This document summarizes a presentation on using Oracle Hyperion EPM tools to improve financial processes. It discusses common issues with the financial close cycle such as unreliable spreadsheets and disconnected departments. It then outlines best practices of world-class finance departments, including continuous planning, clear goals and metrics. Finally, it describes several Oracle Hyperion EPM tools - Hyperion Planning for budgeting, Essbase for multi-dimensional analysis, Financial Management for reporting, and Financial Close Management to automate the close process. The presentation aims to demonstrate how these tools can help address typical problems and achieve efficiencies of leading organizations.
COSO Deep Dive - Using BlackLine to Manage Your COSO FrameworkBlackLine
COSO recommends the transition to the revised framework be completed by December 15, 2014. Is your organization ready?
In our previous session Clearing Up the COSO Confusion: How to Adopt the New Framework, we discussed the broad scope of the new COSO Framework and how it may apply to your current internal control system. In this upcoming session, we will provide a preview of how to use the COSO template to document and manage controls. This will enable financial leaders, like you, to break through common implementation difficulties to achieve and sustain a fully functioning and auditable internal controls framework.
In this deep dive session, you will learn:
- Powerful ways to utilize BlackLine’s Task Management Module to help manage your internal controls framework
- Practical implementation examples facilitated through directed case studies and activities
- Key steps to be taken to ensure all relevant issues have been considered and appropriate changes have been implemented in the framework
- Best practices for organizations to establish and accelerate the implementation of the new framework
This is a presentation I gave at the Cartesis World Conference in 2007 that described how I created a roadmap for a regional bank to improve their operating and financial reporting systems and processes.
Automating Account Reconciliation to Mitigate Compliance RiskProformative, Inc.
Video/Presentation: http://www.proformative.com/events/automating-account-reconciliation-mitigate-compliance-risk
The role of Accounting and Finance Professionals is ever evolving. Demands are increasing; regulations are even more stringent; and areas of focus are expanding. All of these make it more challenging for companies to efficiently close their books while ensuring they have balance sheet integrity. The account reconciliation process is an under-appreciated, yet critical, control which helps ensure financial integrity. By leveraging technology, a company can automate its reconciliations and link accounts across different standards to minimize the amount of manual labor required and ultimately the risk of errors. This session is designed to inform finance and accounting leaders of how account reconciliation process optimization can create a foundation for streamlining the overall financial close process and more importantly, ensuring appropriate controls are in place for greater accuracy in the numbers.
Speakers:
Susan Parcells, CPA, Director, Finance Transformation, Blackline Systems
Wendy Shapiro, CPA, Senior Director, Corporate Accounting, Atlas Air Worldwide
Presentation delivered at CFO Dimensions 2013 - http://www.cfodimensions.com
Track: Finance Technology | Session: 5
International Financial Reporting Standards (IFRS) implementation is a hot topic for every public company due to the significant impact it has on the company's overall operations and financial reporting system. This slidecast will discuss the IFRS implications with a focus on information technology; beginning with a brief discussion on the objective of IFRS, common issues with IFRS adoption, the related control implications, the impact on the accounting profession, and some advices for future adopters.
COSO Deep Dive - Using BlackLine to Manage Your COSO FrameworkBlackLine
COSO recommends the transition to the revised framework be completed by December 15, 2014. Is your organization ready?
In our previous session Clearing Up the COSO Confusion: How to Adopt the New Framework, we discussed the broad scope of the new COSO Framework and how it may apply to your current internal control system. In this upcoming session, we will provide a preview of how to use the COSO template to document and manage controls. This will enable financial leaders, like you, to break through common implementation difficulties to achieve and sustain a fully functioning and auditable internal controls framework.
In this deep dive session, you will learn:
- Powerful ways to utilize BlackLine’s Task Management Module to help manage your internal controls framework
- Practical implementation examples facilitated through directed case studies and activities
- Key steps to be taken to ensure all relevant issues have been considered and appropriate changes have been implemented in the framework
- Best practices for organizations to establish and accelerate the implementation of the new framework
This is a presentation I gave at the Cartesis World Conference in 2007 that described how I created a roadmap for a regional bank to improve their operating and financial reporting systems and processes.
