Oracle Financial Close Management: Streamline Your Close Process - OAUGNJ Innovate 2014

1. Oracle Financial Close Management:
Streamline Your Close Process
Harry Sanavitis, Tower Group
RJ Linehan, Innovus Partners

2. 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

3. 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

4. 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

5. Typical Financial Close Process
Data
Collection
Continuing
Transactions
Input
GL Close Consolidation
Process Output
Internal
Reporting
External
Reporting
Work Flow

6. Actual Financial Close Process

7. 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

8. Managing the Financial Close

9. • 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

10. Managing the Financial Close
Reporting
Task Characteristics same as previous task

11. 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

12. Oracle Enterprise Performance Management System

13. Oracle Financial Close Suite

14. 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

15. 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

16. 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

17. Close Manager - Dashboard

18. Close Manager – Gantt Chart

19. Close Manager – Monthly Calendar

20. Close Manager – Task List

21. Close Manager – Task List

22. Close Manager - Task Actions

23. Close Manager - Task Actions

24. Close Manager - Task Actions

25. Close Manager - Task Actions

26. Close Manager - Task Actions

27. 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

28. Integrated Applications (PeopleSoft Financials)

29. Account Reconciliation - Task Actions

30. Financial Close Process – Report Binder
FCM Report Binder - Click Me

31. Oracle Financial Close Management:
Streamline Your Close Process
Harry Sanavitis, Tower Group
RJ Linehan, Innovus Partners