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 feature Expectations vs. reality: A real-world check on generative AI Now with the benefit of hindsight, organizations are more aware of moving cautiously to ensure gen AI delivers rather than disappoints. By Mary Branscombe May 01, 2024 11 mins Microsoft Generative AI Development Tools case study Ingesan embraces a new way to approach HRM with AI Nuria Fuentes, CIO and head of systems and digital transformation at Spanish facilities management company Ingesan, details how the company implements AI in its HR procedures through its Empath-IA project. By Irene Iglesias Alvarez May 01, 2024 5 mins CIO Generative AI Human Resources brandpost Sponsored by Dell Technologies and Intel® The impact of AI on edge computing AI at the edge offers real-time responsiveness, privacy compliance, and cost efficiency. Where are you on your edge journey? By Pratyakcha Upadhyay Consultant, Product Management, Dell Technologies Apr 30, 2024 6 mins Artificial Intelligence brandpost Sponsored by Rockwell Automation 6 steps the manufacturer of Arm & Hammer and OxiClean took to harden OT cybersecurity Church & Dwight turned to Rockwell Automation to help the maker of well-known personal and household care products reduce the risk of manufacturing interruptions. By Maro Eremyan Apr 30, 2024 4 mins Security 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