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