Oracle is known for the most comprehensive collection of integrated high-level enterprise focused applications with the benefit of useful upgrades to its current collection. One such useful application is FCCS - Financial Consolidation and Close Cloud Service which has brought together key parts of Hyperion Financial Management (HFM) and Financial Close to the Cloud to become an enhanced application, tailored to vast needs of an organization while saving time and providing accuracy.
Oracle FCCS provides end-to-end solution to efficiently manage your consolidation and close process. Your processes are – dependable and accurate, timely and transparent, streamlined, auditable and effective. Companies have the ability to leverage out-of-box financial consolidations with built-in cash flow, balance sheet, and income statement accelerating close schedules and improving ease of use.
Benefits of FCCS
1. Pre-built features
· Quick set-up
Easy and quick set up with pre-built features gets you up and running in no time.
· Automatically calculated
Saves time by reducing the need for customization because cash flow, balance sheet, income statement and more are automatically calculated
· Meets Global reporting requirements
Saves time in meeting global reporting requirements such as International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) with a preconfigured model
2. Advanced, Global consolidation and close
Perform complex consolidations
Increased accuracy and speedy close process by adjusting, reclassifying and eliminating data for any level with built-in consolidation support. Work easily and efficiently with the complex legal and management rollups that have unique calculations and requirements.
Manage KPIs
Automatic tracking of key metrics across the organization.
Automate Intercompany eliminations
Reduces manual work by using automatic, standard intercompany eliminations with additional capabilities to customize.
Convert currencies
Increased consolidation accuracy by using standard or customizable currency conversions
3. Intelligent Process Automation (IPA)
Automate Consolidations
Gain efficiency and effectiveness of advanced technologies that automate consolidations in the background, eliminating manual efforts.
Orchestrate interconnected close
Streamline end-to-end close with automated workflow capabilities such as monitoring, integration and more
4. Compliance and transparency
Audit Compliance
Provides transparency and audit compliance for tasks like journal adjustments with enforced segregation of duties, data changes, visible calculations, and user activity logging. Easily monitor the data changes done by whom and when.
Incorporate supplemental data
Easy to create templates to provide full picture for statement balances which gathers support detail and provides statement analysis and track detailed information.
Oracle FCCS proves to be better than other consolidation solutions as it eliminates the overly complex mechanisms along with other unused tools and processes. It allows configuration of features and functionality which can be worked on directly instead of going through time-taking useless features. Its state-of-the-art framework can be easily and quickly tailored to the needs of the company and is also open to any new upgrades by Oracle. With built-in financial intelligence in the framework you have a range of tools at your disposal such as ever-growing library of pre-built dimensions, reports, calculations and KPIs designed to fit your consolidation and reporting processes hence maximizing the value of your investment.
Most companies are opting for Oracle FCCS to have an effective, efficient and easy to manage consolidation and close solution and its range of benefits are compelling reasons to choose this option.