In today’s global economy, many large enterprises have locations around the world. Gathering everyone together for a meeting can be difficult, so when it comes to consolidating financial data, it’s even more complicated.
Picture this: A local subsidiary of your enterprise does business in their local currency. Of course they do. And your parent company has a different primary accounting currency that’s the standard at that level. Having the local office use a fluctuating exchange rate to convert their financial data when rolling up their data to the parent company can lead to so many irregularities and complications.
Having standard consolidation processes and solutions available to your employees at a global level can reduce these irregularities, and also make life a little easier for everyone.
With the differences in local and parent company financial and accounting practices, many global companies deal with incompatible information when it comes to consolidation and reporting. They’re not fully prepared to handle the differences in the data, and so all the activities related to financial reporting suffer. Everyone is delayed as they wait for the bottle neck to clear before tackling their work.
Using standardized processes and a financial solution that helps them deal with these differences can make any Finance employee’s life much easier. Solutions like Oracle EBS Financials
Benefit 1: You reduce the workload of the Accounting teams. Both your local and parent Accounting teams are dealing with one set of books or ledgers in Oracle EBS, so there’s no duplication of work. All data is input into one system, and Oracle handles the rest. Productivity soars through the integrated imaging, workflow, and financial data sharing. Accounting employees will work more efficiently.
Benefit 2: It’s easier to map financial data points. Each company enters their data as required for local statutory reporting, and Oracle handles all the mapping, translations and consolidation. Oracle EBS Financials supports multiple legislative, industry, tax, and geographic requirements concurrently in one instance. It knows how to handle data entered on a global scale, and use it appropriately. You’ll be able to operate in any country and comply with the evolving global accounting standards.
Benefit 3: Confidence in your data soars. Since you’ve removed all the data duplication and mapped the financial data appropriately in the system, your employees are now fully confident that the data they’re looking at is accurate. It’s being calculated correctly, consolidated accurately, and being reported efficiently for all your global employees.
Benefit 4: Manage your enterprise risk. Working in different locales and economies can sometimes put your enterprise at risk. However by using a single, configurable financial solution like Oracle EBS Financials , you’ve mitigated the risk because of its flexibility and configurability. Manage the processes, governance, and compliance with one solution.
Maximize your investment
Your Oracle investment, that is. Since many of your departments already use Oracle EBS for their work, why not maximize the use of Global Financials? If your subsidiaries are still using a third party accounting software, why not put them in Oracle? Explore available country localizations as well! You can consolidate your financial data on a global level, enforce comprehensive approvals across business processes and business units, and stay in compliance with all local regulations and laws. Accelerate your decision making by giving the decision makers access to all the information they need in one solution.
Reduce your costs
When everyone uses the same IT solution for financial reporting, you’ve automatically reduced your IT costs. You can do away with local, isolated solutions that aren’t tied in to your global data stores. Your IT support services will be happier too, since they’ll only have to deal with one financial system.
Your operational costs will decrease as well, because you’ve standardized your business processes through a global financial system. Your Compliance department will thank you for the standardized end-to-end processes for governance, risk, and compliance.
Are you ready for a global revolution?
By consolidating your financial information in a single system like Oracle’s EBS Financials, you’ll be doing your entire company a great service. You’ll save money, increase employee morale, and also make your C-level management folks very happy. Everyone will have the financial data that they need to do their jobs, and focus on the overall global company work.
Get Financials help today
With Jade Global. We’ve got the Oracle expertise to help you set up your EBS Financials modules the right way. As an Oracle Platinum partner, our experts can help guide you through the design, setup, and implementation of your EBS Financials modules.
- Need to redesign your Chart of Account? We can help with that.
- Want to optimize your Month- and Year- End Close processes? We can help with that.
- Looking to add additional EBS Financials modules like Advanced Collections, iReceivables and Treasury, or explore Sub-Ledger Accounting to replace your custom account generation solutions? We can help with that.
- Looking to do a Global R12 rollout? We can help with that.
Contact our Oracle EBS Financials experts today and find out how we can help you.
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