NetSuite 2024.1 brings significant enhancements to its Enterprise Performance Management (EPM) capabilities, aiming to empower businesses to optimize financial strategies and accelerate growth. Here's a breakdown of the key highlights:
Advanced Financial Consolidation:
- Streamlined consolidation processes for businesses managing multiple subsidiaries or entities.
- Enhanced automation reduces manual effort and errors, while improved flexibility facilitates consolidation based on specific needs.
- Gain a holistic view of your entire enterprise's financial health with faster and more accurate consolidation.
Corporate Tax Reporting:
- Improved automation caters to the needs of multinational organizations complying with the latest OECD country-by-country (CbC) reporting requirements.
- Streamline tax reporting tasks with features like advanced workflow management, task coordination, and transfer pricing functionalities.
- Ensure greater speed and accuracy in meeting complex tax reporting obligations.
Integrated Planning and Budgeting:
- NetSuite Intelligent Performance Management (IPM) integrates robust planning and budgeting functionalities directly into the platform.
- Eliminate the need for separate systems or manual data transfers, improving efficiency and data consistency.
- Leverage predictive algorithms within IPM to create data-driven forecasts and financial plans, aiding strategic decision-making.
Overall, NetSuite 2024.1 positions NetSuite EPM as a powerful solution for businesses seeking to:
- Shorten financial close cycles: Faster consolidation and streamlined processes lead to quicker financial close times.
- Enhance financial accuracy: Automation and improved data management minimize errors and ensure data integrity.
- Gain deeper financial insights: Consolidated data and advanced reporting provide a comprehensive view of your financial health.
- Drive better decision-making: Leverage data-driven insights and forecasts to make informed strategic decisions.
If you're considering implementing NetSuite EPM or want to learn more about the specific functionalities introduced in NetSuite 2024.1, it's recommended to consult resources directly from NetSuite or reach out to an authorized NetSuite solution provider.
