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Streamline Financial Close
- 1. REMINDER Check in on the COLLABORATE mobile app Oracle Financial Close Management: Embrace the Change Prepared by: RJ Linehan Managing Partner, Innovus Partners Board Member, OAUGNYC rj.linehan@innovuspartners.com Streamline Your Financial Close Process with Oracle FCM Session ID#: 15019
- 2. Today’s Agenda ■ Today’s Finance Organizations ▪ Goals ▪ Pain Points ■ Financial Close Management Architecture ■ Financial Close ■ Account Reconciliation Manager ■ Q&A
- 3. Today’s Finance Organizations What are they up against? Streamline Your Financial Close Process with Oracle FCM
- 4. Finance Organizations of Today Key Goals of Financial Close Process ■ Improve efficiency and timeliness ■ Strengthen financial governance ■ Increase transparency and reliability ■ Adapt to perpetual change
- 5. Finance Organizations of Today Central Challenges of Financial Close Process ■ 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
- 6. 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
- 8. Financial Close Process - Input Challenges ■ Lack of integrated systems slows flow of data ■ Absence of automated auditing capabilities prevents transparency ■ Manual entries cause inaccuracies and misalignment
- 9. Financial Close Process - Process Challenges ■ Activities unrelated to close process occur at critical points ■ Manual intervention and lack of communication creates delays ■ Inability to track performance and identify bottlenecks
- 10. Financial Close Process - Output Challenges ■ Disconnect between reports and inputs leads to confusion ■ Lack of integration and accuracy between internal and external reporting causes uncertainty among users ■ Level-of-effort required to satisfy agency filings jeopardizes due dates
- 11. 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
- 12. Let’s do a quick poll… Streamline Your Financial Close Process with Oracle FCM
- 13. Oracle Enterprise Performance Management System
- 14. Oracle Financial Close Suite
- 15. 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
- 16. Close Manager 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
- 17. Close Manager Process Overview ■ Plan Close Process ■ Initiate Close Process ■ Perform Close Process ■ Complete & Review Close Process
- 18. Close Manager Plan Close Process ■ Identify tasks ■ Categorize tasks ■ Align task categories to integrated applications ■ Create template for group of tasks that represent close process (no calendar) ■ Populate template with tasks
- 19. Plan Close Process Task Template Schedule Task Type Application Integration
- 20. Plan Close Process – Task Types ■ Direct users to application (End User) ■ Schedule execution of application processes (Automated)
- 21. Plan Close Process – Task Types ■ Assign ‘Integration Type’ ■ Define ‘Run As’ ID to execute task
- 22. Integrated Applications (PeopleSoft Financials) ■ PeopleSoft Financials Integration Pack XML File ▪ End Users Tasks ▪ System Automated Tasks Area Task Name Task Type Define Final Depreciation Run Control E Execute Final Depreciation Process S Define Create Accounting Entries Run Control E Execute Create Accounting Entries Process S Define Depreciation Close Run Control E Execute Depreciation Close Process S Book Expense Accruals E Enter any adjustment vouchers E Review and correct vouchers with errors E Review and correct match exceptions E Define Open AP Liability Report Run Control E Execute Open AP Liability Report S Review Incomplete Deposits E Resolve Pending Item Posting Errors E Define Aged AR Trial Balance Run Control E Execute Aged AR Trial Balance S Write Off Balances as Appropriate E Update Doubtful Receivables E AssetManagementAccountsPayableAccountsReceivable
- 23. Plan Close Process - Tasks ■ Create from ‘Task Type’ ■ Assign task properties
- 24. Plan Close Process - Templates ■ Define duration in terms of ‘Day 0’ ■ Embed other templates (supports one level of embedding)
- 25. Close Manager Initiate Close Process ■ Create schedule ▪ Assign template ▪ Apply calendar dates ▪ Assign other tasks ■ Promote schedule status from pending to open
- 26. Initiate Close Process - Schedules ■ Assign calendar to close process ■ Change status of schedule (Pending, Open, Close)
- 27. Initiate Close Process - Schedules ■ Assign tasks to schedules ■ Change status of schedule (Pending, Open, Close)
- 28. Close Manager Perform Close Process ■ Users perform tasks ▪ Email notification ▪ FCM via Web ▪ FCM via Smart View ■ Approvers review and complete tasks
- 29. Perform Close Process - Dashboard
- 30. Perform Close Process – Gantt Chart ■ Track task progress across days ■ View task properties, instructions, and predecessors
- 31. Perform Close Process – Task List ■ Customize task list to user preference ■ Sort and filter by task list fields ■ Display select fields
- 32. Close Manager Complete & Review Close Process ■ FCM generates close binder ▪ HTML report of close process ▪ Publishable and accessible to users ■ Users, Approvers, and Administrators review close process and make adjustments
- 33. FCM Report Binder - Click Me Complete Close Process – Report Binder
- 34. Account Reconciliation 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 ■ Mapping feature to summarize low-level balances to the reconciliation level ■ Auto reconciliation of approved zero balance accounts ■ Configurable frequencies and unlimited level of approval
- 35. Account Reconciliation Manager Process Overview ■ Plan Account Reconciliation Process ■ Initiate Account Reconciliation Process ■ Perform Account Reconciliation Process ■ Complete & Review Account Reconciliation Process
- 36. Account Reconciliation Manager Plan Process ■ Identify accounts to be reconciled ■ Define reconciliation elements for each account ■ Identify users and assign roles ■ Create ‘Formats’ that define reconciliation method and ensure data collection ■ Create ‘Profiles’ that are assigned ‘Formats’, currency, workflow, and other attributes
- 37. Plan Reconciliation Process Format Profile Profile Segment FrequencyCurrency Period Workflow Recon Type Account Type Account Recon
- 38. Plan Reconciliation Process - Format ■ Identify Reconciliation Methods ▪ Account Analysis ▪ Balance Comparison
- 39. Plan Reconciliation Process - Profile ■ Define Account ID using Profile Segments ■ Assign Format ■ Auto Reconcile ■ Specify Workflow
- 40. Account Reconciliation Manager Initiate Process ■ Copy ‘Profiles’ to ‘Periods’ to initiate reconciliations with start and due dates ■ Load balances from source system ■ Change period status from pending to open
- 41. Initiate Reconciliation Process – Manage Periods ■ Assign frequency ■ Apply Calendar
- 42. Account Reconciliation Manager Perform Process ■ Preparer performs reconciliation ▪ Validate balance ▪ Provide supporting detail ■ Reconciliation is reviewed ▪ One user cannot play both roles for the same reconciliation ■ Reconciliation is approved
- 43. Perform Reconciliation Process – ARM Task
- 44. Account Reconciliation Manager Complete & Review Process ■ ARM generates close binder ▪ HTML report of close process ▪ Publishable and accessible to users ■ Preparers, Reviewers, Commentators, and Administrators review close process and make adjustments
- 45. Please complete the session evaluation We appreciate your feedback and insight You may complete the session evaluation either on paper or online via the mobile app