Oracle NetSuite today announced NetSuite Enterprise Performance Management (EPM), which includes NetSuite Planning and Budgeting and NetSuite Account Reconciliation, is now available to organisations in Singapore. With NetSuite EPM, organisations in Singapore can increase visibility, enhance decision-making with AI-powered insights, and drive growth by bringing together planning, budgeting, forecasting, account reconciliation, financial close, and reporting processes from across the entire organisation.

“Finance teams play a critical role in growing a business, but they often have to spend too much time on manual reporting tasks when they could be spending more time on strategic activities that drive the business forward,” said Gary Wiessinger, senior vice president of Application Development, Oracle NetSuite. “By automating and unifying financial processes – from planning and budgeting to closing the books and reporting – NetSuite EPM addresses this challenge and will help our customers in Singapore increase business efficiency and leverage AI to gain the insights needed to make better decisions, faster.”

Built on Oracle Fusion Cloud Enterprise Performance Management (EPM) and integrated into NetSuite, NetSuite EPM helps organisations improve the speed and accuracy of financial processes and gain the insights they need to drive the business forward. NetSuite EPM is composed of the following NetSuite solutions that are now available in Singapore, including:

• Planning and Budgeting: Helps finance teams quickly and easily budget and forecast, scenario plan, and report — all within one collaborative, scalable solution – by automating labour-intensive planning and budgeting processes. With this new solution, finance leaders can improve and accelerate decision-making by using predictive AI-powered algorithms to continually monitor and analyse plans, increase forecast accuracy and confidence, deliver predictive forecast explanations, and understand variances. In addition, finance leaders can accelerate reporting and deliver detailed AI-generated commentary and narratives with an Intelligent Performance Management Insights feature.
• Account Reconciliation: Helps accounting teams increase the accuracy and speed of the entire close process by streamlining and automating 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. With this new solution, accounting teams can also automate complex and time-consuming tasks involved in aggregating financial data from various sources, standardise and automate reconciliation processes, strengthen internal financial controls, produce more accurate financial statements, and close the books faster.
• Profitability and Cost Management: Helps finance leaders make more informed decisions about where to take their organisation and allocate resources more effectively by providing a deeper understanding of which customers, products, and other segments of a business are performing profitably.
• Narrative Reporting: Helps finance teams contextualise financial and transactional data by efficiently and accurately creating generative AI-powered narratives, explanations, and visuals 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.
• Corporate Tax Reporting: Helps finance teams improve the speed and accuracy of tax reporting by enabling organisations with multinational operations to efficiently address new OECD country-by-country reporting obligations. With this new range of workflow, task management, and transfer pricing capabilities, finance teams can simplify and help automate tax reporting processes.