To help organizations further unify and automate their financial operations, Oracle NetSuite today introduced NetSuite Enterprise Performance Management (EPM). NetSuite EPM enables finance teams to create budgets, scenario plan, and generate reports within a collaborative and scalable environment.
“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 EVP, 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.”
Account reconciliation is streamlined and automated with NetSuite EPM, improving accuracy and speed in processes such as accounts payable, accounts receivable, and bank transactions. This automation allows accounting teams to focus on value-added activities, ensuring accurate financial statements and faster closing of the books.
Narrative reporting in NetSuite EPM aligns narrative writing with financial statements and data, enhancing transparency and clarity in management and regulatory reports. This feature provides leaders with a space for collaboration, improving efficiency in defining, authoring, reviewing, and publishing reports.
NetSuite EPM also offers profitability and cost management capabilities, enabling finance leaders to gain a deeper understanding of business performance. By analyzing customer profitability and product performance, informed decisions can be made regarding resource allocation and business strategies. The solution also automates tax reporting processes, ensuring compliance with international regulations and improving accuracy.
Real-world success stories, such as Veracyte and Rayburn Electric Cooperative, demonstrate the tangible benefits of NetSuite EPM. Veracyte, a global diagnostics company, effectively manages financial planning and forecasting processes with NetSuite Planning and Budgeting, adapting quickly to changes and delivering services efficiently.
Rayburn Electric Cooperative streamlined reconciliation processes with NetSuite Account Reconciliation, resulting in improved efficiencies and real-time financial performance visibility.
NetSuite EPM empowers finance leaders to increase productivity, efficiency, and profitability. By unifying financial processes, automating tasks, and providing valuable insights, NetSuite EPM enables finance teams to focus on value-rich activities and make informed decisions. As organizations strive for growth and navigate an ever-changing business landscape, NetSuite EPM proves to be a valuable tool for finance leaders seeking sustainable growth and maximizing their investments.
