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NetSuite Enterprise Performance Management (EPM) Explained

January 23, 2024

If you want a solution to bring together planning, budgeting, account reconciliation, financial close and reporting from the entire organisation, NetSuite Enterprise Performance Management (EPM) is for you.

The unification of all these disparate things can help businesses carry out financial processes with greater speed and accuracy. It also helps with gaining the insights that are fundamental to good decision-making.

NetSuite EPM is built from the Oracle Fusion Cloud EPM solution. It integrates seamlessly into NetSuite so you are always working with the most up-to-date information. With NetSuite EPM, you have a complete solution that eliminates the time wasted in manual processes like:

  • Gathering data.
  • Reconciling accounts.
  • Verifying accounts.
  • Analysing company finances.

Wave goodbye to spreadsheets and narrowly-focused niche solutions. Embrace cutting-edge software that does everything under one roof.

The Main Benefits of NetSuite Enterprise Performance Management

There are many advantages to using NetSuite EPM in your operations. But here are some key benefits that will make the most difference to your organisation.

Swift and Accurate Data Consolidation

You will bring together financial and operation data from all the disparate arms of your business. This will improve both the accuracy and accessibility of data.

Informed Decision-Making

With improved access to up-to-date financial and operational data, you will seamlessly connect budgeting, forecasting and reporting processes. This will open the door to insights that drive informed, strategic decisions.

Automated Financial Close

Automated processes make account reconciliation and financial close much simpler and faster. You also reduce errors and achieve greater accuracy in the end result.

A Comprehensive Solution

You will deliver efficiency, accuracy, collaboration and strategic benefits to your organisation. The unification of disparate financial management functions into a single solution offers far-reaching advantages.

Key Features of NetSuite Enterprise Performance Management

The features of this integrated solution help you unify financial and operational planning. You will also get automated account reconciliation, a streamlined financial close, and enhanced reporting within a single, unified solution. Here are the features in more detail.

Planning and Budgeting

This tool automates labour-intensive planning and budgeting processes. In turn, this enables your finance teams to quickly and easily produce budgets and forecasts, or model what-if scenarios and generate detailed reports.

It is a collaborative, scalable solution that reduces time wasted on manual processes to allow more strategic analysis to optimise your financial position.

Account Reconciliation

This software automates account reconciliations in the general ledger. This includes:

  • Bank reconciliations.
  • Credit card matching.
  • Intercompany transactions.
  • Account receivables and payables.
  • Invoice-to-PO matching.

All of these things are brought together into a single, centralised workspace. With Account Reconciliation, errors and manual ticking and tying are taken out of the equation. This enables accounting teams to focus on things like exceptions, high-risk reconciliations and other strategic concerns.

Corporate Tax Reporting

Tax reporting processes are simplified with NetSuite EPM. You can align tax with corporate financial reporting for enhanced visibility and compliance. Financial data from NetSuite’s general ledger can be harnessed to help ensure all tax calculations are based on up-to-date information. This enables you to feel assured of the accuracy, and everything is done at a greater speed.

Close Management and Consolidation

Manage end-to-end close and consolidation processes under one roof. Assign tasks are easily assignable and you can ensure they are carried out in the correct order. With pre-built consolidation support, your close process can be executed with greater speed and accuracy. This is achieved by reclassifying, adjusting and eliminating data for any hierarchy.

You accounting teams will now be able to literally manage and post journals straight into the NetSuite general ledger.

Narrative Reporting

Give the numbers a little context by integrating textual narratives into financial statements and data within any given report. All stakeholders involved in the report creation process can collaborate with ease on management and regulatory reports. The tools available facilitate collaborative efforts on the reports in terms of:

  • Defining.
  • Authoring.
  • Reviewing.
  • Publishing.

Cost Management and Profitability Reporting

Gain a more profound understanding of profitability and costs. The available tools enable you to break these things down by customer, product and other key business segments. This helps with informed decision-making regarding where to take your business or focus your investment strategies.

What Challenges Does NetSuite EPM Solve?

NetSuite EPM was developed to help businesses solve a number of common business challenges. These include:

  • Manual Account Reconciliation: With advanced automation and standardisation tools, you can remove time-consuming manual processes from account reconciliation. This enables a faster, more efficient, and accurate period end reconciliation.
  • Inefficient Budgeting and Forecasting: Take advantage of a centralised solution for the creation and management of budgets and forecasts. This enables real-time collaboration, improving data accuracy and enhancing the overall planning process.
  • Limited Reporting: Provide real-time dashboards for organisations, along with ad-hoc reporting and data visualisation features. These enable streamlined analysis of financial and operations data to make informed decisions.
  • Complex Financial Close: Standardise, accelerate, and centrally manage every stage of the close process. With month-end close tasks and checklists, role-based workflows and more, you can simplify the financial close for your business.

NetSuite has packaged the experience of tens of thousands of worldwide deployments for over two decades to develop a set of leading practices. With intelligent, stepped implementations, you can pave the way to success and access rapid business value.

What is the Cost of NetSuite EPM?

NetSuite is available for companies of every size, from pre-revenue start-ups to businesses undergoing rapid growth. Users subscribe to NetSuite for a yearly licence fee. You licence is made up of:

  • The core platform.
  • Optional modules.
  • The number of users.

You will also pay a one-time implementation fee for the initial setup. Your solution can grow with your business, so you can activate new modules and add users at will. NetSuite EPM is available now as an add-on module to NetSuite. You can learn more about purchasing NetSuite in our informative article How To Buy NetSuite.

Why choose Eventura to deliver your NetSuite Project?

As an official NetSuite solution provider, we have successfully delivered countless NetSuite implementations and integrations. Our expert team of business analysts, developers, consultants, technicians and support staff can guide you through your entire project, from initial scoping through to implementation and on-going support. We also offer a wide range of Managed IT Services, so we can help you deliver your project in it’s entirety.

We believe that NetSuite offers its customers a comprehensive suite of products that can digitally transform their businesses, replacing a range of disparate systems and software with one unified solution to business management.

If you would like to speak to one of our NetSuite experts, you can request a free call back here.

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