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NetSuite 2024 Release 1 is a big update for finance professionals

NetSuite 2024 Release 1 is a big update for finance professionals

NetSuite has given a preview of NetSuite 2024 Release 1. The new version of NetSuite will get a lot of new features. Especially the financial solutions will gain a lot from the upcoming update. NetSuite has taken a lot of technology and solutions from parent company Oracle.

With the introduction of NetSuite 2024 Release 1 the platform will be expanded to include more capabilities that helps finance employees to do their jobs even better. These include planning, budgeting, managing customer accounts, and preparing year-end financial statements and reporting about them.

Oracle technology integration

According to NetSuite, this edition now brings together some of parent company Oracle’s business applications into a single environment. This is a process that has been going on for years. Techzine already wrote about this late last year.

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Comprehensive NetSuite EPM solution

With the new release comes the new NetSuite Enterprise Performance Management (EPM) solution. This solution connects all the aforementioned financial processes across the organization.

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In doing so, the new NetSuite EPM application is based on Oracle Fusion Cloud Performance Management and integrated into the NetSuite ERP solution. This suite of cloud applications should benefit business insight and improve decision-making. Furthermore, NetSuite indicates that it improves the efficiency of finance departments.

New features

More specifically, NetSuite EPM is now enhanced with features such as Intelligent Performance Management (IPM) for the existing NetSuite Planning and Budgeting solution, the availability of NetSuite Profitability and Cost Management Reporting, NetSuite Account Reconciliation and NetSuite Close Management and Consolidation.

In addition, the new NetSuite EPM solution has several other features, including generative AI technology which integrates into NetSuite Corporate Tax Reporting, NetSuite Narrative Reporting, the NetSuite Transaction Line Distribution SuiteApp, NetSuite Bill Capture and NetSuite Benchmark 360, among others.

NetSuite 2024 Release 1 will be available soon.

Also read: NetSuite SuiteWorld 2023 keynote; do more with less