NetSuite has announced a new range of integrated financial solutions to automate processes such as tax reporting and account reconciliation, alongside a range of new AI features for its Planning and Budgeting product.
Customers will be able to use the new NetSuite Enterprise Performance Management to automate accounts payable and receivable processes, the production of financial reports, and to enable finance teams to collaborate on documents within the suite.
The new product will also enable companies to automate their tax reporting, even for multinational firms seeking compliance across territories. It also contains a new ‘Financial Close Management’ module to help customers close books for accounts with complex global processes.
New AI features within NetSuite Planning and Budgeting will help bring data science to finance teams. “Intelligent Insights’ will continuously monitor plans and forecasts, the firm said, and flag anything that the system detects as significant, such as hidden correlations, trends, or biases.
Where data suggests a deviation from a company’s strategy, the AI system can provide suggestions for righting the course. Customers seeking greater efficiency can use this feature in tandem with a new AI tool, ‘Benchmark 360’.
The tool provides centralized oversight of a customer’s metrics to let leadership teams quickly and intelligently match their performance against that of their competitors in their region or industry.
“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 at 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 eyes more "sector-specific" insights
At launch, Benchmark 360 is focused on financial and human capital management (HCM), but NetSuite has committed to continually updating it with more sector-specific information.
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NetSuite Planning and Budgeting and NetSuite Account Reconciliation will now be available either as standalone products or bundled within NetSuite EPM, in a move intended to give customers flexibility over their buy-in.
The firm has made a similar move suite for NetSuite AP Automation, with the Bill Capture tool now available as a standalone product.
Coinciding with its standalone release, NetSuite has enhanced Bill Capture with new AI processes on top of its existing machine learning (ML) optical capture, to allow customers to automatically categorize expense data.
While NetSuite Enterprise Performance Management will be released in North America in 2024, the firm has not announced fixed dates for its release in other regions.
