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 IT leaders’ AI talent needs hinge on reskilling Most organizations see the need to revamp their training programs to address AI skills shortages — an approach that delivers intangibles hiring can’t provide. By Grant Gross May 31, 2024 7 mins Hiring Generative AI IT Skills feature Skills the Irish Government CIO uses to advance digital transformation In his eight-year tenure as CIO at Ireland’s Department of Public Expenditure and Reform, Barry Lowry always had a vision of what digital government could look like. Here, he details how an approach built on transparency and innovation is conti By Ian Campbell May 31, 2024 8 mins CIO Government IT Cloud Management brandpost Sponsored by Cisco 3 reasons you should adopt cloud monitoring Cloud network management offers increased security, operational efficiencies, and more. By D Matthew Landry May 30, 2024 4 mins Machine Learning opinion Faultless with serverless: Cloud best practices for optimized returns What does a well-defined serverless approach look like? Let's learn some of the best modern approaches to handling Enterprises and SMEs growing serverless computing needs. By Yash Mehta May 30, 2024 5 mins Serverless Computing 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