Automating Account Reconciliation to Mitigate Compliance RiskProformative, Inc.
Video/Presentation: http://www.proformative.com/events/automating-account-reconciliation-mitigate-compliance-risk
The role of Accounting and Finance Professionals is ever evolving. Demands are increasing; regulations are even more stringent; and areas of focus are expanding. All of these make it more challenging for companies to efficiently close their books while ensuring they have balance sheet integrity. The account reconciliation process is an under-appreciated, yet critical, control which helps ensure financial integrity. By leveraging technology, a company can automate its reconciliations and link accounts across different standards to minimize the amount of manual labor required and ultimately the risk of errors. This session is designed to inform finance and accounting leaders of how account reconciliation process optimization can create a foundation for streamlining the overall financial close process and more importantly, ensuring appropriate controls are in place for greater accuracy in the numbers.
Speakers:
Susan Parcells, CPA, Director, Finance Transformation, Blackline Systems
Wendy Shapiro, CPA, Senior Director, Corporate Accounting, Atlas Air Worldwide
Presentation delivered at CFO Dimensions 2013 - http://www.cfodimensions.com
Track: Finance Technology | Session: 5
International Financial Reporting Standards (IFRS) implementation is a hot topic for every public company due to the significant impact it has on the company's overall operations and financial reporting system. This slidecast will discuss the IFRS implications with a focus on information technology; beginning with a brief discussion on the objective of IFRS, common issues with IFRS adoption, the related control implications, the impact on the accounting profession, and some advices for future adopters.
INNOVATE 2014, Oracle Financial Close Management: Streamline Your Close ProcessRJ Linehan
Organizations today face a constant stream of requirements and regulations that add complexity and change to their period-end close processes. Add to that reality a manually-driven approach to ‘closing the books’ and it is not surprising that organizations recognize the value of adopting a tool that can efficiently manage all of their financial close cycles. This presentation will make a case for embracing a unified financial close strategy that incorporates Oracle Hyperion Financial Close Management.
Objectives:
• Demonstrate the benefits of an optimized close process
• Reveal the advantages of increased collaboration
• Exhibit the improvements in user productivity
• Illustrate the value of improved transparency and compliance
• Demonstrate the assurance of reconciliation accuracy
OAUGNJ 2013, Product Spotlight: Oracle Financial Close ManagementRJ Linehan
Organizations today face a constant stream of requirements and regulations that add complexity and change to their period-end close processes. Add to that reality a manually-driven approach to ‘closing the books’ and it is not surprising that organizations are beginning to recognize the value of adopting a tool that can efficiently manage all of their financial close cycles. This presentation will make a case for embracing a unified financial close strategy that incorporates Oracle Hyperion Financial Close Management. It will introduce the attendees to the following features and benefits of the product:
• Optimized Close Process
• Increased Collaboration
• Enhanced User Productivity
• Improved Transparency and Compliance
• Ensured Reconciliation Accuracy
Internal Audit Best Practices for Safety, Environment, and Quality AuditsNimonik
Nimonik has seen a wide variety of internal Health, Safety, Environmental and Quality (HSEQ) audit programs. They seem to come in all shapes and sizes! Each company tends to focus on different risks and controls.
Whether your organization conforms to ISO 19011 or another internal audit standard, re-focusing your internal audit program on your risks, controls, and operational reality is a key driver for operational excellence.
On March 14th, John Wolfe shared insights from over 20 years as a hands-on HSE Director and as the Sr. Director of Operations Integrity Audit for a global Oil & Gas company. John outlined the attributes of an outstanding Internal audit program. He showed you how you can build out a program tailored to your operations and add tremendous value to your business.
Mission Critical - Getting Through A Successful ERP ImplementationSDI Presence LLC
Government leaders are trying to make sense of the constant changes in the world of technology. Enterprise Resource Systems, or ERPs, are some of the most complicated and difficult technologies to implement. The mixture of constant change and much needed ERP technologies creates a perfect opportunity to work collaboratively to ensure successful implementations
Collaborate 2014, Oracle Financial Close Management: Embrace the ChangeRJ Linehan
Organizations today face a constant stream of requirements and regulations that add complexity and change to their period-end close processes. Add to that reality a manually-driven approach to ‘closing the books’ and it is not surprising that organizations recognize the value of adopting a tool that can efficiently manage all of their financial close cycles. This presentation will make a case for embracing a unified financial close strategy that incorporates Oracle Hyperion Financial Close Management.
