Accounting
Oracle NetSuite boosts AI capacity across product suite, announced at SuitWorld
Business solutions provider
“We are embedding AI-powered capabilities across the suite so customers are benefiting from it as soon as they log in. By ensuring AI is built into existing business processes and not bolted on, we are helping our customers achieve immediate value from the latest AI innovations at no additional cost,” said Evan Goldberg, founder and executive vice president of Oracle NetSuite, during the SuiteWorld conference in Las Vegas on Monday. “The latest updates build on the hundreds of new generative AI use cases we have added in the last year and will help our customers further increase productivity and gain more value from the suite.”
These AI updates give users the ability to automatically detect financial exceptions (NetSuite Financial Exception Management), query data via a generative AI interface (NetSuite Suite Analytics Assistant), gain more control over generative AI prompt configuration along the lines of format, tone and creativity (NetSuite Prompt Studio), embed generative AI capabilities into NetSuite extensions and customizations, build extensions and customizations through an AI code compassion (Oracle Code Assist SuiteScript optimization), and configure, optimize and create new AI-powered capacities throughout the suite.
Oracle noted that no customer data is shared with large language model providers or seen by other customers. To further protect sensitive information, role-based security is embedded directly into NetSuite workflows and only recommends content that end users are entitled to view.
NetSuite Analytics Warehouse updates
Oracle NetSuite also announced a bevy of AI-related updates for its Analytics Warehouse solution. The latest updates provide new AI tools and models to help customers analyze data more efficiently and gain predictive insights to improve forecasting. Customers can now generate data visualizations and natural language insights based on a dataset’s attributes, measures and other points of interest; identify meaningful business drivers, contextual insights, and data anomalies through AI; directly query data through conversational interactions to produce insights and data visualizations; automate analysis through no-code models built for specific use cases that can predict scenarios, such as customer churn and inventory stockouts; automate algorithm selection and customizing modeling workflows; and access a collaborative interface to explore data visually and tailor machine learning models to address unique business needs.
“For growing businesses, making sense of data can be a time-consuming process that may require advanced data science and coding skills. With limited resources, many businesses are not able to invest in these skills and miss out on valuable data insights,” said Goldberg. “We’re dedicated to helping businesses of all sizes unlock the full potential of their data. The latest updates to NetSuite Analytics Warehouse will help customers automate data analysis and leverage AI to produce fast and meaningful insights that can help improve decision-making.”
Most of these new capacities are now available. The no-code AI models to automate analysis are planned to be available within the next 12 months.
NetSuite Enterprise Performance Management (EPM) updates
Oracle NetSuite also announced new AI-powered updates to
Users can create AI-powered narratives, explanations and visuals from financial and transactional data; identify patterns, trends, and anomalies and deliver detailed AI-generated commentary and narratives with the Intelligent Performance Management (IPM) Insights feature; quickly and easily understand the key factors behind AI-generated forecasts; and accomplish a variety of tasks using natural language conversations via an AI-driven interface.
“Finance teams often spend a significant amount of time gathering data and creating narratives to explain financial results, justify important decisions and forecast future growth. This can be a labor-intensive process that often diverts time away from more strategic analysis and slows down decision-making,” said Goldberg. “To address this challenge, the latest updates to NetSuite EPM help finance teams leverage powerful AI innovations to help increase efficiency, expand insights and enable more time to be spent on value-added activities.”
NetSuite SuiteProjects Pro planned updates
In addition, Oracle NetSuite plans to deliver a new AI-powered extension to its project management solution, NetSuite SuiteProjects.
Aimed mainly at project managers, the new capacities will include the ability to monitor the health of projects, anticipate and mitigate issues, and prevent delays by proactively calculating and analyzing project risks based on historical data and key metrics; access AI-powered staffing recommendations; use global search, role-specific and actionable task lists, and a visually engaging home page for key metrics, KPIs and charts; and provide a complete project-focused solution and per-user pricing.
“As businesses expand, their needs become more complex, and projects require more intentional monitoring and resourcing to maintain project profitability and meet key milestones,” said Goldberg. “NetSuite SuiteProjects Pro enables project-based businesses to take advantage of the latest advancements in AI to improve the speed of workflows and increase efficiency by automating staffing, scheduling, budget tracking, and billing.”
NetSuite SuiteProjects Pro enhancements are planned to be available within the next 12 months. Current OpenAir customers will automatically experience the benefits of SuiteProjects Pro.
Oracle Fusion Cloud Applications Suite updates
Finally, Oracle NetSuite outlined major new AI capacities to the Oracle Fusion Cloud Applications Suite which are intended to help organizations optimize finance, supply chain, HR, sales, marketing and service. Oracle Cloud ERP now features predictive cash forecasting capabilities using AI models to create prescriptive and continuous daily, weekly or monthly cash forecasts; new narrative reporting capabilities through AI-generated financial performance narratives, variance explanations and commentary on trends impacting the business; and new automated transaction records in Oracle Fusion Cloud Sustainability which enable business leaders to use AI, classification rules, and sustainability metadata attributes to automatically create activity records and add transactions to a sustainability ledger.
Oracle Cloud HCM now features a “bespoke skills inventory” that lets users gain a complete catalog of their organization’s skills that is always kept up to date and can be modified or refined. HR leaders can also combine enriched skills data with data from across the enterprise and third-party sources.
