It’s that time of year. It happens twice. NetSuite updates are around the corner.
What to look forward to?
NetSuite, a leading cloud-based ERP system, has recently announced its 2024 Release 1, which introduces a new suite of solutions for finance professionals.
NetSuite Enterprise Performance Management(EPM)
EPM is a set of cloud applications that connects planning, budgeting, forecasting, account reconciliation, financial close, and reporting processes from across the organization.
NetSuite EPM is built on the foundation of Oracle Fusion Cloud Performance Management and integrated into NetSuite ERP, providing increased business visibility, enhanced decision-making, and improved efficiency for finance teams.
Here are some of the highlights:
NetSuite Planning and Budgeting
This solution helps finance teams create and manage plans, budgets, and forecasts with ease and accuracy.
In 2024.1, NetSuite Planning and Budgeting is augmented with Intelligent Performance Management (IPM), which leverages data science and machine learning to monitor and analyze plans, forecasts, and variances continuously.
NetSuite IPM uses predictive algorithms to uncover trends, anomalies, biases, or hidden correlations and provides data-driven insights and recommendations for action.
NetSuite Profitability and Cost Management Reporting
This solution helps finance leaders understand which customers, products, and other business segments are most profitable.
By combining data from the general ledger and other financial systems with operational systems, NetSuite Profitability and Cost Management Reporting provides detailed insight into profit drivers and resource allocation.
NetSuite Account Reconciliation
This solution automates the reconciliation process for various types of accounts, such as accounts payable, accounts receivable, bank and credit card transactions, prepaid accounts, accruals and fixed asset accounts, intercompany transactions, and other balance sheet accounts.
In 2024.1, NetSuite Account Reconciliation introduces a new task management capability that provides a centralized platform to assign tasks from the close checklist to team members and customize activities.
NetSuite Close Management and Consolidation
This solution helps companies comply with regulatory requirements and internal governance standards by providing a centralized platform for managing the consolidation and financial close process.
NetSuite Close Management and Consolidation supports multiple currencies, intercompany eliminations, minority interest, and ownership management.
Beyond the finance upgrades, you can also look forward to:
- Embedded AI Across the Suite: NetSuite Text Enhance uses generative AI to help users create and refine personalized and contextual content using NetSuite data. AI predictive algorithms in NetSuite Planning and Budgeting, NetSuite Analytics Warehouse, and NetSuite Bill Capture enable users to uncover trends, anomalies, correlations, and insights.
- Boost Field Service Efficiency: NetSuite Field Service Management helps field service companies increase efficiency and customer satisfaction while reducing operational costs. The solution includes a drag-and-drop schedule board, a centralized asset and inventory management system, and a mobile app for field technicians.
What do you do now?
Customer Integrations – If you have any custom integrations that could be impacted, dive in and make a plan! Similarly, if you have third-party app integrations that relate to the upgrades, be sure to understand that vendor’s approach.
Use it! Most notably, “Don’t own a Ferrari and drive it like a Civic.”
Take the time to strategize how these new abilities and functionality can scale your business and support your team.
Want to learn more or get help?
Contact AmplifyTech today!
