Analyze and Plan Strategically with NetSuite Enterprise Performance Management

Summary:  This article throws light on NetSuite Enterprise Performance Management, software specifically structured to assist thriving business organizations in planning and analyzing trends. You can leverage advanced functionalities to drive more efficiency, productivity, and scalability than ever.

Chiefly, NetSuite 2024 Release 1 comes with new and inventive capabilities aimed at assisting finance professionals in driving more efficiency across routine financial tasks. Primarily, these include planning and budgeting, account reconciliation, financial close, and reporting.

For the most part, NetSuite 2024 Release 1 brings these adaptive technologies together under the NetSuite Enterprise Performance Management (EPM) offering.

Given these points, NetSuite EPM connects

Notably, it is orchestrated on the foundation of Oracle Fusion Cloud Performance Management and integrated into NetSuite ERP. Hence, this suite of extensively structured cloud applications helps multiply business visibility, improve decision-making, and elevate the finance team’s efficiency.

Undeniably, NetSuite Enterprise Performance Management renders both new and existing NetSuite solutions. For instance, the existing NetSuite Planning and Budgeting is now augmented with Intelligent Performance Management (IPM).

Explicitly, NetSuite Intelligent Performance Management uses predictive algorithms by leveraging data science and machine learning capabilities. Hence, business administrators can make the most of NetSuite EPM to continuously monitor and analyze plans, forecasts, and variances. In addition, the Oracle Fusion Cloud EPM solution inspects large amounts of data to unleash growth trends, anomalies, or any hidden correlations. This way, your finance team can analyze in less time and take quick actions on data-driven insights.

Needless to say, NetSuite EPM offers

Markedly, business organizations can leverage NetSuite Account Reconciliation to automate the reconciliation process for

In particular, this new task management capability in 2024.1 multiplies the efficiency and accuracy of NetSuite Account Reconciliation as it delivers a centralized and integrated platform to assign tasks from the close checklist to team members and customize business activities.

This other solution in NetSuite Enterprise Performance Management helps business companies comply with regulatory requirements and internal governance standards. For the most part, it provides a centralized platform to manage the consolidation and financial close process. Given these points, organizations can maintain data integrity throughout the consolidation process by driving automation across the data collection, validation, and consolidation from multiple sources.

Notably, NetSuite Corporate Tax Reporting eases the complexity and automates tax reporting processes. Here, NetSuite EPM enables organizations with multinational operations to efficiently comply with new OECD country-by-country reporting obligations.

In addition,

This capability in NetSuite EPM helps businesses contextualize financial data. For the most part, it provides narrative writing alongside financial statements and data in a single report. Given these points, it gets easier for stakeholders to understand and interpret the crucial data. Furthermore, the finance team gets a centralized environment to collaborate across the creation and publication process for internal and external reporting.

Interestingly, the NetSuite Transaction Line Distribution SuiteApp, in addition to vendor bills and credit distribution, now also distributes expenses from purchase orders, expense reports, credit card transactions, and checks across benefitting subsidiaries or units of a business.

Notably, NetSuite Bill Capture is revived with additional fields, such as PO number, memo, posting period, discount date, and custom segments—added to the Review Bill page. Undeniably, these intelligence capabilities enhance the user experience in Bill Capture with added filters for vendor, upload source, and email source on the scanned vendor bills page.

The version launched in 2024.1 provides this tool to help a business analyze key financial and operational metrics, such as

Markedly, businesses can make the most of the Electronic Invoicing SuiteApp that now connects to national, international, and government e-invoicing platforms directly from within NetSuite. Here, you can reach out to the #1 ORACLE NetSuite Channel Partner and leverage NetSuite E-invoicing solution as per your business needs and meet global e-invoicing mandates without a hitch.

Needless to say, NetSuite Analytics Warehouse adds quicker and more secure access with single sign-on and one set of login credentials. Here, people will get an option to refresh both standard and custom data at a higher frequency and in real time. Lastly, a new financial analysis in NetSuite 2024.1 combines relevant financial datasets and incorporates inventory and payroll-like data sources for effective reporting and to gain actionable insights into spending.

At inoday, an official, #1 ORACLE NetSuite Channel Partner, you can connect to our Certified NetSuite Consultants to explore new business possibilities by bridging the gap via automation and innovation. For the most part, our experts deliver rich industry expertise and leading practices to assist thriving businesses in consolidating their presence and taking a competitive lead with Strategic Analysis and Planning.

For more details, write to us at info@inoday.com Or Schedule A Demo