Oracle Cloud SCM features a new smart operations workbench that helps organizations focus on issues impacting production goals by providing real-time insight into work orders and generative AI-powered shift reporting. In addition, new assisted authoring in Oracle Order Management enables users to leverage generative AI to develop order acknowledgement emails and order change history notes.
Finally, the new AI innovations in Oracle Cloud CX includes assisted authoring capabilities in Oracle Cloud CX, which helps sales teams efficiently engage with buyers by providing AI-generated answers to contract-related questions, emails and activity summaries, and executive summaries for quotes and proposals. In addition, new AI capabilities in Oracle CX Unity detect signals, based on role, title, and aggregated topic engagement, and provide next best action recommendations.
“We are the only enterprise vendor to offer a complete suite of business applications on a fully integrated technology stack — from hardware to database to applications — and an infrastructure that is trusted by leading AI providers and the world’s leading large language models,” said Steve Miranda, executive vice president of applications development, Oracle. “This puts us in unique position to help our customers quickly and easily take advantage of the latest AI innovations. The new AI capabilities in Fusion Applications, embedded at no extra cost, will help our customers increase the speed and accuracy of business processes, accelerate decision-making and drive more revenue.”
The Financial Accounting Standards Board issued a
U.S. GAAP currently doesn’t provide specific authoritative guidance about the recognition, measurement, and presentation of a grant received by a business entity from a government. Instead, many businesses currently apply the International Financial Reporting Standards Foundation’s International Accounting Standard 20, Accounting for Government Grants and Disclosure of Government Assistance, by analogy, at least in part, to account for government grants.
In 2022 FASB issued an Invitation to Comment, Accounting for Government Grants by Business Entities—Potential Incorporation of IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, into GAAP. In response, most of FASB’s stakeholders supported leveraging the guidance in IAS 20 to develop accounting guidance for government grants in GAAP, believing it would reduce diversity in practice because entities would apply the guidance instead of analogizing to it or other guidance, thus narrowing the variability in accounting for government grants.
Patrick Dorsman/Financial Accounting Foundation
The proposed ASU would leverage the guidance in IAS 20 with targeted improvements to establish guidance on how to recognize, measure, and present a government grant including (1) a grant related to an asset and (2) a grant related to income. It also would require, consistent with current disclosure requirements, disclosure about the nature of the government grant received, the accounting policies used to account for the grant, and significant terms and conditions of the grant, among others.
FASB is asking for comments on the
“It will not be a cut and paste of IAS 20,” said FASB technical director Jackson Day during a session at Financial Executives International’s Current Financial Reporting Insights conference last week. “First of all, the scope is going to be a little bit different, probably a little bit more narrow. Second of all, the threshold of recognizing a government grant will be based on ‘probable,’ and ‘probable’ as we think of it in U.S. GAAP terms. We’re also going to do some work to make clarifications, etc. There is a little bit different thinking around the government grants for assets. There will be a deferred income approach or a cost accumulation approach that you can pick. And finally, there will be different disclosures because the disclosures will be based on what the board had previously issued, but it does leverage IAS 20. A few other things it does as far as reducing diversity. Most people analogized IAS 20. That was our anecdotal findings. But what does that mean? How exactly do they do that? This will set forth the specifics. It will also eliminate from the population those that were analogizing to ASC 450 or 958, because there were a few of those too. So it will go a long way in reducing diversity. It will also head down a model that will be generally internationally converged, which we still think about. We still collaborate with the staff [of the International Accounting Standards Board]. We don’t have any joint projects, but we still do our best when it makes sense to align on projects.”
PwC made a $1.5 million investment to Bryant University, in Smithfield, Rhode Island, to fund the launch of the PwC AI in Accounting Fellowship.
The experiential learning program allows undergraduate students to explore AI’s impact in accounting by way of engaging in research with faculty, corporate-sponsored projects and professional development that blends traditional accounting principles with AI-driven tools and platforms.
The first cohort of PwC AI in Accounting Fellows will be awarded to members of the Bryant Honors Program planning to study accounting. The fellowship funds can be applied to various educational resources, including conference fees, specialized data sheets, software and travel.
Krisztian Bocsi/Bloomberg
“Aligned with our Vision 2030 strategic plan and our commitment to experiential learning and academic excellence, the fellowship also builds upon PwC’s longstanding relationship with Bryant University,” Bryant University president Ross Gittell said in a statement. “This strong partnership supports institutional objectives and includes the annual PwC Accounting Careers Leadership Institute for rising high school seniors, the PwC Endowed Scholarship Fund, the PwC Book Fund, and the PwC Center for Diversity and Inclusion.”
Bob Calabro, a PwC US partner and 1988 Bryant University alumnus and trustee, helped lead the development of the program.
“We are excited to introduce students to the many opportunities available to them in the accounting field and to prepare them to make the most of those opportunities, This program further illustrates the strong relationship between PwC and Bryant University, where so many of our partners and staff began their career journey in accounting” Calabro said in a statement.
“Bryant’s Accounting faculty are excited to work with our PwC AI in Accounting Fellows to help them develop impactful research projects and create important experiential learning opportunities,” professor Daniel Ames, chair of Bryant’s accounting department, said in a statement. “This program provides an invaluable opportunity for students to apply AI concepts to real-world accounting, shaping their educational journey in significant ways.”
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