How NetSuite Enterprise Performance Management Drives Business Growth 

Are you in search of a more streamlined and efficient process for handling financial planning, budgeting, and reporting processes? 

More than just basic financial reporting is necessary for any organization to succeed in the dynamic business landscape today. It is no longer only about precision but demands a speedy, intelligent, and growth-focused approach. There is a massive need for performance management systems that promote data-driven decision-making and strategic planning processes to achieve optimum outcomes.  

Here is where NetSuite’s Enterprise Performance Management (EPM) solution comes in – a move that has brought a sea change to how businesses deal with their finances. NetSuite EPM brings together advanced analytics, AI-driven insights, and powerful financial capabilities, all embedded within the powerful NetSuite Cloud ERP platform, powered by Oracle's Fusion Cloud EPM. 

Let’s dive in and see how NetSuite Enterprise Performance Management transforms your business operations:  

What is Meant by NetSuite Enterprise Performance Management (EPM)? 

NetSuite EPM is an advanced business solution designed to support the enhancement of quality financial planning, budgeting, forecasting, and reporting. This helps finance teams collect, consolidate, and analyze financial data, thus providing a basis for strategic decision-making and an efficient operational model. Organizations can rely on a streamlined, centralized approach, to break free from spreadsheets and the tedious manual processes, and thus handle data with accuracy, transparency, and real-time use of NetSuite EPM.  

NetSuite EPM has a user-friendly interface coupled with quick and easy access to critical information. This in turn enables finance teams to take care of the routine tasks that need to be accomplished much more efficiently while focusing on value-added activities such as analysis and strategy formulation. It makes complex consolidations very easy and automates variance analysis; therefore, making financial data more transparent. 

Built from the Oracle Fusion Cloud Enterprise Performance Management (EPM) solution, NetSuite EPM seamlessly integrates into NetSuite so you’re always using the most up-to-date information, allowing you to respond very quickly to the market changes.  

NetSuite ERP and NetSuite EPM 

Enterprise Performance Management (EPM) and Enterprise Resource Planning (ERP) systems differ in terms of focus and function. The former is an integrated system aimed to automate the core business processes such as finance, HR, CRM, inventory, manufacturing, and supply chain management.  

In fact, companies use an ERP and an EPM system for different, often complementary purposes. ERP systems include financial management capabilities such as accounts payable and receivable, budgeting, and forecasting, while EPM systems include higher-level analysis, planning, and performance monitoring. In general, EPMs use data from a variety of sources, including an ERP system, to provide strategic insights.  

While NetSuite ERP facilitates daily routine operations, like accounting, sales, or inventory control, NetSuite EPM focuses on performance management at a strategic level. ERM provides finance teams with tools for budgeting, forecasting, and reporting to give them data-driven insights for high-level decision-making. When ERP and EPM work together, they bridge the gap between operations and finance, creating a robust framework for integrated planning and strategic management.  

Key Features of NetSuite EPM  

• Planning & Budgeting 

NetSuite simplifies budget planning and forecasting, empowering you to create various financial scenarios and make informed decisions. By automating the labor-intensive and time-consuming planning and budgeting processes, your finance teams can generate reports quickly and access real-time insights from across departments, all within one collaborative, scalable solution. With the advantage of embedded AI and machine learning that NetSuite provides, data analysis can be automated to improve and speed up your planning and forecasting processes.  

Explore our article to learn more about NetSuite Planning & Budgeting Cloud Service:  

Planning and Budgeting Made Easier Through NetSuite PBCS 

• Account Reconciliation  

You can streamline the reconciliation process for all general ledger and balance sheet accounts. The account reconciliation in NetSuite helps you standardize and automate the reconciliation process, which limits manual work while reducing possible errors and speeding up the financial close.  

• Close Management and Consolidation 

This feature simplifies financial consolidation and the close process from end to end. By streamlining the consolidation, NetSuite makes it easier for organizations to manage multiple entities and currencies. It improves the accuracy and efficiency of the close process with pre-built consolidation support through reclassification, modification, and elimination of data for any hierarchy.  

Journals can be posted straight to the NetSuite general ledger and managed centrally by the accounting staff. The cloud application lowers the time spent on compliance and audits while enhancing the timeliness, accuracy, and transparency of closing operations.  

