The new feature, which is expected to automate the reconciliation process for all balance sheet accounts and improve global auditability, was built on Oracle’s Fusion Cloud Enterprise Performance Management. Credit: Ground Picture / Shutterstock Oracle NetSuite on Wednesday said it is adding a new account reconciliation feature to its enterprise resource planning (ERP) suite, dubbed NetSuite ERP. The new feature, which is expected to automate the reconciliation process for accounts payable, accounts receivable, bank and credit card transactions, prepaid accounts, accruals and fixed assets accounts, intercompany transactions, and other balance sheet accounts, was developed on Oracle’s Fusion Cloud Enterprise Performance Management (EPM) suite, the company said. “It provides instant visibility into the reconciliation process so that organizations can focus time and resources on analysis, risk mitigation, and exception handling,” NetSuite said in a statement, adding that the feature also improves global auditability by enhancing the accuracy of financial statements. The feature will allow enterprises to use dashboards to see the real-time status of reconciliations and variance details, the company said. NetSuite and other ERP software providers have been focusing on providing automation and automated tools as CIOs look to tackle challenges arising out of the pandemic, geopolitical crises, and the demand for generative AI. In September last year, NetSuite added a host of new features and applications to its cloud-based NetSuite ERP suite, in an effort to enhance its automation capabilities and compete with midmarket rivals such as Epicor, IFS, Microsoft Dynamics, Infor, and Zoho in multiple domains including HR, supply chain, banking, finance, and sales. Earlier this year, Oracle extended its MyLearn program, offered via the company’s University portal, to cover its NetSuite midmarket ERP products. The company claims that it has currently over 36,000 customers across various industry sectors including manufacturing, health, and education. Related content brandpost Sponsored by Robert Half Achieving CIOs’ top investment priorities requires filling the tech skills gap Corporate investment in technology — especially AI — is growing. But IT organizations lack key skill sets to bring the C-suite’s technology visions to life. Here’s how to fill the gaps. By Jeff Miller May 15, 2024 3 mins IT Leadership analysis Canadian CIOs discuss driving a successful hybrid cloud roadmap By Lee Rennick, Editor, CIO May 15, 2024 4 mins Events Cloud Computing IT Leadership brandpost Sponsored by PagerDuty AI for Cybersecurity: Superhero or Sidekick? Maximizing cybersecurity with GenAI: Elevating incident response through AI partnership By Eric Johnson May 15, 2024 4 mins Artificial Intelligence brandpost Sponsored by PagerDuty Mitigate risk and gain efficiency with event-driven automation Unleashing event-driven automation: From human intervention to seamless machine-driven defense. Learn more today. By Hannah Culver May 15, 2024 5 mins AutoML PODCASTS VIDEOS RESOURCES EVENTS SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe