NetSuite Enterprise Performance Management (EPM) Explained

Finance and operational planning, closing the books and reporting are common tasks that most businesses perform. However, a common issue between the operation teams and the finance team is getting current operations information and gathering financial data.  Reconciling data, verifying data and analyzing operational data for the finance team is a time consuming and error prone process.  Often using spreadsheets to aggregate data or using financial planning solutions that do not give the company visibility to current and accurate operational data.  Once data is available for financial reporting and financial budgeting and planning key information is delayed or may be missing for key decision making and growth opportunities.

NetSuite Enterprise Resource Planning plus NetSuite Enterprise Management resolve the business operational and finance visibility and connectivity issue.  NetSuite ERP provides the tools for your business to run operations efficiently and transparently. NetSuite EPM provides the seamless integration with NetSuite ERP for accurate operation data and a set of solutions that connects 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.

NetSuite EPM Foundation

NetSuite EPM is built on the foundation of Oracle Fusion Cloud Enterprise Performance Management and seamlessly integrates with NetSuite ERP so you’re always using the most up-to-date information.

NetSuite Enterprise Performance Management is comprised of the following components:

• Planning and Budgeting: Automates labor-intensive planning and budgeting processes, so finance teams can quickly and easily budget and forecast, scenario plan, and report—all within one collaborative, scalable solution. New AI capabilities in NetSuite Planning and Budgeting further enhance data analysis to improve and accelerate decision-making by using predictive algorithms to continually monitor and analyze plans, forecasts, and variances. This allows them to uncover and highlight trends, anomalies, and correlations.
• Account Reconciliation: Streamlines and automates 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. Launched in July 2023, it helps accounting teams increase the accuracy and speed of the entire close process by automating the complex and time-consuming tasks involved in aggregating financial data from various sources. NetSuite Account Reconciliation helps standardize and automate any reconciliation process, strengthen internal financial controls, produce more accurate financial statements, and close the books faster.

• Narrative Reporting: Helps contextualize financial data by aligning narrative writing with financial statements and data 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.
• Profitability and Cost Management: Helps organizations gain a deeper understanding of which customers, products, and other segments of a business are performing profitably. With this new solution, finance leaders can make more informed decisions about where to take their business and allocate resources more effectively with a deeper understanding of profitability.
• Corporate Tax Reporting: Helps automate tax reporting processes and enables organizations with multinational operations to efficiently comply with new OECD country by country reporting (CbCR) obligations. With this new range of workflow, task management, and transfer pricing capabilities, finance teams can improve the speed and accuracy of tax reporting.

Key Benefits

• Enhanced Decision-Making. Use financial and operational data from across the business to connect budgeting, forecasting, and reporting processes and gain insights that drive informed decisions.
• Automate Financial Close. Simplify account reconciliation and financial close with automated processes, reducing errors and improving accuracy.
• Increase Operational Efficiency. Eliminate time spent manually gathering, reconciling, verifying, and analyzing the company’s finances through spreadsheets and narrowly focused niche solutions.

NetSuite EPM Explanation Video

Here is an excellent introductory video of NetSuite Enterprise Performance Management from NetSuite:

Want to Learn More?

The Redhill Business Analytics team members are experts in NetSuite EPM: Planning and Budgeting and Account Reconciliation.

If you would like a free consultation please contact Gerard at Redhill Business Analytics via email or the contact form below.