Objectives:
• Demonstrate the benefits of an optimized close process
• Reveal the advantages of increased collaboration
• Exhibit the improvements in user productivity
• Illustrate the value of improved transparency and compliance
• Demonstrate the assurance of reconciliation accuracy
Oracle hyperion financial management Online Training is Offering at Glory IT Technologies. We have Certified Working Professionals on this Modules. They trained so many Global Students, We also Provides Corporate Training & Job/Project Support Services to Oracle hyperion financial management. We are Only Institute Delivering Best Online Training Services to this Module.
INNOVATE 2014, Oracle Financial Close Management: Streamline Your Close ProcessRJ Linehan
Organizations today face a constant stream of requirements and regulations that add complexity and change to their period-end close processes. Add to that reality a manually-driven approach to ‘closing the books’ and it is not surprising that organizations recognize the value of adopting a tool that can efficiently manage all of their financial close cycles. This presentation will make a case for embracing a unified financial close strategy that incorporates Oracle Hyperion Financial Close Management.
Objectives:
• Demonstrate the benefits of an optimized close process
• Reveal the advantages of increased collaboration
• Exhibit the improvements in user productivity
• Illustrate the value of improved transparency and compliance
• Demonstrate the assurance of reconciliation accuracy
OAUGNJ 2013, Product Spotlight: Oracle Financial Close ManagementRJ Linehan
Organizations today face a constant stream of requirements and regulations that add complexity and change to their period-end close processes. Add to that reality a manually-driven approach to ‘closing the books’ and it is not surprising that organizations are beginning to recognize the value of adopting a tool that can efficiently manage all of their financial close cycles. This presentation will make a case for embracing a unified financial close strategy that incorporates Oracle Hyperion Financial Close Management. It will introduce the attendees to the following features and benefits of the product:
• Optimized Close Process
• Increased Collaboration
• Enhanced User Productivity
• Improved Transparency and Compliance
• Ensured Reconciliation Accuracy
Internal Audit Best Practices for Safety, Environment, and Quality AuditsNimonik
Nimonik has seen a wide variety of internal Health, Safety, Environmental and Quality (HSEQ) audit programs. They seem to come in all shapes and sizes! Each company tends to focus on different risks and controls.
Whether your organization conforms to ISO 19011 or another internal audit standard, re-focusing your internal audit program on your risks, controls, and operational reality is a key driver for operational excellence.
On March 14th, John Wolfe shared insights from over 20 years as a hands-on HSE Director and as the Sr. Director of Operations Integrity Audit for a global Oil & Gas company. John outlined the attributes of an outstanding Internal audit program. He showed you how you can build out a program tailored to your operations and add tremendous value to your business.
Mission Critical - Getting Through A Successful ERP ImplementationSDI Presence LLC
Government leaders are trying to make sense of the constant changes in the world of technology. Enterprise Resource Systems, or ERPs, are some of the most complicated and difficult technologies to implement. The mixture of constant change and much needed ERP technologies creates a perfect opportunity to work collaboratively to ensure successful implementations
Collaborate 2014, Oracle Financial Close Management: Embrace the ChangeRJ Linehan
Organizations today face a constant stream of requirements and regulations that add complexity and change to their period-end close processes. Add to that reality a manually-driven approach to ‘closing the books’ and it is not surprising that organizations recognize the value of adopting a tool that can efficiently manage all of their financial close cycles. This presentation will make a case for embracing a unified financial close strategy that incorporates Oracle Hyperion Financial Close Management.
Objectives:
• Demonstrate the benefits of an optimized close process
• Reveal the advantages of increased collaboration
• Exhibit the improvements in user productivity
• Illustrate the value of improved transparency and compliance
• Demonstrate the assurance of reconciliation accuracy
Oracle hyperion financial management Online Training is Offering at Glory IT Technologies. We have Certified Working Professionals on this Modules. They trained so many Global Students, We also Provides Corporate Training & Job/Project Support Services to Oracle hyperion financial management. We are Only Institute Delivering Best Online Training Services to this Module.
