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 House unanimously passed four bipartisan bills Tuesday concerning taxes and the Internal Revenue Service that were all
- H.R. 1152, the Electronic Filing and Payment Fairness Act, sponsored by Rep. Darin LaHood, R-Illinois, Suzan Delbene, D-Washington, Randy Feenstra, R-Iowa, Brad Schneider, D-Illinois, Brian Fitzpatrick, R-Pennsylvania and Jimmy Panetta, D-California. The bill would apply the “mailbox rule” to electronically submitted tax returns and payments to allow the IRS to record payments and documents submitted to the IRS electronically on the day the payments or documents are submitted instead of when they are received or reviewed at a later date. The AICPA believes this would offer clarity and simplification to the payment and document submission process while protecting taxpayers from undue penalties.
- H.R. 998, the Internal Revenue Service Math and Taxpayer Help Act, sponsored by Rep. Randy Feenstra, R-Iowa, and Brad Schneider, D-Illinois, which would require notices describing a mathematical or clerical error to be made in plain language, and require the Treasury to provide additional procedures for requesting an abatement of a math or clerical error adjustment, including by telephone or in person, among other provisions.
- H.R. 517, the Filing Relief for Natural Disasters Act, sponsored by Rep. David Kustoff, R-Tennessee, and Judy Chu, D-California. The process of receiving tax relief from the IRS following a natural disaster typically must follow a federal disaster declaration, which can often come weeks after a state disaster declaration. The bill would provide the IRS with authority to grant tax relief once the governor of a state declares either a disaster or a state of emergency and expand the mandatory federal filing extension under Section 7508(d) of the Tax Code from 60 days to 120 days, providing taxpayers with more time to file tax returns after a disaster.
- H.R. 1491, the Disaster related Extension of Deadlines Act, sponsored by Rep. Gregory Murphy, R-North Carolina, and Jimmy Panetta, D-California, would extend the amount of time disaster victims would have to file for a tax refund or credit (i.e., the lookback period) by the amount of time afforded pursuant to a disaster relief postponement period for taxpayers affected by major disasters. This legislative solution would place taxpayers on equal footing as taxpayers not impacted by major disasters and would afford greater clarity and certainty to taxpayers and tax practitioners regarding this lookback period.
“The AICPA has long supported these proposals and will continue to work to advance comprehensive legislation that enhances IRS operations and improves the taxpayer experience,” said Melanie Lauridsen, vice president of tax policy and advocacy for the AICPA, in a statement Tuesday. “We are pleased to work closely with each of these Representatives on common-sense reforms that will benefit taxpayers, tax practitioners and tax administration and we’re encouraged by their passage in the House. We look forward to continuing to work with Congress to improve the taxpayer experience.”
The bills were also included in a recent Senate
The House also passed two other tax-related bills Tuesday that weren’t endorsed in the recent AICPA letter.
- H.R. 1155, Recovery of Stolen Checks Act, sponsored by Rep. Nicole Malliotakis, R-New York, would require the IRS to create a process for taxpayers to request a replacement via direct deposit for a stolen paper check. If a check is determined to be stolen or lost, and not cashed, a taxpayer will receive a replacement check once the original check is cancelled, but many taxpayers are having their replacement checks stolen as well. Taxpayers who have a check stolen are then unable to request that the replacement check be sent via direct deposit. The bill would require the Treasury to establish processes and procedures under which taxpayers, who are otherwise eligible to receive an amount by paper check in replacement of a lost or stolen paper check, may elect to receive such amount by direct deposit.
- H.R. 997, National Taxpayer Advocate Enhancement Act, sponsored by Rep. Randy Feenstra, R-Iowa, would prevent IRS interference with National Taxpayer Advocate personnel by granting the NTA responsibility for its attorneys. In advocating for taxpayer rights, the National Taxpayer Advocate often requires independent legal advice. But currently, the staff members hired by the National Taxpayer Advocate are accountable to internal IRS counsel, not the Taxpayer Advocate, creating a potential conflict of interest to the detriment of taxpayers. The bill would authorize the National Taxpayer Advocate to hire attorneys who report directly to her, helping establish independence from the IRS.
House Ways and Means Committee Chairman Jason Smith, R-Missouri, applauded the bipartisan House passage of the various bills, which had been unanimously passed by the committee.
“President Trump was elected on the promise of finally making the government work better for working people,” Smith said in a statement Tuesday. “This bipartisan legislation helps fulfill that mandate and makes improvements to tax administration that will make it easier for the American people to file their taxes. Those who are rebuilding after a natural disaster particularly need help filing taxes, which is why this set of bills lightens the load for taxpayers in communities struck by a hurricane, tornado or some other disaster. With Tax Day just a few days away, we must look for common-sense, bipartisan ways to make filing taxes less of a hassle.”
By streamlining tasks such as risk assessment, control testing, and reporting, gen AI has the potential to increase efficiency across the entire SOX lifecycle.
House passes tax administration bills
Trump tariffs’ effect on consumer prices debated by economists
In the blogs: Many hats
New 2023 K-1 instructions stir the CAMT pot for partnerships and corporations
The Essential Practice of Bank and Credit Card Statement Reconciliation
Are American progressives making themselves sad?
-
Economics5 days agoPCE inflation February 2025:
-
Personal Finance7 days agoStudent loans could be managed by the Small Business Administration
-
Economics6 days agoWhite House denials over the Signal snafu ring hollow
-
Economics6 days agoYoung Americans are losing confidence in economy, and it shows online
-
Accounting4 days agoIRS sets new initiative with banks to uncover fraud
-
Personal Finance7 days agoMillions of student loan borrowers past-due after bills restarted: Fed
-
Economics5 days agoConsumer sentiment worsens as inflation fears grow, University of Michigan survey shows
-
Personal Finance1 week agoTreasury scraps reporting rule for U.S. small business owners