Oracle NetSuite today announced that NetSuite Enterprise Performance Management (EPM), which includes NetSuite Planning and Budgeting and NetSuite Account Reconciliation, will be available in Europe, the Middle East, and Africa (EMEA). With NetSuite EPM, businesses in EMEA can increase visibility, enhance decision-making, and drive growth by bringing together planning, budgeting, forecasting, account reconciliation, financial close, and reporting processes from across the entire organisation.

“Finance teams that rely on manual, disconnected processes take too much time fixing spreadsheets and being reactive, instead of driving the business forward,” said Evan Goldberg, founder and EVP, Oracle NetSuite. “By automating critical financial processes – from planning and budgeting to closing the books and reporting – NetSuite EPM creates new efficiencies and helps uncover and highlight patterns to put the focus back on proactivity, profitability, and growth.”

NetSuite EPM is built on the foundation of Oracle Fusion Cloud Enterprise Performance Management (EPM) and seamlessly integrated into NetSuite, helping organisations improve the speed and accuracy of financial processes and gain the business insights they need to enhance decision-making. NetSuite EPM is composed of NetSuite solutions that are now available in EMEA, including:

• Planning and Budgeting: Automates labour-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. With this new solution, finance leaders can improve and accelerate decision-making by using predictive AI-powered algorithms to continually monitor and analyse plans, forecasts, and variances. The AI capabilities also help finance leaders uncover and highlight trends, anomalies, and correlations. In addition, NetSuite Planning and Budgeting can now be configured to deliver sustainability reporting. This helps business leaders comply with new reporting standards and gain the insights they need to make progress on sustainability goals by connecting data, plans, and targets across their organisation.
• 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. With this new solution, accounting teams can 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. The solution helps standardise and automate any reconciliation processes, strengthen internal financial controls, produce more accurate financial statements, and close the books faster.
• Profitability and Cost Management: Provides 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.
• Narrative Reporting: Helps contextualise 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.
• Corporate Tax Reporting: Simplifies and automates tax reporting processes and enables organisations with multinational operations to efficiently comply with new OECD country-by-country reporting obligations. With this new range of workflow, task management, and transfer pricing capabilities, finance teams can improve the speed and accuracy of tax reporting.

Customer Success with NetSuite Planning and Budgeting and NetSuite Account Reconciliation

Veracyte is a global diagnostics company with operations in France and Israel 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 Senior 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.”

Based in Ireland, Keywords Studios provides creative services to the global video games industry and has more than 13,000 team members in 26 countries. To help increase operational efficiencies and scale its business, Keywords Studios selected NetSuite Account Reconciliation.

“Keywords Studios, with its global footprint and diverse service offerings in the gaming and tech industries, selected NetSuite Account Reconciliation for its ability to streamline complex financial processes across multiple currencies and regulatory environments,” said Marc Quinlan, Director of Finance Transformation, Keywords Studios. “We chose NetSuite to enhance automation and real-time data visibility, helping to significantly reduce manual errors and boost operational efficiency. NetSuite Account Reconciliation ensures compliance by adhering to international regulatory obligations and simplifies the reconciliation process, enabling Keywords Studios to focus on operational excellence and strategic expansion without compromising on financial accuracy and control.”

Availability: NetSuite Enterprise Performance Management will be available in Belgium, Denmark, Finland, France, Germany, Ireland, Israel, Netherlands, Norway, Spain, Sweden, Central and Eastern Europe, and Africa in 2024.