It explains the basic principles of data warehousing, revealing the secrets of core concepts such as OLAP, dashboards, reporting tools, performance management, budgeting and strategy.
FulcrumWay - Leverage Advanced Controls for EBS R12 to Streamline Record to R...FulcrumWay
This was presented on March 18, 2014 in FulcrumWay's monthly Webinar sessions, which occur on the 3rd Tuesday of every month. Anyone may attend, just go to http://www.fulcrumway.com/events/upcoming-events for details. Hope to see you there!!
This presentation addresses:
Top Financial Close Challenges in EBS R12
Overview of Financial Controls
Advanced Controls for Record to Report
Case Study
BlackLine and The Hackett Group hosted an event in May 2016 to highlight the importance of using modern technology to make workflow for finance and accounting professionals.
Client Highlight- At Joint Commission: The Progression of a Planning & Foreca...Emtec Inc.
Solving immediate budgeting and forecasting process issues is quite daunting. Learn how one organization achieved budget, planning and forecasting excellence with a phased-in step by step process that lead to success throughout the entire organization.
Od Ognjena smo naučili kako Oracle Hyperion pomaže velikim kompanijama, sa kojim problemima se najčešće susreću, koje su mogućnosti ovog softverskog rešenja i koji su najčešći zahtevi korisnika.
Best Practices for Enterprise Performance ManagementPerficient, Inc.
A special webinar for Finance professionals
Looking forward to budget season? For many managers, the budget process is a painful, manual process driven by disconnected Excel spreadsheets that are error-prone, static, and generally non-collaborative. The result is a budget that becomes irrelevant as soon as the new fiscal year begins.
A more nimble response is needed. Budgeting and planning should be a continuous, flexible exercise based on rolling forecasts, and supported by systems that can adapt as the business climate changes.
Join us as we discuss how applying best practices and using an automated Enterprise Performance Management system can help intelligent enterprises reap the benefits of flexible budgeting, accurate forecasting and dynamic planning. By implementing best practices for budgeting and planning, you can:
- Make the budget process less painful
- Replace spreadsheets with web forms
- Automate the budget roll-up process
- Create budgets based on key business drivers
- Link strategic goals to operational decisions
- Integrate financial “actuals” with budget and forecast data
- Provide easy, real-time variance reporting
- Access a single version of the truth for financial information
Presenter Emil Fernandez is General Manager of Perficient's national Enterprise Performance Management practice.
Simplifying Financial Performance Management SystemsCFO Group
Presentation by Geoff Noble of the CFO Group - September 2014
1. What is Financial Performance Management?
– Why we think it’s important to you as Chartered Accountants
2. Performing a self-assessment health check
– Effectiveness and efficiency scores
– Solution roadmap and business case
3. Implementing a solution
– Critical success factors
– How-to guide for projects
Simplifying Financial Performance ManagementCFO Group
1. What is Financial Performance Management?
– Relationship to other “hot” topics
– Why we think it’s important to you as CIMA members
2. Performing a self-assessment health check
– Effectiveness and efficiency scores
– Solution roadmap and business case
3. Implementing a solution
– Critical success factors
– How-to guide for projects
Overview of the financial architecture in oracle e business suite release 12magnificsmily
www.Magnifictraining.com-oracle apps r12 scm fuctional online training.
contact us: info@magnifictraining.com or
call us: +919052666559
oracle apps technologies like oracle discrete manufacturing, oracle apps purchasing training,
oracle apps order management training,oracle apps r12 functional training.
real time Oracle scm online training by industrail experts
for details call:+919052666559 hands on training on oracle online TRAINING.
Oracle Apps Finance Functional R12 Online Training Course Details
Oracle Apps R12 Summary Course Content
Payables (AP)
Receivables (AR)
General Ledger (GL)
Fixed Assets (FA)
Cash Management (CE)
Multi Org Access Control (MOAC)
Sub Ledger Accounting (SLA)
R12 Detailed Course Content:
Basic Concepts of R12
Architectural Overview – System Administration
UI Navigation changes in R12 Vs 11i
Flex fields
Access and Controls
Functional overview of Products
Concepts of LE/OU/Chart of Accounts
Differences between R11 Vs 11i-sneek peek review
Creation of Users and assignment of Responsibilities
Profile Options and security controls
Opendatabay - Open Data Marketplace.pptxOpendatabay
Opendatabay.com unlocks the power of data for everyone. Open Data Marketplace fosters a collaborative hub for data enthusiasts to explore, share, and contribute to a vast collection of datasets.
