Intelligent automation dominates the new Finance Operations Management (“FOM”) enhancements just released to the ServiceNow Store. Because FOM releases throughout the store, we are able to make them available now for those customers that have a New York instance.
The enhancements include:
- Journal entry automation with NetSuite ERP
- Group assignment for close tasks
- Mass approval and rejection of close tasks and journal entries
I’d like to go into a bit of detail on some of these enhancements.
Journal entry automation with NetSuite ERP
Accountants can optimize their time preparing journal entries when using NetSuite ERP as the system of record. Typically, spreadsheets are used by accountants to post journals directly in the ERP system with a multi-step process. This method didn’t give users visibility into the validation errors and slowed down the process of posting hundreds, if not thousands, of journal entries each close. In our first release, we launched two out-of-the-box integrations with SAP and Oracle. Now, we have expanded our integration toolbox to also include NetSuite. Leveraging the power of the Now Platform, finance users can post and validate journal entries into NetSuite ERP from within the ServiceNow application. This feature will eliminate the spreadsheets needed to enter information into NetSuite and give back precious time to finance users to focus on other important activities.
Group assignment for close tasks
Accountants can finish their assignments faster as a team now. Some individuals take longer than others to complete their work, while other individuals finish their work ahead of schedule. In this release, tasks can be assigned to accounting teams for other fellow team members to pick up work that is still outstanding. Prior to this release, tasks could only be assigned to individuals. Now, whenever team members go on vacation or individuals are falling behind on their work, this feature ensures that outstanding work can be assigned as soon as any individual is done with his/her assigned tasks. Teams can help each other to make sure all the work assigned to their group is finished in a timely manner.
Mass approval and rejection of close tasks and journal entries
Accounting managers can review tasks more quickly and easily now. In this release, managers can approve or reject tasks in bulk instead of spending the time and energy approving each task individually. Managers can have tens of tasks to be reviewed in their queue at any given time. Now, managers can view a list of tasks pending their review, select the tasks with a simple checking of the box, and then approve or reject the tasks in bulk with a click of the button. As a result, managers can expedite the approval process with improved ease-of-use in this release.
Learn more
Read all about everything we’ve got in New York in our online documentation.
To find out more about ServiceNow FOM, please visit the website, and contact your account team to schedule a conversation and demo.
