28 Feb, 2024

Exploring NetSuite 2024.1’s Enterprise Performance Enhancements

What if your business could effortlessly bring together different operations on a single platform? Think of a single platform to enable planning, budgeting, forecasting, account reconciliation, financial close, and reporting.

NetSuite Enterprise Performance Management (EPM) is your all-in-one solution to optimize financial processes. It also helps you gain crucial insights to fuel smarter decision-making.

A leading provider of cloud-based business management software, Oracle NetSuite continues to rule the roost. Its latest release, NetSuite 2024.1 continues to set the standards of excellence. This update has major enhancements in the EPM segment and empowers organizations to optimize financial strategies and drive growth. 

NetSuite 2024.1: A Glimpse into Enhanced EPM Capabilities 

NetSuite's dedication to innovation is evident in the extensive range of features and improvements introduced in the 2024.1 release. Let's look into some of the key highlights: 

1. Advanced Financial Consolidation: NetSuite 2024.1 introduces advanced capabilities for financial consolidation, optimizing the process for businesses managing multiple subsidiaries or entities. Organizations can enhance their financial close processes, reduce errors and have a holistic view of their financial health.

2. Corporate Tax Reporting: These updates facilitate improved automation, enabling multinational organizations to comply more efficiently with the latest OECD country-by-country (CbC) reporting requirements. Through advanced workflow management, task coordination, and transfer pricing capabilities, finance teams can achieve greater speed and accuracy in their tax reporting sections.  

3. Integrated Planning and Budgeting: NetSuite 2024.1 integrates robust planning and budgeting functionalities directly into the platform, eliminating the need for disparate systems or manual data transfers. Through NetSuite Intelligent Performance Management (IPM), predictive algorithms continuously monitor and analyze plans, forecasts, and variances, thereby alleviating the workload for finance teams. 

4. Dynamic Financial Reporting: Empowering finance teams with actionable insights is paramount for informed decision-making. NetSuite's latest release enhances financial reporting capabilities, enabling users to create dynamic, customizable reports tailored to their specific needs. From interactive dashboards to real-time analytics, organizations can extract meaningful insights effortlessly, driving agility and efficiency in their operations. 

5. Profitability and Cost Management: NetSuite EPM offers a reporting function that offers detailed insights into the profitability of various aspects of a business, including customers, products, and other segments. Through the integration of data from multiple financial and operational systems, this feature empowers finance leaders to gain a deeper understanding of profit drivers, facilitating informed decisions regarding resource allocation. 

6. Compliance and Security Enhancements: This solution maintains high standards of compliance and security in response to growing regulatory scrutiny and cybersecurity threats. The 2024.1 release introduces improvements focused on strengthening data protection, enhancing audit capabilities, and ensuring regulatory compliance across global operations. NetSuite Close Management and Consolidation provides a centralized platform for managing the consolidation and financial close process, helping companies comply with regulatory requirements and internal governance standards. 

If you wish to learn more about the NetSuite 2024 release key updates, explore our article:
NetSuite Release 2024.1: Transforming ERP with AI and Enhanced Features 

Wrapping Up 

With NetSuite 2024.1, organizations can utilize Enterprise Performance Management to improve efficiency, adaptability, and growth in a competitive environment. Advanced financial consolidation, dynamic reporting, and robust compliance features allow businesses to enhance their operations. Embrace the future of EPM with NetSuite 2024.1 and embark on a path towards ongoing success.

If you are an existing NetSuite user or interested in learning about NetSuite release updates, please feel free to contact our experts. We are here to assist you with the process and explore future enhancement possibilities for your NetSuite account.