Harnessing Data for Success: NetSuite EPM Strategies by OpenTeQ in 2024

OpenTeQ Admin | Updated: Jul 8,2024
Harnessing Data for Success: NetSuite EPM Strategies by OpenTeQ in 2024

This article provides an overview of NetSuite Enterprise Performance Management, a piece of software designed to help successful businesses plan and analyze trends. By utilizing enhanced functionalities, you may achieve unprecedented levels of productivity, efficiency, and scalability.  

Essentially, NetSuite 2024 Release 1 offers fresh and creative features designed to help finance professionals increase productivity on everyday financial operations. These primarily consist of financial closing, account reconciliation, planning & budgeting, and reporting.  

These adaptable technologies are mostly combined under the NetSuite Enterprise Performance Management (EPM) offered with NetSuite 2024 Release 1.  

Considering these details, NetSuite EPM connects  

  • Organizing  

  • Budgeting  

  • Financial close  

  • Account Reconciliation 

  • Forecasting  

  • Reporting procedures throughout the company. 

It is worth noting that it is integrated into NetSuite ERP and coordinated on top of Oracle Fusion Cloud Performance Management. This collection of highly organized cloud apps thereby contributes to increased company visibility, enhanced decision-making, and increased team productivity in the finance department. As a leading Official NetSuite Partner and a premier NetSuite Partner in the USA, OpenTeQ is at the forefront of helping businesses unlock the full potential of their data through robust NetSuite Enterprise Performance Management (EPM) strategies. 

AI-Powered Analysis and More In-Depth Planning Knowledge 

Without a doubt, NetSuite Enterprise Performance Management offers NetSuite solutions, both old and new. For example, Intelligent Performance Management has been added to the current NetSuite Planning and Budgeting (IPM). 

Specifically, by utilizing data science and machine learning capabilities, NetSuite Intelligent Performance Management makes use of predictive algorithms. So, business administrators may monitor and analyze plans, predictions, and variations continuously by utilizing NetSuite EPM to its fullest potential. Large volumes of data are also inspected by the Oracle Fusion Cloud EPM solution to reveal growth trends, abnormalities, or any hidden correlations. Your finance staff will be able to examine data faster and act quickly on insights based on data in this way.  

Naturally, NetSuite EPM provides 

  • Reports on NetSuite Profitability and Cost Management 

  •  Comprehensive analyses of the most lucrative goods and services  

  • Integrating operational systems with data from the general ledger and other financial systems  

  • A greater comprehension of profit-generating factors to help them identify the best initiatives to fund.

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Precise and Quick Financial Closure 

Accounts Payable Credit card and bank transactions that are pending 

With NetSuite Account Reconciliation, businesses can significantly speed up the reconciliation process for  

  • Receivable and Payable Accounts  

  • Credit Card and Bank Transactions  

  • Accounts Payable in Advance  

  • Fixed Asset Accounts and Accruals  

  • Intercompany Deals  

  • Additional Accounts on the Balance Sheet  

Accounts Payable Credit card and bank transactions that are pending 

More specifically, the new task management feature in 2024.1 increases the effectiveness and precision of NetSuite Account Reconciliation by providing a single, integrated platform for team members to assign tasks from the closing checklist and personalize business activities. 

NetSuite Consolidation and Close Management  

Businesses may comply with internal governance standards and regulatory regulations with the aid of this additional NetSuite Enterprise Performance Management solution. It offers a centralized platform for managing the financial closing and consolidation process. Considering these aspects, companies can ensure data integrity during the consolidation process by automating the gathering, verification, and consolidation of data from many sources. 

Enhanced Profitability through Extra Features  

Extra Support for Transaction Line Distribution  

It's interesting to note that the NetSuite Transaction Line Distribution SuiteApp now distributes expenses from purchase orders, expense reports, credit card transactions, and checks among advantageous subsidiaries or business divisions in addition to vendor bills and credit distribution. 

Enhanced NetSuite Bill Capture with Intelligence  

Remarkably, NetSuite Bill Capture is brought back to life with new features added to the Review Bill page, including PO number, memo, posting period, discount date, and custom segments. The enhanced vendor, upload source, and email source filters on the scanned vendor bills page unquestionably improve the user experience in Bill Capture.

Benchmark 360 for NetSuite  

This application, which was released in 2024.1, assists a company in analyzing important financial and operational parameters, like  

  • Days' worth of cash  

  • Days of outstanding sales  

  • Days payable due to outstanding  

  • Rate of employee turnover  

  • Income for each full-time worker 

NetSuite Electronic Billing  

Businesses may now connect to national, international, and government e-invoicing platforms directly from within NetSuite, allowing them to take full advantage of the Electronic Invoicing Suite App. Here, you may get in touch with the top ORACLE NetSuite Channel Partner, utilize NetSuite E-invoicing to suit your company's requirements, and seamlessly comply with international e-invoicing regulations. 

Analytics Warehouse for NetSuite  

It goes without saying that NetSuite Analytics Warehouse enables single sign-on and a single set of login credentials for faster and more secure access. Here, users will have the choice to refresh both bespoke and standard data more frequently and instantly. Finally, for effective reporting and to obtain meaningful insights into expenditure, a new financial analysis in NetSuite 2024.1 integrates pertinent financial facts and merges payroll-like and inventory-like data sources.

Why OpenTeQ  ?  

You can get in touch with our Certified NetSuite Consultants at OpenTeQ, an official #1 ORACLE NetSuite Channel Partner, to discover new business opportunities by bridging the gap through automation and innovation. Most of the time, our professionals use their extensive industry knowledge and cutting-edge techniques to help successful companies use strategic analysis and planning to establish a dominant market position. Our team of skilled NetSuite Developers and consultants is dedicated to delivering solutions that drive tangible results. 

With the right NetSuite EPM strategies, businesses can turn data into a powerful asset that drives growth and performance. As a leading NetSuite Partner in the USA, OpenTeQ is dedicated to helping businesses unlock their full potential through innovative EPM solutions. Partner with OpenTeQ and take the first step towards a data-driven future. 

For more details, write to us at info@openteqgroup.com Or Schedule a Demo.

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