First ever open hub for data enthusiasts to collaborate and innovate. A platform to explore, share, and contribute to a vast collection of datasets. Through robust quality control and innovative technologies like blockchain verification, opendatabay ensures the authenticity and reliability of datasets, empowering users to make data-driven decisions with confidence. Leverage cutting-edge AI technologies to enhance the data exploration, analysis, and discovery experience.
From intelligent search and recommendations to automated data productisation and quotation, Opendatabay AI-driven features streamline the data workflow. Finding the data you need shouldn't be a complex. Opendatabay simplifies the data acquisition process with an intuitive interface and robust search tools. Effortlessly explore, discover, and access the data you need, allowing you to focus on extracting valuable insights. Opendatabay breaks new ground with a dedicated, AI-generated, synthetic datasets.
Leverage these privacy-preserving datasets for training and testing AI models without compromising sensitive information. Opendatabay prioritizes transparency by providing detailed metadata, provenance information, and usage guidelines for each dataset, ensuring users have a comprehensive understanding of the data they're working with. By leveraging a powerful combination of distributed ledger technology and rigorous third-party audits Opendatabay ensures the authenticity and reliability of every dataset. Security is at the core of Opendatabay. Marketplace implements stringent security measures, including encryption, access controls, and regular vulnerability assessments, to safeguard your data and protect your privacy.
As Europe's leading economic powerhouse and the fourth-largest hashtag#economy globally, Germany stands at the forefront of innovation and industrial might. Renowned for its precision engineering and high-tech sectors, Germany's economic structure is heavily supported by a robust service industry, accounting for approximately 68% of its GDP. This economic clout and strategic geopolitical stance position Germany as a focal point in the global cyber threat landscape.
In the face of escalating global tensions, particularly those emanating from geopolitical disputes with nations like hashtag#Russia and hashtag#China, hashtag#Germany has witnessed a significant uptick in targeted cyber operations. Our analysis indicates a marked increase in hashtag#cyberattack sophistication aimed at critical infrastructure and key industrial sectors. These attacks range from ransomware campaigns to hashtag#AdvancedPersistentThreats (hashtag#APTs), threatening national security and business integrity.
🔑 Key findings include:
🔍 Increased frequency and complexity of cyber threats.
🔍 Escalation of state-sponsored and criminally motivated cyber operations.
🔍 Active dark web exchanges of malicious tools and tactics.
Our comprehensive report delves into these challenges, using a blend of open-source and proprietary data collection techniques. By monitoring activity on critical networks and analyzing attack patterns, our team provides a detailed overview of the threats facing German entities.
This report aims to equip stakeholders across public and private sectors with the knowledge to enhance their defensive strategies, reduce exposure to cyber risks, and reinforce Germany's resilience against cyber threats.
Data Centers - Striving Within A Narrow Range - Research Report - MCG - May 2...pchutichetpong
M Capital Group (“MCG”) expects to see demand and the changing evolution of supply, facilitated through institutional investment rotation out of offices and into work from home (“WFH”), while the ever-expanding need for data storage as global internet usage expands, with experts predicting 5.3 billion users by 2023. These market factors will be underpinned by technological changes, such as progressing cloud services and edge sites, allowing the industry to see strong expected annual growth of 13% over the next 4 years.
Whilst competitive headwinds remain, represented through the recent second bankruptcy filing of Sungard, which blames “COVID-19 and other macroeconomic trends including delayed customer spending decisions, insourcing and reductions in IT spending, energy inflation and reduction in demand for certain services”, the industry has seen key adjustments, where MCG believes that engineering cost management and technological innovation will be paramount to success.
