Key Features of Oracle Financial Consolidation & Close Cloud Service (FCCS)

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
• Consolidation
• 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
• Reporting

This article first appeared on LinkedIn