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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.