NetSuite Offers New Capabilities for Planning and Budgeting, Account Reconciliation, Profitability and Tax Reporting

Over the past several years, NetSuite has been adding a series of enterprise-grade applications from Oracle to the Suite. NetSuite 2024 Release 1 brings these technologies together under NetSuite’s new What is NetSuite EPM (EPM) offering. NetSuite EPM connects planning, budgeting, forecasting, account reconciliation, financial close, and reporting processes from across the organization. Built on the foundation of Oracle Fusion Cloud Performance Management and integrated into NetSuite ERP, this suite of cloud applications helps increase business visibility, enhance decision-making, and improve finance team’s efficiency.

Plan better with AI-driven analysis and deeper insights

NetSuite Enterprise Performance Management (EPM) is composed of new and existing NetSuite solutions. The existing NetSuite Planning and Budgeting(opens in new tab), for example, is now augmented with Intelligent Performance Management (IPM). Leveraging data science and machine learning capabilities, NetSuite IPM uses predictive algorithms to continuously monitor and analyze plans, forecasts, and variances. The solution sifts through large amounts of data to uncover trends, anomalies, biases, or hidden correlations. The finance team can spend less time analyzing and take faster action on current, data-driven insights. 

NetSuite EPM also includes NetSuite Profitability and Cost Management Reporting, which provides detailed insight into which customers, products, and other segments of a business are most profitable. By combining data from the general ledger and other financial systems with operational systems, this solution gives finance leaders deeper understanding around profit drivers so they can decide where best to allocate resources.

Bring more speed and accuracy to the financial close

Two solutions in NetSuite EPM are specifically designed to lessen the time and tedium around the financial close. NetSuite Account Reconciliation(opens in new tab) 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. A new task management capability in 2024.1 increases the efficiency and accuracy of NetSuite Account Reconciliation by providing a centralized platform to assign tasks from the close checklist to team members and customize activities.  

The other solution, NetSuite Close Management and Consolidation, helps companies to comply with regulatory requirements and internal governance standards by providing a centralized platform for managing the consolidation and financial close process. Organizations can maintain data integrity throughout the consolidation process by automating the collection, validation, and consolidation of data from multiple sources.

New solutions deliver context and automation to reporting

Financial reporting is a process rife with challenges if organizations are using disconnected systems and manual tools. NetSuite EPM contains several solutions to ease the complexity.

NetSuite Corporate Tax Reporting automates 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.

NetSuite Narrative Reporting helps businesses contextualize financial data by providing narrative writing alongside financial statements and data in a single report, making it easier for stakeholders to understand and interpret the information. It also provides finance teams a central environment to collaborate across the creation and publication process for internal and external reporting.

Additional features to maximize profitability

Besides NetSuite EPM, the 2024.1 release also brings several new features and enhancements, including:

  • Additional transaction line distribution support: In addition to vendor bills and credits distribution, the NetSuite Transaction Line Distribution(opens in new tab) SuiteApp now also distributes expenses from purchase orders, expense reports, credit card transactions, and checks across benefitting subsidiaries or segments of the business. 
     
  • Added intelligence to NetSuite Bill Capture: Additional fields—including PO number, memo, posting period, discount date, and custom segments—have been added to the Review Bill page. These additional fields give NetSuite Bill Capture(opens in new tab) intelligence more data to work with, decreasing the likelihood of bill creation failure or needed edits after creation. The 2024.1 release also enhances the user experience in Bill Capture with added filters for vendor, upload source, and email source on the scanned vendor bills page. To learn more about the Bill Capture updates, check out our blog on the new AI capabilities in NetSuite 2024.1. 
     
  • NetSuite Benchmark 360: This tool helps organizations analyze key operational and financial metrics and understand how they are performing compared to similar organizations in their industry and region. The version launched in 2024.1 provides the following metrics:
    • Days cash on hand
    • Days sales outstanding 
    • Days payable outstanding 
    • Employee turnover rate 
    • Revenue per full-time employee
       
  • Enhancements to NetSuite Electronic Invoicing: The Electronic Invoicing SuiteApp now connects to national, international, and government e-invoicing platforms directly from within NetSuite, helping customers meet global e-invoicing mandates.
     

Further capabilities in NetSuite Analytics Warehouse: NetSuite Analytics Warehouse(opens in new tab) adds faster, more secure access with single sign-on, allowing people to log into NetSuite or NetSuite Analytics Warehouse with one set of login credentials. With the option to refresh both standard and custom data at a higher frequency, information in your data warehouse is near real-time. Lastly, a new financial analysis subject area in 2024.1 joins relevant financial datasets and incorporates other data sources like inventory and payroll, for faster reporting and better insight into spending.

Learn more about all the updates in NetSuite 2024.1

For many, the promise of AI has seemed unattainable due to cost and complexity. NetSuite 2024.1 brings the potential of the technology in reach. NetSuite 2024 Release 1 contains a host of other innovative new enhancements across the suite. Be sure to read more about what else is in the release on our Sneak Peek page(opens in new tab) or dive deep into the release notes(opens in new tab). Most importantly, don’t forget to request your Release Preview(opens in new tab) test account for hands-on access to see how new features will work with your data, workflows, and customizations.

*This post comes from this article: https://www.netsuite.com/portal/resource/articles/financial-management/netsuite-2024-1-delivers-enterprise-performance-management-and-more.shtml

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Roger

NetSuite EPM consultant living in beautiful Oslo. Founder of EPM for NetSuite Nordics.

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