To help organizations further unify and automate their financial operations, Oracle NetSuite has delivered NetSuite Enterprise Performance Management (EPM). Designed to help companies increase productivity, profitability, and efficiency, NetSuite EPM complements your existing ERP. Let’s explore what it can do for your organization, whether you are new to NetSuite or an existing user.
What is NetSuite EPM?
NetSuite EPM brings together 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.Â
Built on the foundation of Oracle Fusion Cloud EPM and seamlessly integrated into NetSuite, it is composed of new and existing solutions including:
- Planning and Budgeting: Take the hassle out of planning and budgeting by automating time-consuming tasks. Your finance team can easily create budgets, forecasts, and reports, model different “what-if” scenarios, and collaborate—all within one flexible and scalable solution.
- Account Reconciliation:Â Simplify account reconciliation for your entire general ledger and balance sheet accounts. By automating the complex process of gathering and matching financial data from various sources, your team can close faster and with greater accuracy, all while managing everything in one central place.
- Close Management and Consolidation: Handle the entire consolidation and close process from start to finish within a single platform. Assign tasks, ensure they’re completed in the correct order, and use pre-built support for reclassifications, adjustments, and data eliminations. Plus, accounting teams can post journals directly to NetSuite’s general ledger, making the process even smoother.
- Corporate Tax Reporting: Streamline your tax reporting by aligning it with corporate financial reporting, improving visibility and compliance. By pulling accurate data from the NetSuite general ledger, you ensure your tax calculations are always up-to-date, boosting both speed and accuracy.
- Narrative Reporting:Â Bring context to the numbers by merging financial statements with written explanations in a single report. This makes it easier for stakeholders to collaborate on defining, writing, reviewing, and publishing both management and regulatory reports.
- Profitability and Cost Management: Gain clearer insights into profitability and costs by looking at customer, product, and other business segments. This helps your team make better decisions on where to take the business and where investments will pay off the most.
How Your Business Can Benefit from NetSuite EPM
EPM is both a process and a technology that helps business leaders determine how well the company is performing against its forecasts and goals.
- Integrated Financial Planning: Forget the headache of juggling multiple software systems. NetSuite EPM brings everything under one roof, ensuring your planning, budgeting, and forecasting processes run like a well-oiled machine.
- Accurate, Real-Time Reporting: No more waiting for last month’s data to finally hit your desk. NetSuite’s EPM ensures that you’ve got up-to-the-minute insights that allow you to pivot quickly when needed.
- Improved Decision-Making: With better data comes better decisions. NetSuite EPM provides the kind of visibility that allows executives to spot trends, mitigate risks, and seize opportunities—all in real-time.
- Scalable Solutions: Whether you’re a mid-sized company or an enterprise, NetSuite EPM scales with you. As your business grows, so does its ability to handle complex processes without missing a beat.
Challenges NetSuite EPM Solves
Many finance teams are challenged by:
- Inefficient Budgeting and Forecasting
- Manual Account Reconciliation
- Complex Financial Close
- Limited Reporting
Can you relate? A recent survey by KPMG showed that less than half of the finance and operations leaders said key business processes are fully connected across their functions. Further, disconnected processes are hindering their ability to focus on future growth.
Real-World Impact
So, what kind of impact can you expect when you implement NetSuite EPM? Let’s look at a couple of real-world examples.
A growing retailer was struggling with outdated financial processes, especially as they expanded into new regions. By implementing NetSuite EPM, they reduced their month-end close from 10 days to just 3 days. Talk about efficiency!
A global tech company used NetSuite EPM to unify its budgeting, forecasting, and reporting. The result? A more agile organization that could pivot quickly to respond to market changes—saving them millions in potential losses.
These examples are proof that when you use the right tools, performance management becomes less of a challenge and more of an opportunity to thrive.
How CE Can Help Simplify Operations
Circular Edge is a full-service provider of Oracle consulting services including Oracle Fusion Cloud EPM, NetSuite EPM, Business Intelligence, Advisory, etc.
We offer extensive services and support to:
- Configure: We work with our clients to implement and deploy EPM & BI solutions
- Adopt: We champion our clients’ solution to ensure business users embrace it
- Support: We provide support to our clients to ensure ongoing success
- Extend: We enhance our clients’ solutions to improve ROI and reduce total cost of ownership
Schedule a 1on1 meeting to discuss our EPM Accelerator Offering, System Health Check & Tune Up and how we can support your transformation objectives.
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