In today’s business world, where compliance, accuracy, and agility drive excellence, high-powered financial management solutions are crucial. Oracle Financials is a comprehensive suite of applications offering end-to-end financial management capabilities to help organizations navigate the complexities of modern finance.
This article discusses the main components and features of Oracle Financial Services, exploring how it can connect and streamline financial management processes and where our senior-level Oracle consultants can fit in your organization.
What is Oracle Financial Services?
With its modern and adaptable finance solutions, Oracle Financial Services encourages improved business decisions and productivity. Oracle Financials is a comprehensive financial solution that delivers sufficient support for global organizations in various industries. It also provides consistent innovation in technologies like intelligent analytics, automation, and machine learning to help organizations achieve more with fewer resources.
Oracle Financial Services has two primary business categories—PrimeSourcing and Products, formerly known as the Banking Products Division (BPD). Oracle’s Financial Services platform was initially created to provide products for commodity trade compliance, enterprise performance management, exposure management, and the Internal Capital Adequacy Assessment Process.
The modern Oracle Financials suite offers services for:
- Retail
- Cash Management
- Trade
- Treasury
- Payments
- Corporate and Investment Banking
- Private Wealth Management
- Business Analytics
Benefits of Oracle Financials
Here’s a look at the key business benefits of Oracle Financials:
- Give real-time insight into live financial data
- Provide clear visibility into spending and controlled costs
- Improve cash inflows and managed cash positions
- Proactively solve issues through streamlined automation tools
- Enhance accuracy during transaction submission and decision-making
- Reduce the risk of transaction processing and data entry mistakes
- Fulfill industry-specific standards for joint venture management, lease accounting, and budget control
- Acknowledge international accounting standards and legal, business, and regional requirements
Features of Oracle’s Financial Services
Let’s take a look at the main capabilities of the Oracle Financials suite for enterprise users:
Accounting
Streamline financial processes via automation tools
Use automation for over 80% of your organization’s financial processes, such as accounting for transfer pricing journals and intercompany tax. Remove manual processes, close books quickly, and create more accurate tax reports.
Implement a single business standard to eliminate complexity
Unify the chart of accounts, data models, business processes, and compliance and security controls to standardize critical financial transactions and organize actions and decisions across teams.
Use machine learning and AI-driven analytics to lessen exceptions
Analyze past transactions to improve exception handling and quickly recognize issues that increase audit and business risk.
Handle accounting standards, language, and multi-currencies in a new way
Manage global operations, create new business models, and support M&A tasks without investing in new technological solutions.
Improve budgeting and planning across the procure-to-pay lifecycle
Gain better visibility into commitments and expenditures, and clarify and enhance spending and budgetary decisions.
Reduce financial risk in business-to-business transactions
Leverage automatic intercompany balancing tools to create, settle, and report on intercompany transactions and reduce accounting discrepancies.
Accounting for joint venture management automated
Simplify partner share calculation processes to drive accurate billing and facilitate the management of joint ventures.
Boost revenue and implement excellent internal controls
Boost enterprise visibility and efficiency through fully automated financial operations and scalable general ledger features.
Accounting Hub
Synchronized accounting information
Build consistent accounting standards and activities across different ERP systems with an organization-wide chart of accounts and connections between accounting transactions and other organizational data.
Trustworthy financial data
Leverage a single source of truth for financial data to improve reliability across Financial Planning and Analysis (FP&A) and corporate accounting teams.
Organization-wide accounting resource
Create a strong foundation for corporate accounting, financial tracking, reporting data, and other critical financial operations through an intuitive, enterprise-wide finance and accounting tool.
Dynamic accounting motor
Leverage a centralized, dynamic accounting machine to handle large transaction volumes with an unmatched processing speed.
Flexible condensed accounting
Adjust accounting rules quickly and easily as organizational policies change and new accounting regulations are created over time.
Rich financial business alliances
Deliver in-depth insight into operational outcomes by analyzing financial data from sources such as ledgers, sub-ledgers, and supporting references.
Expenses and Payables
Use shared services to save on operational expenses
Get rid of repetitive payable services with consolidated payment and invoice processing capabilities.
Manage cash outlays
Utilize extra cash quickly by providing suggested suppliers with dynamic discounts for early payment, enabled by linked Oracle AI apps for ERP management.
Initiate touchless invoicing
Reduce human errors and time-consuming tasks associated with manual invoice entries and matching.
Expedite expense management
Utilize Oracle Digital Assistant, automated spend controls, smart auditing, and mobile expense entry to streamline expense reporting.
Cash and Receivables
Utilize cash quicker
Streamline invoice and cash-intensive processing with automated invoice matching, timely insights into cash position, and advanced cash management features.
Leverage personalized services to increase customer loyalty
Improve how customers interact with users through self-service billing, customized payment methods, credit profiles and scores, and intuitive collection tactics.
Boost the accuracy of cash predictions
Use predictive algorithms to automatically curate daily cash predictions and eliminate spreadsheet-based, monthly cash forecasts.
Simplify contact, billing, and revenue management
Enable users to manage subscriptions, renewals, and upgrades with a completely integrated, cloud-based subscription management system.
Simple service configuration
Establish the ideal mix of goods or services and generate exact quotes that satisfy customer pricing requirements.
Calculate revenue recognition automatically
Achieve compliance with IFRS 15/ASC 606 and save valuable time and effort determining when and how much revenue to recognize.
U.S. Federal Financial Management
Automate federal accounting
Automate manual, error-prone accounting activities to improve accuracy and comply with federal regulations.
Reduce operational costs
Leverage integrated support for the Prompt Payment Act, System for Award Management, and Treasury Exchanges to eliminate time-consuming manual data management activities.
Improve financial reporting
Boost data reliability to encourage transparent audits and intuitive treasury reporting.
Manage Environmental Impact
Keep track of environmental data with accounts payable invoices
Utilize Cloud ERP to monitor and document your business’s environmental effects by collecting information from supplier invoices on fuel, energy, water, and waste management purchases.
Determine greenhouse gas emissions across your supply chain
Track and manage supplier, item, and invoice data into cloud ERP to ensure compliance with supply chain emission standards, reporting regulations, and stakeholder needs.
Lease and Asset Management
Sustain various tax depreciation methods
Remain compliant with state, federal, and global tax requirements, such as GAAP, IFRS, and AMT, and reduce overall tax burden.
Streamline the asset life cycle
Switch from non-automatic to fully mechanical asset acquisition, depreciation, retirement, and capitalization efforts.
Lessen accounting difficulty
Maintain compliance with IFRS 16 and ASC 842 requirements through updated right-of-use leases and other assets like amendments, terminations, and inceptions.
How We Can Help
Whether you need help implementing Oracle Financials, additional support deciding which financial services are the best fit for your organization, or just an extra hand navigating your journey across the Oracle landscape, Surety Systems can help.
Our senior-level Oracle consultants have the experience, skills, and positive track record to take on your most complex Oracle projects and prepare your teams for long-term success.
Contact Us
Are you ready to learn more about Oracle Financials and how our team of expert Oracle consultants can guide you to and through a successful implementation or integration?
Contact us today!
