publish management and regulatory reports.
  • Profitability and Cost Management — Helps organizations understand which customers, products, and other business segments perform profitably. With this new solution, finance leaders can make more informed decisions about where to take their business and allocate resources more effectively with a deeper understanding of profitability.
  • Tax Reporting — Extends NetSuite tax provisioning and compliance capabilities within NetSuite Tax Management by streamlining the tax reporting process and providing workflow and task automation to centralize all tax-related tasks into a dashboard. This helps users quickly identify all tasks they are responsible for, which tasks take priority, and which tasks are currently blocked by other dependencies. A complete set of reports and dashboards support the analysis of all tax data and the generation of the tax disclosure.

Kevin Permenter, Research Director of Financial Applications at IDC, says the economic volatility of the past few years has created a greater need for small- to mid-size businesses to have an integrated suite of financial management and planning tools to help them make more informed, data-driven decisions.

"Enterprise Performance Management tools give businesses the ability to plan for different economic and performance scenarios, build detailed forecasts, and leverage automation and AI/ML capabilities for more efficient and accurate financial planning and reporting," Permenter says.

Customer Success with NetSuite Planning and Budgeting and NetSuite Account Reconciliation

 Veracyte is a global diagnostics company that empowers clinicians with the high-value insights they need to guide patients at pivotal moments in the race to diagnose and treat cancer.

To plan for multiple scenarios and make more informed business decisions based on real-time data and accurate forecasts, Veracyte is leveraging NetSuite Planning and Budgeting.

"With NetSuite Planning and Budgeting, we've managed our financial planning and forecasting processes effectively," says Cassandra Cardenas, Financial Systems Manager, Veracyte. "The ability to run rolling forecasts has helped us stay on top of our financial performance by allowing us to adapt to unexpected changes to our business quickly."

Cardenas says that with a heightened demand and growing workforce, NetSuite Planning and Budgeting has been key to ensuring it can continue to deliver its services to those who need them most.

NetSuite Enterprise Performance Management will be available in North America next year. NetSuite Planning and Budgeting and NetSuite Account Reconciliation will continue to be offered separately and as part of the NetSuite EPM solution.  

To learn more about how organizations leverage NetSuite's power to increase efficiency and drive growth, you can register for SuiteWorld On-Air to get all the latest updates from SuiteWorld.

On-air attendees can access keynotes, sessions, demos and NetSuite's two-day live broadcast, NetSuite TV.

Footnotes and Disclosures:

Content within this feature (including the headline graphic) has been adapted from source materials furnished by Oracle NetSuite. Referenced source materials or content appearing within this Insightful Accountant feature were adapted and are furnished solely for educational purposes.

SuiteWorld, NetSuite and Oracle are registered trademarks of Oracle Corporation. Oracle Corporation is a publicly-traded NYSE-listed (ORCL) multinational corporation headquartered in Austin, Texas (USA).

NetSuite was the first cloud company—ushering in the new era of cloud computing. For more than 25 years, Oracle NetSuite has helped organizations grow, scale, and adapt to change. NetSuite provides an integrated system that includes financials / Enterprise Resource Planning (ERP), inventory management, HR, professional services automation and omnichannel commerce, used by more than 37,000 customers in 219 countries and dependent territories.

Any other trade names used within this article, including any other vendor (app/software) discussed herein, may refer to products registered, trademarked, or otherwise held by their respective owners. They are referenced solely for informational and educational purposes.

This feature is "not" sponsored content. The article is provided for informational and educational purposes.

The publication of this article does not represent an endorsement by either the author or Insightful Accountant.

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