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 news Boomi burnishes API management capabilities The launch version of the framework comes with four agents — Boomi Answers, Boomi DesignGen, Boomi DataDetective, and Boomi Scribe. By John Leyden May 10, 2024 4 mins APIs PaaS feature TIAA modernizes the customer journey with AI The financial services organization overhauled its customer service operations, weaving together machine learning models, generative AI, and customer journey mapping to improve customer experience and predict trouble points. By Paula Rooney May 10, 2024 6 mins CIO 100 Digital Transformation Artificial Intelligence feature 10 IT skills where expertise pays the most Data from Dice sheds light on 10 enterprise mainstay skills where IT pros who have honed their craft to expert level can earn five-figure salary premiums. By Sarah K. White May 10, 2024 8 mins Salaries IT Jobs IT Skills feature What is ERP? Enterprise resource planning systems explained Enterprise resource planning (ERP) systems standardize, streamline, and integrate processes across a wide range of business functions. Here’s what to know about these critical IT systems. By CIO staff and bart_perkins May 10, 2024 12 mins ERP Systems Enterprise Applications 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