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    Oaugnj innovate14 tower_andinnovus_financialclosemanagement Oaugnj innovate14 tower_andinnovus_financialclosemanagement Presentation Transcript

    • Oracle Financial Close Management: Streamline Your Close Process Harry Sanavitis, Tower Group RJ Linehan, Innovus Partners
    • A premier consulting firm whose primary focus is to deliver innovative enterprise performance management solutions to the modern client leveraging its proven project delivery approach. • Oracle Gold Partner • Oracle Certified Specialists • Member of industry's two leading users groups • Oracle Application Users Group (OAUG) • Oracle Development Tools User Group (ODTUG) • Based in the NY Tri-State Area Innovus Partners
    • Welcome!!! • Today’s Finance Organizations and the Close • Overview • Pain Points • Use Cases • Financial Close Management Architecture • Financial Close • Account Reconciliation Manager • Q&A Today’s Agenda
    • Today’s Finance Organization Departmental Org Chart & Roles TaxTreasury FinanceAccounting CFO Investments Federal Operations External Rpt Cash State & Local Account Recs Internal Rpt AP/AR Statutory Compliance Consolidations FP&A Expenses GL Maintenance Internal Audit / SOX
    • Typical Financial Close Process Data Collection Continuing Transactions Input GL Close Consolidation Process Output Internal Reporting External Reporting Work Flow
    • Actual Financial Close Process
    • Central Challenges of Financial Close Process • Transparency & Consistency • Inability to improve accuracy of financial reporting due to lack of visibility • Communication • Poor communication causes failure to reduce processing time • Lack of common definitions leads to misunderstanding within Finance Organization • Data Governance • Absence of process control results in task failure • Documentation • Deficient documentation prevents audit trail and supporting detail Today’s Finance Organization
    • Managing the Financial Close
    • • Task Information • Name & Description • Attributes (Company, Financial Statement, Business Area) • Task Resources • Doer • Reviewer • Coordinator • Task Dates Managing the Financial Close Write-Offs & Bad Debt
    • Managing the Financial Close Reporting Task Characteristics same as previous task
    • Close the Problem with a Business Solution • Centralized web-based solution managed by business users for business users • Supports all financial close tasks • Ledger and sub-ledger close • Data loading and mapping • Financial consolidation • Account reconciliation • Internal and external reporting processes • Tasks associated with extended financial close Oracle Hyperion Financial Close Management
    • Oracle Enterprise Performance Management System
    • Oracle Financial Close Suite
    • Oracle Financial Close Management Architecture Account Reconciliation Manager (ARM) Close Manager Core Product FDMEE Integrations Integration Layer General Ledger EPM Apps EDW Application Layer Data Flow
    • Key Features • Task scheduling and management feature to track and prioritize close tasks • Pre-built, web-based dashboards for monitoring progress of financial close • Process automation feature that offers lights-out support • Powerful filtering and ad-hoc reporting capabilities • Roll-forward feature to create new calendars based on prior financial close Close Manager
    • Key Features • Control over account reconciliation • Flexible formats adaptable to each type of account • Easy-to-use features for maintaining reconciliation assignments (mass updates and import capabilities) • Seamless integration using Oracle Hyperion Financial Data Quality Management ERP Integration Adapter • Auto reconciliation of approved zero balance accounts • Configurable frequencies and unlimited level of approval Account Reconciliation Manager
    • Close Manager - Dashboard
    • Close Manager – Gantt Chart
    • Close Manager – Monthly Calendar
    • Close Manager – Task List
    • Close Manager – Task List
    • Close Manager - Task Actions
    • Close Manager - Task Actions
    • Close Manager - Task Actions
    • Close Manager - Task Actions
    • Close Manager - Task Actions
    • Integrated Applications (PeopleSoft Financials) • Integrate PeopleSoft Financials close activities within FCM • Tasks can direct users to specific areas in PeopleSoft Financials • Tasks can schedule execution of PeopleSoft Financials processes
    • Integrated Applications (PeopleSoft Financials)
    • Account Reconciliation - Task Actions
    • Financial Close Process – Report Binder FCM Report Binder - Click Me
    • Oracle Financial Close Management: Streamline Your Close Process Harry Sanavitis, Tower Group RJ Linehan, Innovus Partners