Accounting

Oracle NetSuite boosts AI capacity across product suite, announced at SuitWorld

Published

2 years ago

September 11, 2024

Business solutions provider Oracle NetSuite announced a cavalcade of new AI product offerings across its entire suite, providing capacities for automation, analytics, project management and more.

“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 NetSuite Enterprise Performance Management (EPM), intended to help finance teams streamline reporting, expand insights, improve decision-making and steer their business toward new growth opportunities.

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. NetSuite SuiteProjects Pro — previously called NetSuite OpenAir.

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.”

Accounting

Continuous Auditing Transforms Corporate ERPs

Published

4 days ago

July 21, 2026

Business Finance News

continuous auditing transforms corporate erps

As corporate accounting departments cross the threshold into late July 2026, the adoption of continuous, automated auditing systems has reached a definitive turning point. Driven by advances in artificial intelligence and deep integration with modern Enterprise Resource Planning (ERP) platforms, leading finance organizations are moving away from traditional, periodic post-hoc audits in favor of real-time, 100% transactional verification. This technological transition is redefining internal control environments, reducing compliance costs, and eliminating the structural delays inherent in legacy quarterly closing processes.

Unlike traditional auditing frameworks that rely on statistical sampling—a process that inevitably leaves operational blind spots—continuous auditing software monitors operational data feeds continuously. Every purchase order, electronic invoice, payroll disbursement, and cross-border wire transfer is automatically cross-referenced against established corporate governance parameters, regulatory tax schedules, and anti-fraud algorithms in real time. Anomalies or unauthorized ledger entries are flagged instantly, allowing internal audit teams to investigate and remediate compliance gaps immediately rather than months after the close of a financial period.

The implications for executive financial management are far-reaching. By embedding continuous verification directly into daily transaction workflows, chief financial officers gain uninterrupted visibility into the organization’s true financial standing. Real-time balance sheet auditing eliminates the severe operational bottlenecks associated with month-end and quarter-end financial reconciliations, freeing accounting professionals to focus on strategic financial modeling, tax planning, and capital allocation rather than manual data entry and spreadsheet consolidation.

However, implementing continuous auditing requires accounting leadership to invest heavily in data governance and technical upskilling. Internal audit teams must evolve from manual ledger reviewers into system architects capable of auditing complex algorithms and validating automated data pipelines. Accounting firms and corporate controllers that master continuous auditing will establish a resilient compliance framework capable of meeting stringent international regulatory standards with total transparency.

Accounting

U.S. Imposes New 50% Tariffs on Canadian Imports Under Rare Legal Provision

Published

5 days ago

July 20, 2026

Business Finance News

U.S. Imposes New 50% Tariffs on Canadian Imports Under Rare Legal Provision

WASHINGTON — In a major escalation of cross-border trade friction, U.S. President Donald Trump has signed executive orders imposing new 50% tariffs on a wide selection of Canadian exports, citing discriminatory practices by Ottawa targeting American auto, dairy, and beverage industries.

The new duties, announced Monday, will take effect in 30 days. They target a broad spectrum of consumer and industrial goods—ranging from wine, liquor, and milk products to commercial cement, furniture, clothing, and hockey equipment.

Untested Legal Mechanism

To enact the sweeping measures, the administration invoked Section 338 of the Tariff Act of 1930—a rarely used legal provision allowing the executive branch to levy additional tariffs of up to 50% on foreign nations deemed to discriminate against U.S. commerce.

White House officials noted that Section 338 addresses trade discrimination rather than national security or economic emergencies. The move comes months after prior global emergency tariffs faced legal challenges in domestic courts, signaling Washington’s pivot toward alternate statutory authorities to maintain import duties.

Senior administration officials briefed reporters that the measure directly responds to Canadian provincial bans on U.S. alcohol, restrictions on American vehicle exports, and import quota disparities affecting U.S. dairy and cheese producers relative to third-party trading partners.

“While the administration continues to secure reciprocal trade agreements globally, Canada retaliated against efforts to protect domestic industry,” U.S. Trade Representative Jamieson Greer stated.

USMCA Impact and Carve-Outs

Significantly, the newly ordered 50% duties will apply to designated items even if they otherwise comply with the United States-Mexico-Canada Agreement (USMCA).

However, the administration confirmed key targeted exemptions:

Energy products (including oil and natural gas)
Potash and critical minerals
Fish and seafood
Goods already governed by sector-specific duties (such as existing steel and aluminum tariffs)

Administration representatives emphasized that the tariffs do not stem from recent disputes concerning drifting Canadian wildfire smoke, noting that policy options regarding environmental spillover remain under separate review.

Canadian Response and Market Reaction

Following the White House announcement, the Canadian dollar experienced a sharp decline against the U.S. dollar, falling approximately 0.4% during evening trading.

Canadian Prime Minister Mark Carney issued a statement emphasizing that Canada’s earlier counter-duties had merely matched previous U.S. trade actions. “Canada stands ready to engage intensively to address outstanding issues with the U.S. to the mutual benefit of our citizens,” Carney stated, pointing to detailed proposals Ottawa submitted to modernize the USMCA framework.

Ontario Premier Doug Ford took a firmer stance, urging a “dollar-for-dollar” reciprocal response if the measures go into effect on August 19.

With a 30-day implementation window before the duties officially lock in, industry associations and trade groups on both sides of the border are calling for urgent bilateral negotiations to avert further supply chain disruption across North America.

Accounting

Automated Continuous Auditing: Transforming Compliance and Real-Time Financial Oversight

Published

5 days ago

July 20, 2026

Business Finance News

Transforming Compliance and Real-Time Financial Oversight

The traditional accounting paradigm—defined by periodic monthly closures and post-hoc annual audits—is rapidly giving way to continuous, automated financial oversight. As of July 2026, forward-thinking accounting practices and multinational corporate finance departments are leveraging continuous auditing systems powered by advanced machine learning models. These systems monitor operational transactions in real time, shifting audit methodologies from sample-based post-analysis to absolute, 100% transaction-level verification.

The operational advantages of continuous auditing are transformative. Standard auditing procedures historically relied on statistical sampling, which, despite rigorous methodology, inherently left gaps where anomalies or fraudulent transactions could go undetected for months. Modern continuous auditing platforms integrate directly with enterprise resource planning (ERP) databases, instantly cross-referencing purchase orders, invoices, bank feeds, and tax records. Any deviation from established control parameters or unusual transaction behavior triggers immediate flags for internal audit teams, dramatically reducing detection lag from quarters to seconds.

Beyond fraud prevention, continuous auditing fundamentally alters internal reporting and decision-making. Executive leadership no longer has to wait weeks after the close of a quarter to evaluate precise financial standing; real-time verified ledger data provides an uninterrupted view of operating margins, tax liabilities, and cash flow dynamics. This real-time visibility enables corporate controllers to adjust capital allocation strategies dynamically, mitigating liquidity constraints and capitalizing on emerging commercial opportunities far more efficiently than competitors bound to legacy reporting cycles.

However, implementing continuous auditing requires accounting professionals to acquire new analytical capabilities. The role of the auditor is evolving from manual data reconciliation toward system validation, algorithmic model governance, and strategic risk interpretation. Accounting firms and corporate finance departments must invest in continuous technical education, ensuring that audit staff possess the data engineering skills necessary to design, maintain, and evaluate complex automated compliance systems.