Change is constant in business these days. Companies are expanding their outreach across the globe. This has made it difficult for companies to consolidate and close their books of accounts due to the lengthy and oppressive process. The financial consolidation & closing is even more complex for a group of companies operating in different currencies and geographies. To streamline the closing processes, organizations are looking for a reliable and efficient tool to meet the demand for dynamically growing businesses. Organizations are looking to improve the structure, flexibility, and re-usability of their business resources. Oracle Financial Consolidation & Close Cloud helps you to reduce the overall timeline and improve the efficiency along with security in your financial consolidation and closing.
Common business Challenges faced by an organization are listed below:-
- Large time in processing the account closing and reconciling data
- Elimination of inter-company transactions for a group company is tedious & lengthy, sometimes leads to errors
- Monitoring the compliance specifically when tax (VAT) is also part of your closing process
- Executives and management always needs superior insight into the Close and Reconciliation status
- Involvement of multiple stakeholders across the department leads to a non-standardized process for reconciliation
- Improve transparency in the overall closing process and also better accountability
- Manual processes and reconciliation in excel always prone to errors
- Balance change updates during close might be missed in Reconciliation
- Challenging to ensure all accounts were reconciled
- Managing the different versions of reconciliation files is always challenging
FCCS is an integrated solution that helps to tackle all the above challenges with following functionalities:
- Intercompany Eliminations – Includes default Inter-company Eliminations
- Journals with workflow – Includes journal capability ties with configurable workflow
- Currency Translation – Default currency translation uses PVA method for Flow activities and VAL method for Balance activities
- Built-in Foreign Exchange /Currency Translation Adjustments– Automatic calculation of Foreign Exchange on Opening
- Balance and Movements for each balance sheet account along with automated Currency Translation Adjustment calculation
- Multi-dimensional reconciliation: Scenario, Year, Period, Entity, Account, Inter-company, Consolidation, View, Data Source, Movement, Currency
- Automated Cash Flow Reporting – The movement dimension provides automated cash flow reporting through hierarchies and system calculations that require no further rules Automated Cash Flow Reporting – The movement dimension provides automated cash flow reporting through hierarchies and system calculations that require no further rules
- Multi -GAAP Reporting – Prebuilt functionality includes reporting for Local GAAP and IFRS with the ability to add additional GAAPs for reporting
- Detailed Data Source Tracking – Using a dimension for tracking sources of data including Data Management, Journals, Intercompany Eliminations and manual input
Reference: Datasheet of Oracle Financial Consolidation and close cloud. Please click here to view the datasheet of Oracle Financial Close Cloud
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