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 how-to Download our enterprise architecture (EA) tools buyer’s guide From the editors of CIO, this enterprise buyer’s guide helps CIOs and other IT leaders understand what enterprise architecture (EA) can do for them and the kinds of tools available to do EA well. By Sarah K. White and Peter Wayner May 22, 2024 1 min Enterprise Architecture Development Tools Enterprise Buyer’s Guides news Big tech companies commit to new safety practices for AI The Frontier AI Safety Commitments can provide a guide not only for AI model developers but also for CIOs to better understand the risks associated with deploying the technology. By Elizabeth Montalbano May 22, 2024 4 mins Regulation IT Governance Frameworks Generative AI feature Where’s the ROI for AI? CIOs struggle to find it Nearly half of all AI leaders question how to estimate or demonstrate the value of AI-related technologies — and for good reason, based on early implementations at many companies. By Grant Gross May 22, 2024 7 mins Generative AI Business IT Alignment ROI and Metrics feature Is Vietnam the next source for CIO inspiration? As the ICT sector continues to globalize and provide new sourcing options for organizations, Vietnam is emerging as a particularly competitive destination. By Martin Veitch May 22, 2024 7 mins Managed IT Services Digital Transformation Artificial Intelligence 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