• Corporate Tax Reporting 

NetSuite Corporate Tax Reporting allows for the computation and management of tax provisions accurately, generates the necessary tax reports, and automates processes to increase productivity as well as reduce errors. With the enhancement and optimization of multiple tax reporting procedures, such as tax provision, transfer pricing, and country-by-country reporting (CbCR), NetSuite Corporate Tax Reporting assists companies in efficiently fulfilling their tax obligations, reducing compliance risks, and making well-informed choices to optimize tax strategies. It maintains compliance with ever-evolving tax regulations and simplifies tasks related to tax.  

• Narrative Reporting 

You can combine financial statements, charts, and data along with textual narrative in a single report. Include narratives, explanations, and graphics from financial and transactional data in your reports that are powered by AI. It is quite easy for the stakeholders to analyze financial results. Stakeholders involved at every stage of report generation have one location for easy collaboration to define, author, review, and publish management and regulatory reports. Since the data is picked up directly from source systems like NetSuite, you are guaranteed that it is up to date. 

• Profitability and Cost Management Reporting 

This module offers you insights into cost and profit across client categories, products, and services, with a focus on profitability analysis. By concentrating on the most profitable areas, it assists you in making better-informed decisions about more efficiently allocating your resources.  

Benefits of NetSuite EPM 

• Oracle-powered Foundation 

Built on Oracle's Fusion Cloud EPM, NetSuite EPM benefits from advanced AI capabilities, predictive analytics, and global compliance, so that users have access to top-tier technology for financial management.  

• Unified Financial Management 

NetSuite EPM brings together all the necessary processes such as planning, budgeting, and reconciliation under one platform. With real-time insights, this unification eradicates data silos and makes strategic decision-making more effective. 

• Global Compliance for Multinationals 

Corporate tax reporting module allows multinational corporations to comply with local and international tax regulations seamlessly, even with recently introduced global standards such as OECD country-by-country reporting. 

• Scalability for Growing Business 

NetSuite EPM is designed to scale along with the complexities of an expanding business. The ability to add modules as needed means you can scale EPM capabilities along with their operational complexity.  

• AI Integration for Enhanced Decision-Making 

AI in NetSuite EPM helps in predictive and prescriptive analytics. Your finance team can analyze large datasets to gain insights that help in informed decision-making and anticipate challenges the business may face.  

How EPM Serves Key Finance Roles 

• CFO: NetSuite EPM's AI-driven analytics allows CFOs to have an integrated view of financial health, align financial strategy with business objectives, and support strategic risk management.  

• FP&A Manager: Automated collection and analysis of data give FP&A managers the capacity to build accurate forecasts, refine budgets, and drive agility.  

• Financial Controller: Automation in account reconciliation and close processes ensures timely completion of financial statements while satisfying compliance requirements.  

• Tax Manager: Real-time data and automated reporting reduce the tax-related workload, so that tax managers can focus on strategic planning.  

• Treasurer: Real-time cash flow and liquidity insights help treasurers make informed investment and debt management decisions.  

• Internal Auditor: Automated reconciliations and audit trails enable internal auditors to monitor compliance efficiently and identify potential issues.  

Future of Financial Management with NetSuite EPM 

As organizations continue to drive for greater agility and resilience, NetSuite EPM is always one step ahead in the case of financial management innovations. Future developments could range from further automation capabilities, improved predictive analytics, and more AI-driven insights to better decision-making support. With NetSuite EPM, you can expect tools that not only streamline your business's financial process but also bring deeper performance insights to sustain growth while staying competitive. 

Wrapping Up  

NetSuite EPM’s powerful modules and Oracle-backed technology deliver one of the most groundbreaking solutions for organizations willing to embark on strategic financial management. It helps companies improve the accuracy of data, streamline operations, and gain insights with AI-driven forecasts. With EPM, businesses get to make faster and more informed decisions to drive sustainable growth and long-term success.  

Want to learn more about NetSuite EPM and how you can simplify your financial processes with it? Don’t hesitate to reach out to us. We are here to help you make the most of NetSuite and maximize the potential of your business. Contact us now!