MCG reports that the more favorable market conditions expected over the next few years, helped by the winding down of pandemic restrictions and a hybrid working environment will be driving market momentum forward. The continuous injection of capital by alternative investment firms, as well as the growing infrastructural investment from cloud service providers and social media companies, whose revenues are expected to grow over 3.6x larger by value in 2026, will likely help propel center provision and innovation. These factors paint a promising picture for the industry players that offset rising input costs and adapt to new technologies.
According to M Capital Group: “Specifically, the long-term cost-saving opportunities available from the rise of remote managing will likely aid value growth for the industry. Through margin optimization and further availability of capital for reinvestment, strong players will maintain their competitive foothold, while weaker players exit the market to balance supply and demand.”
Levelwise PageRank with Loop-Based Dead End Handling Strategy : SHORT REPORT ...Subhajit Sahu
Abstract — Levelwise PageRank is an alternative method of PageRank computation which decomposes the input graph into a directed acyclic block-graph of strongly connected components, and processes them in topological order, one level at a time. This enables calculation for ranks in a distributed fashion without per-iteration communication, unlike the standard method where all vertices are processed in each iteration. It however comes with a precondition of the absence of dead ends in the input graph. Here, the native non-distributed performance of Levelwise PageRank was compared against Monolithic PageRank on a CPU as well as a GPU. To ensure a fair comparison, Monolithic PageRank was also performed on a graph where vertices were split by components. Results indicate that Levelwise PageRank is about as fast as Monolithic PageRank on the CPU, but quite a bit slower on the GPU. Slowdown on the GPU is likely caused by a large submission of small workloads, and expected to be non-issue when the computation is performed on massive graphs.
1. Hyperion EPM 101:
Fast Track Your
Financial Close
Presented by: Timothy J. Simkiss, CPA
October 18, 2013
2. Agenda
BIZTECH SUMMARY
?
THE TYPICAL FINANCIAL CLOSE CYCLE
BEST PRACTICES OF WORLD CLASS FINANCE
DEPARTMENTS
ORACLE HYPERION EPM TOOLS
1
2
3
4
Q & A SESSION5
4. PROFESSIONAL SERVICES FIRM
– Professional Services firm focused on Oracle applications and technology
– Oracle Platinum Partner – Highest Level of Certification
– Over 400 successful Oracle implementations over the past 15 years
ORACLE SOLUTIONS
• Oracle Applications
• Oracle Technology
• Business Intelligence
• Hyperion EPM
• Managed Services
INDUSTRIES
• Financial
• Professional
• Business Services
• Communications
• Manufacturing
• Distribution
• Public Sector
• Government
• Healthcare
• Life Sciences
About BizTech
www.biztech.com
5. SIMKISS
– Former Corporate Controller of a
Multi-million Dollar Organization
– Director of Accounting/FP&A at Several
Companies
– 15 years of Financial & Operational
Accounting Experience
timsimkiss@biztech.com
267-454-3784
TIMOTHY
Hyperion Practice Lead,
CPA
8. Typical Budgeting Model
Excel Templates
Are Prepped
Templates
Instructions Are
Mailed
Templates
Submitted to
FPA
Data is
Consolidated,
Reviewed &
Audited
FPA team Department
Heads
Department
Heads
FPA team
Budget is submitted, reviewed
& process begins again.
10. Consolidation At-a-Glance
Collect Data Calculate & Adjust Report
• Gather from multiple &
disparate applications
• Store data in a centralized
repository
• Generate financial
statements, managerial
reports, and perform ad
hoc analysis
• Apply FASB and IFRS
consolidation rules
• Perform currency
translation & aggregation
11. Different Accounting Standards
• Most US companies with international subsidiaries are required to account for this
activity per the standards of GAAP (Generally Accepted Accounting Standards).
• However, International Financial Accounting Standards (IFRS) will be required
adoption by US Companies by 2014 unless the SEC decides to delay implementation
again (they just might!)
Similarities
Approach
(Some
Examples)
IFRS US
GAAP
Revenue
Recognition
Fair Market
(e.g. AR or
Inventory
Valuation)
Detailed
Disclosure
Segment
Reporting
Chart of
Accounts Not
Mandated
Distinction
Between Tax
and External
Reporting
Differences
Approach
(Some Examples)
IFRS US
GAAP
Fair Market
Revaluation
Fixed Assets
& Investments
Only
Certain
Fixed
Assets
Extraordinary
Items
None Rare
Consolidation Control 2 Models
Joint Ventures Proportional
OK
Only
Equity
“Development” Capitalized Expensed
Fixed Assets Components Unitary
Leasing Financing Cap vs.
