To help organizations further unify and automate their financial operations, Oracle NetSuite today introduced NetSuite Enterprise Performance Management (EPM). NetSuite EPM brings together planning, budgeting, forecasting, account reconciliation, financial close, and reporting processes from 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,” said Evan Goldberg, founder and executive vice president, Oracle NetSuite. “By further unifying and automating their entire financial operations – from planning to close and reporting – NetSuite EPM puts the focus on proactivity. With this new solution, finance teams can operate more efficiently to 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 gain a deeper understanding of which customers, products, and other segments of a business are performing 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.
Corporate Tax Reporting: Helps automate tax reporting processes and enables organizations with multinational operations to efficiently comply with new OECD country by country reporting (CbCR) obligations. With this new range of workflow, task management, and transfer pricing capabilities, finance teams can improve the speed and accuracy of tax reporting.
“The economic volatility of the past few years has created a greater need for small to midsize businesses to have an integrated suite of financial management and planning tools that can help them make more informed, data-driven decisions,” said Kevin Permenter, research director, Financial Applications, IDC. “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.”
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 been able to effectively manage our financial planning and forecasting processes,” said 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 quickly adapt to unexpected changes to our business. With a heightened demand and growing workforce, NetSuite Planning and Budgeting has been key to ensuring we can continue to deliver our services to those who need them most.”
Rayburn Electric Cooperative is a not-for-profit generation and transmission utility that provides adequate, reliable, and affordable wholesale electric energy to four Distribution Cooperatives serving communities in North Texas. To get a real-time, accurate view of its financial position and empower its team to focus on value-added activities for its members and communities, Rayburn Electric Cooperative selected NetSuite Account Reconciliation.
“Rayburn constantly looks for opportunities to improve efficiencies and add value to our members. Reconciliations were typically done in Excel and at times required significant manual work to reconcile.” said Stephanie Weeks, corporate controller, Rayburn Electric Cooperative. “With NetSuite Account Reconciliation, preparation, tracking, and review of new accounts and reconciliations are handled more efficiently and timely than ever before. We now have a single, accurate, and real-time view of our financial performance and our accountants spend more time on value added activities that allows us to maximize the value of our members’ investment.”
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