In the fast-paced finance industry, staying ahead of the curve is critical in maximizing business success.
As organizations work to streamline their financial management processes, optimize performance, and ensure compliance with evolving regulations, understanding and navigating intelligent technologies becomes essential. One tool that can help organizations achieve this is Oracle Financial Consolidation and Close Cloud Services (FCCS) within the Oracle EPM Cloud.
Read on to learn more about Oracle FCCS and where our senior-level Oracle consultants can fit into your organization.
What is Oracle FCCS?
The Oracle Financial Consolidation and Close Cloud Service is purposefully designed to help customers manage the entire consolidation and financial close process in the Oracle EPM Cloud.
With Oracle’s intelligent FCCS platform, organizations can ensure the accuracy and integrity of their financial consolidation, closing, and reporting processes, no matter their organization’s size, scale, or structure.
The Financial Consolidation and Close Service platform maintains business processes that are:
- Accurate and consistent
- Transparent and punctual
- Efficient and streamlined
- Auditable and compliant
Key Features of Oracle FCCS
Let’s take a look at some of the main features of the Oracle FCCS platform:
Proven Best Practices
Quick-start processes
Leverage pre-built practice capabilities and dynamic calculations in Oracle FCCS to improve time to value.
Meet needs without personalization
Eliminate the need for complex customizations through automated cash flow, calculated balance sheets, income statement, calls to action, rollovers, and more.
Comply with global reporting regulations
Access a predetermined consolidation model to reduce the time required to meet global reporting requirements, such as Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
Intelligent Process Automation (IPA)
Connected close
Track and post journals directly to any general ledger and simplify the end-to-end close process through automatic process tracking, workflows, and integrations.
Automatic consolidations
Leverage intuitive technologies to automate back-end consolidations, further eliminating manual efforts.
Automated narratives in reports
Create narrative comments within reports to reduce time and add value.
Global Organization Management
Track KPIs
Automate key benchmarks within your organization and leverage automatically calculated metrics aligned with business-specific requirements to manage the complete close lifecycle.
Execute difficult consolidations
Simplify complex management and legal roll-ups for critical reporting and calculation needs. Reclassify, modify, and eliminate data for any hierarchy and expedite the closing process with pre-built consolidation capabilities.
Automate intercompany eliminations
Employ automatic, standard intercompany eliminations to cut down on manual labor and only execute custom features as needed.
Currency conversions
Improve consolidation accuracy by leveraging both standard and customizable currency translations.
Global consolidate
Streamline global business processes through GAAP-driven systems that support multiple currencies, intercompany eliminations, equity eliminations, adjustments, and thorough data source tracking.
Transparency and Compliance
Ensure audit compliance
Improve data transparency and audit compliance through intelligent data modifications, user activity logs, segregation of duties, journal revisions, and complete audit trails.
Add value
Leverage easy-to-use templates to create footnotes, sign-offs, statement analysis, validations, and drill-back from the source to monitor data movement and ensure up-to-date statement balances.
Key Benefits of Oracle FCCS
- Low-maintenance tools and services
- User-friendly interface
- Comprehensive financial consolidation and close procedures
- Proven methodology to jump-start critical closing processes
- Dynamic dashboards, reports, and analytics for exceptional insight
- Customizable close framework to fit specific business needs
- No infrastructure investment required
How We Can Help
From evaluating your existing business processes to implementing new Oracle applications, managing critical accounting activities, or eliminating data redundancies, Surety Systems has you covered.
Our senior-level Oracle consultants have the technical expertise and functional knowledge to help you achieve continued success over time. We commit to understanding your project needs and developing an effective course of action, enabling your internal teams to maximize efficiency and achieve long-term success.
Contact Us
Are you ready to learn more about Oracle Financial Consolidation and Close and how our senior-level Oracle consultants can help your organization?
Contact us today!
