Oracle Financial Close Management: Streamline Your Close Process

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Oracle Financial Close Management is a solution that can streamline an organization's financial close process. It allows businesses to improve efficiency, shorten close cycles with fewer resources, and increase transparency and controls. The solution provides centralized web-based management of all close tasks, including ledger and sub-ledger close, data loading, financial consolidation, account reconciliation, and reporting. It offers features like task scheduling, dashboards for monitoring progress, process automation, and reporting capabilities.

Presentations & Public Speaking

Oracle Financial Close Management:
Streamline Your Close Process
RJ Linehan, Innovus Partners

Welcome!!!
• Today’s Finance Organizations and the
Close
• Overview
• Pain Points
• Use Case
• Financial Close Management Architecture
• Financial Close
• Account Reconciliation Manager
• Q&A
Today’s Agenda

Key Goals of Financial Close Process
• Improve efficiency and timeliness
• Shorten the close cycle with less resources
• Strengthen financial governance
• Internal and external forces demand
improved financial controls
• Increase transparency and reliability
• Different levels of visibility of financials
that are accurate and accessible
• Adapt to perpetual change
• Rapid and unexpected change has
become the norm
Today’s Finance Organization

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

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

• 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

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 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

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)

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