Abstract
Financial reporting is important in choosing the right course of action, meeting legal requirements and earning stakeholder confidence. Execution of traditional financial reporting frameworks may be subjected to problems including data isolation, human intervention errors and time-consuming. This paper aims at analyzing the capacity of Oracle NetSuite ERP in improving the quality of financial reporting through real-time data processing and automated reconciliations as well as implementing standards of accounting internationally. This paper explores some of the primary functionalities of Oracle NetSuite including multi-subsidiary consolidation, audit trail and its suitability in small, mid and large-scale organizations. Using various case examples and quantitative data, the research shows that NetSuite ERP cuts on inefficiencies and automates business processes, and generates real-time financial solutions. Guiding strategies, emerging practices and the prospect for adoption of this technology in organizations in an effort to deliver sound financial reporting are highlighted.
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