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Oaugnj innovus partnersoracle_fcm_mar15

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Transcript

  • 1. Product Spotlight:Oracle Financial Close Management (FCM) Ernest Iocca, Oracle RJ Linehan, Innovus Partners
  • 2. Finance Organizations of TodayKey Goals of Financial Close and Compliance Processes • Improve efficiency and timeliness • Strengthen financial governance • Increase transparency and reliability • Adapt to perpetual change
  • 3. Finance Organizations of Today Central Challenges of Financial Close• Inability to improve accuracy of financial reporting due to lack of visibility• Failure to reduce time to complete processing• Ever expanding breadth of rules and regulations from regulatory agencies• Shrinking headcounts supporting additional work
  • 4. Finance Organizations of Today Symptoms of Not Addressing Challenges• Inability to accommodate demands for transparency and consistency• Failure to satisfy requirements of regulatory agencies• Lack of capacity to reduce workload of Finance staff
  • 5. Financial Close Process Data Continuing GL Close Consolidation ReportingCollection Transactions Internal External Data Sub- Reporting Reporting Entry & Ledger Adj. Systems Consolidation Process Business Events GAAP Accruals Financial External & Reporting Reporting Interfaces Prepaids Intercompany Eliminations, Equity/ Minority Cash Flow Footnotes Business Transformation Estimat and Other and & Conversion Interest, Joint Transact es Ventures, Reporting Disclosures ions ForEx Calculations, Allocations, Manual Top Side Closing Management Compliance Journal Adjustments Entries Reporting Reporting Entries Input Process Output
  • 6. Financial Close - Input Data Continuing Email Trail Collection Transactions Challenges ExternalDocuments Manual Data Entry & • Lack of integrated systems Data slows flow of data Adj. Manual Transfer Updates Business Events External Interfaces • Absence of automated Manual Data Manual Updates auditing capabilities prevents transparency User Transfer XL Business Transformation Transact ions & Conversion User Data • Manual entries cause inaccuracies and Collection Manual Manual misalignment Data Inbound Journal Transfer Flat Entries Files Word Docs Input
  • 7. Financial Close - ProcessGL Close Consolidation Email Trail Challenges Sub- Ledger Manual • Activities unrelated to close process occur at Systems Data Transfer Consolidation Process User Accruals & Database critical points Prepaids Intercompany • Manual intervention and Eliminations, Estimat Equity/ Minority lack of communication creates delays Interest, Joint es Ventures, ForEx User Scheduled Calculations, Allocations, Top Side XL • Inability to track Closing Entries Data Transfer Adjustments performance and identify bottlenecks Word Docs Process
  • 8. Financial Close - Output Reporting Challenges • Disconnect between Internal External Reporting Reporting Email Trail reports and inputs leads UserDatabase to confusion Financial Reporting GAAP Reporting • Lack of integration and Word Docs accuracy between internal Cash Flow Footnotes and external reporting and Other and Reporting Disclosures causes uncertainty among usersExternalDatabase User • Level-of-effort required to Management Compliance XL Reporting Reporting satisfy agency filings Output jeopardizes due dates
  • 9. Oracle Hyperion Financial Close Management 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
  • 10. Oracle Enterprise Performance Management SystemInformation DeliveryEPM and BIApplicationsBI Foundation
  • 11. Oracle Hyperion Financial Close Management Key Features• Task scheduling and management feature to track and prioritize close tasks• Pre-built, web-based dashboards for monitoring progress of financial close• Security-driven views based on users’ tasks (Calendar, Task List, Gantt)• Interactive calendars and task lists allowing users to launch applications and complete tasks• Support for lights-out process through automation feature• Roll-forward feature to create new calendars based on prior financial close• Control over account reconciliation through the Account Reconciliation Manager
  • 12. FCM/ARM Demonstration
  • 13. Product Spotlight:Oracle Financial Close Management Ernest Iocca, Oracle RJ Linehan, Innovus Partners