Oracle NetSuite has recently announced the integration of a new account reconciliation feature into its NetSuite ERP suite. This enhancement, developed on Oracle’s Fusion Cloud Enterprise Performance Management (EPM) suite, is designed to automate the reconciliation process for a wide range of accounts, including payable and receivable accounts, bank and credit card transactions, prepaid accounts, accruals, fixed assets, and intercompany transactions. This feature aims to provide instant visibility into the reconciliation process, enabling organizations to focus on analysis, risk mitigation, and exception handling. It also improves global auditability by enhancing the accuracy of financial statements. Users can utilize dashboards to view real-time reconciliation statuses and variance details.
This update is part of NetSuite’s broader efforts to enhance automation within its cloud-based ERP suite, aiming to remain competitive with midmarket rivals such as Epicor, IFS, Microsoft Dynamics, Infor, and Zoho. These enhancements span various domains, including HR, supply chain, banking, finance, and sales. Furthermore, Oracle has expanded its MyLearn program to cover NetSuite midmarket ERP products, demonstrating the company’s commitment to offering comprehensive learning and development tools for its users. Currently, Oracle claims to have over 36,000 customers using its NetSuite products across different industries like manufacturing, health, and education
