Unified finance solution connects financial and operational planning, automates account reconciliation, streamlines the close process, and enhances tax and narrative reporting
SuiteWorld 2023, Las Vegas—Oct 17, 2023To 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 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.”
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:
“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.”
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.”
NetSuite Enterprise Performance Management will be available in North America within the next year. NetSuite Planning and Budgeting and NetSuite Account Reconciliation will continue to be sold separately and as part of the NetSuite EPM solution.
Get all the latest updates from SuiteWorld by registering for SuiteWorld On Air:  netsuitesuiteworld.com/onair. By registering, attendees will have access to keynotes, sessions, demos, and NetSuite’s two-day live broadcast, NetSuite TV. Learn more about how organizations are leveraging the power of NetSuite to improve productivity and drive growth.
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.
Oracle, Java, MySQL, and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud computing.