Oracle NetSuite on Wednesday stated it’s including a brand new account reconciliation function to its enterprise useful resource planning (ERP) suite, dubbed NetSuite ERP.

The brand new function, which is predicted to automate the reconciliation course of for accounts payable, accounts receivable, financial institution and bank card transactions, pay as you go accounts, accruals and glued property accounts, intercompany transactions, and different steadiness sheet accounts, was developed on Oracle’s Fusion Cloud Enterprise Planning Administration (EPM) suite, the corporate stated.

“It offers prompt visibility into the reconciliation course of in order that organizations can focus time and sources on evaluation, danger mitigation, and exception dealing with,” NetSuite stated in an announcement, including that the function additionally improves international auditability by enhancing the accuracy of economic statements.

The function will enable enterprises to make use of dashboards to see the real-time standing of reconciliations and variance particulars, the corporate stated.  

NetSuite and different ERP software program suppliers have been specializing in offering automation and automatic instruments as CIOs look to sort out challenges arising out of the pandemic, geopolitical crises, and the demand for generative AI.

In September final yr, NetSuite added a bunch of latest options and functions to its cloud-based NetSuite ERP suite, in an effort to reinforce its automation capabilities and compete with midmarket rivals comparable to Epicor, IFS, Microsoft Dynamics, Infor, and Zoho in a number of domains together with HR, provide chain, banking, finance, and gross sales.