Op
Inventory No LIFO LIFO OK
Impairment 1 Step,
Reversible
2 Step,
No
Reversal
13. UNRELIABLE
SPREADSHEETS
z
80%
STILL USE
SPREADSHEETS
• Error Prone
• Non-Collaborative
• Maintenance Intensive
• Fragile, Easy to Break
• Little Centralized Control
• Poor Data Integrity
(Audit trails)
• Unmanageable
consolidation
• Lack of Security
Issues that Arise:
14. DISCONNECTED
PROCESSES
Time – cycles take too long,
missed opportunities and
obsolete plans
Quality – data integrity,
lack of standardization and
communication
Flexibility – lack of
responsiveness to changes
Cost – many wasted
resources, questionable
benefits
FP&A
Senior
Management
Annual Plan
& Forecast
Revenue &
Cost Models
M&A
Departmental
Plans
Headcount
Plans
Treasury
Plans
Long-Term
Planning
Issues that Arise:
15. Common Financial Dept vs.
World Class Depts.
Processes focused on
analysis & value addition
Planning is a communication
Company plan is owned
used by all operating mgmt
Continuous planning is
responsive to market
Mgmt is empowered &
performs optimally
Strategic initiatives funded
separately for day-to-day
business expenses
World Class Depts.Common Depts.
Time consumed by planning
Future plans, unclear goals
and mission are not aligned
“Finance” owns the plan
Process and cycle not linked
to the business
Spreadsheets and data
stores are fragmented
Metrics are not reflective of
strategies
Managers mange around
plans
No funding in resource plan for
strategic initiatives
17. • World-class finance organizations operate at nearly half the annual cost of typical
companies and have less than half the staff.
• At the same time, these finance organizations are dramatically more effective than
their peers, are better at strategic business support, and drive improved bottom line
results for their companies while reducing close time by 50 percent!
• World-class finance organizations have reduced costs markedly (40%), while the
average finance organization has achieved only a cost19% reduction over the past 8
years. The efficiency gap translates into an annual cost savings of nearly $140
million for a typical Global 1000 company (with $26.38 billion in revenue).
Source: The Hackett Group, 2010 survey
18. Run models based
on key strategies
Set targets
Seed targets to
annual
operating plan
Start annual
process
Update strategic
plan with latest
forecast
Evaluate resource
and capital
requirements
Long-term strategic
plan
Annual
budget / plan
Validate
operational
feasibility
Evaluate
workforce
and capital
Monthly /
rolling
forecast
Update long-
term
strategic
plan
World Class Enterprise Planning
Assess and Manage
Risk
Validate operational
feasibility to
financial plan
Update forecast
with latest budget
and actuals
A world class budget process utilizing the right tools can take a few weeks.
However, at many companies, the budget process can take months.
