NetSuite is expanding its EPM suite to a larger part of the world. With NetSuite EPM, organizations can gain greater visibility into their operations to make better decisions. It brings together things like planning, budgets, forecasts, account linkages and close periods to help grow the organization.
NetSuite announced at SuiteConnect London that NetSuite Enterprise Performance Management (EPM) is now available in Europe, Africa and the Middle East. The EPM suite also includes the existing solutions for NetSuite Planning & Budgeting and NetSuite Account Reconciliation.
For the development of NetSuite EPM, it shopped at parent Oracle. The company used Oracle Fusion Cloud Enterprise Performance Management as its foundation. The Oracle solution was then customized to fit within the NetSuite platform. As a result, NetSuite EPM fully integrates within the platform, but the enterprise base from Oracle provides the qualitative foundation.
The EPM solution was announced last year and was already available in the United States, but now it is also available in Europe.
NetSuite EPM offers Insight into financial performance
Included within NetSuite EPM are things like Profitability & Cost Management, Narrative Reporting and Corporate Tax reporting. These allow financial professionals to better understand revenue, costs and profits to a very detailed level, making it easier to get a handle on costs and increase margins. By creating comprehensive reports, an organization can analyze, for example, whether it makes financial sense to offer a cheaper ‘light’ version of an existing service. A light version can bring in more customers, but not at the expense of margin. For good financial analysis, you need an enterprise solution that can map that out; that’s what NetSuite strives for with EPM.
Growing as a multinational
More and more organizations are also daring to look across borders for new business opportunities. If that is successful, organizations must also open business entities in those countries. That means keeping accounts and filing tax returns in those countries as well.
Although the EU envelops most of the European continent, we still have to do tax returns on a country-by-country basis. With NetSuite EPM, organizations can print tax reports per country based on the OECD standard. Based on those reports, tax returns can easily be filed.