Oracle Financial Consolidation and Close Cloud Service (FCCS) is the newest addition to the Oracle EPM Cloud. FCCS is a solution to streamline the accounting activities associated with the month-end financial close. FCCS leverages Oracle's experience with financial processes. This article outlines the key areas of Oracle FCCS:
- Top Features of FCCS including Integrated Close Analytics and Improved User Experience
- The FCCS Transparent Close Processes
- Integrated Workflow
Process-concentric Financial Close
FCCS Consolidation & Reporting Process
What Does FCCS Include?
Features of Financial Consolidation & Close Cloud Services
- Close and Consolidation : Cash flow, Balance sheet, Income statement, Rollovers, Call-to-Actions, and more are automatically calculated. Leverage multi-GAAP driven with full currency support, inter-company eliminations, equity eliminations, adjustments, and applications detailed data tracking.
- Process and Workflow : Provide enterprise level collaboration with dynamic, data-driven approval orchestration. Ensure audit compliance for tasks like Journal Adjustment with enforced segregation of duties, powerful scheduling capabilities, role and data access rights
- Integration : Built-in connectivity to core source systems, such as ERP and others, for consolidation and close needs.
- Best Practice Consolidation Out-of-the-Box : Pre-configured consolidation model making it easy to meet global reporting requirements like IFRS and GAAP, helping drive significant cost and time savings
- User Experience : Provide real-time insight and access to data with interactive process and financial dashboards
- Transparent Reporting : Financial consolidation data with pre-built cash flow, balance sheet, and income statement lets you report with confidence.
End to End Close Process for FCCS
- Application Creation Wizard
- Updated User Interface
- Seamless Data Integration
- Inter-company Eliminations
- Automated and Auto-reversing Journals with Workflow
- Built in Foreign Exchange/Currency Translation
- Automated Cash Flow Reporting
- Multi-GAAP Reporting
- Detailed Data Source Tracking
- Up-gradable Framework
- Close Process Management
- Supplemental Details
This article first appeared on LinkedIn
About the Author
EPM Practice Leader and Sr. Solution Architect, Jade Global
Shreeram develops, deploys, and manages Jade Global’s Oracle EPM services. He is an Oracle Certified implementation specialist with 15+ years in technical configuration, design, analysis, delivery and development. Shreeram’s experience in team management, leadership and client relationship management across different platforms helps align our client’s strategic goals with Jade Global’s service offerings. He brings his deep expertise in Oracle Hyperion, Oracle EPBCS/ PBCS, and Oracle FCCS in architecting, leading and creating highly sustainable solutions for our clients.