19. 1. Make full use of automation and utilize key metrics to gauge
performance
2. Establish deadlines and use on-line checklists
3. Delegate responsibilities where possible
4. Prepare results and ensure visibility management
5. Eliminate redundancies and paper chasing (outsourcing, shared
services, third party providers)
6. Close sub-ledgers on day one (i.e. a soft close on payables,
receivables and fixed assets)
7. Post recurring journal entries prior to month end (day -1)
8. Reforecast monthly and provide realistic updates
9. Encourage suggestions and improvements to existing processes
10.Document policies and procedures
TOP 10 BEST PRACTICES OF WORLD
CLASS FINANCE DEPARTMENTS
21. Sample Checklist
Client name Summary MonthEndClose Schedule-
Close Activity/Tasks # March-13 Day1 Day2 Day3 Day4 Day5 Day6 Day7 Day8 Day9 Day10
Process/Module Weekly Activities
1 EnterAP Invoices daily
2 Create Accountingdaily/weekly
3 Validate AP Data
4 Initiate and complete cash transactions
5 Conductweekly conf call with Controllers
6 Weekly results due by 9amMonday morning
Process/Module Close AP
1 Complete All Transactions forthe Period BeingClosed 4/1/13
2 Run the Payables AutoApproval Process forAll Invoices /
Invoice Batches 4/2/13
3 Run Payables AccountingProcess and transfertransactions to
GL 4/2/13
4 Prepare Accruals 4/3/13
5 Reconcile AP with GL 4/4/13
6 Close the module (softand hard close) 4/1/13 4/5/13
Process/Module AR Module
1 Reconcile Receipts to Bank StatementActivity forthe Period 4/5/13
2 Reconcile the General LedgerTransferProcess 4/6/13
3 Reconcile ARAgingwith GL 4/7/13
4 Close the module (softand hard close) 4/1/2013 4/7/13
Process/Module FixedAssets
1 Run Mass additions program 4/3/13
2 Validate the Gross fixed assetvalue 4/4/13
3 Run depreciation 4/4/13
4 Validate depreciation 4/4/13
5 Close the module (softand hard close) 4/1/2013 4/5/13
Subsidiary Name
Daily
CalendarDay
22. Sample Workflow and Status
Workflow approval process
Key Metrics and Dashboards
26. FDM/ODI Integration tools
SOURCE
SYSTEMS
DATA
PREPARATION
SERVER
ORACLE EPM
SYSTEMS
Excel
Other ERP
Systems
EBS G/L
Flat files
ETL
Other
Data cleansing &
transformation
Task scheduling
Text & document
archive
Audit review
Data staging
Prepackaged
integration
Data loading
including
supplemental
data and line
item detail
Dimensional
mapping
verification to
corporate COA
Process
management
Hyperion Financial
Management
Hyperion Planning
Hyperion Essbase
Hyperion
Enterprise
Data Marts
GUIDED WORKFLOW USER INTERFACE
EPM Adapters
27. Hyperion Planning
FEATURES
• Strategic Planning
• Forecasting and Modeling &
Simulation
• What-if Analysis
• Excel Integration and full Enterprise
Collaboration
• Currency conversion feature for
multi-currency applications
• Streamlines and improves the Budget
process
• Ensures Speed & accuracy
• Finance owned tool
• Align finance and operations
• Accountability
• Visibility to past, current and future
business performance
BENEFITS
WORLD CLASS
Planning & Budgeting
Applications in the World
#1
28. Hyperion Essbase
FEATURES
• Essbase or "Extended Spread Sheet
dataBASE“, is a 3-D Spreadsheet
• Addresses scalability issues and
allows deep dives into data in real
time.
• Defines the “by’s” and “where’s” of
the company
• Powers the Planning Application as
well as its standing alone capabilities
• One Version of the Truth
• Speed-of-thought analysis for
thousands of concurrent users
• Scalable to enterprise-level user base
• Premium Performance & Optimized
Storage
BENEFITS
29. Hyperion Financial
ManagementFEATURES
• Multi-Currency Capability
• Multi-Dimensionality Features
• Automates Intercompany Accounting
• Integrates Data from most GL
Systems.
• Excel Integration adapts for user
comfort with spreadsheets
• Web interface, allowing for real time
consolidation
• Speed & accuracy
• Finance owned tool
• Align entities and divisions
• Increased Visibility and Accountability
• Out of the box features improve
implementation time and ROI
BENEFITS
WORLD CLASS
Financial Reporting
Consolidation & Analysis Tool
#1
30. Financial Close
ManagementFEATURES
• Workflow solution manage the entire
close process
• Easily illustrates the current status of
the close
• Automates checklists and Account
Reconciliation process
• Highlights which tasks are at risk or
behind schedule
Finance owned
Central dashboard enables:
Process monitoring
Immediate action on errors
Encourages continuous improvement
to the close process
BENEFITS
31. Financial Disclosure
ManagementFEATURES
• Automates and manages the SEC and
other regulatory reporting process
• Ensures data accuracy via embedded
regulatory validation rules
• Offers a variety of publishing formats
including XBRL, iXBRL, EDGAR HTML
and PDF
• Allows multiple users to work together
on different report sections
Easy regulatory reporting with data
quality assurance
Deep integration with Oracle Hyperion
Financial Management, Oracle
Hyperion Planning, and Oracle
Essbase
Best in class document management
BENEFITS