Financial Consolidation and Close Cloud Services

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Financial Consolidation and Close Cloud Services

Dramatically reduce the time and cost to complete a close with Financial Consolidation and Close Cloud. This Pre-configured consolidation model makes it easy to meet global reporting requirements like IFRS and GAAP, helping drive significant cost and time savings. It is a complete end-to-end solution which gives visibility into the entire close, consolidation, data collection, and reporting activities. It has pre-built cash flow, balance sheet, and income statement so you can report with confidence. The application contains built-in connectivity to core source systems, such as ERP and others, for consolidation and close needs.

Key Benefits:

  • Guide and monitor the close from start to finish.
  • Take advantage of best practice, out-of-the-box functionality for quick deployments, including dynamic calculations, with limited need for customization—cash flow, balance sheet, income statement, rollovers, call-to-actions, and more being automatically calculated
  • Leverage a strong compliance framework including auditing, segregation of duties, and transparent calculations.
  • Leverage multi-GAAP driven applications with full currency support, intercompany eliminations, equity eliminations, adjustments, and detailed data tracking.

 

  • Flexible Workflow and Process Management that provides enterprise level collaboration with dynamic, data-driven approval orchestration.
  • Ensure audit compliance for tasks like Journal Adjustment with enforced segregation of duties.
  • Deploy a fully secure cloud-based application with role and data access rights
  • Connect to virtually any source ERP applications such as Financials, as well as EPM applications such as Planning and Budgeting, and Enterprise Performance Reporting.
  • Provide tight Microsoft Office integration for offline analysis and reporting.
  • Integrate easily with Enterprise Performance Reporting Cloud for narrative reporting process such as monthly, quarterly, and annual performance reports.

 

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End to End Close Process:

The Consolidation and Close Cloud Service is an end to end close process that not only provides a world class consolidation solution but also provides a solution to manage and monitor the entire close process.

The solution includes the following features and functionality:

Application Creation Wizard – The Application Creation Wizard greatly streamlines the creation and administration of the system. This enables significant reduction in the time required to create and configure the application. This wizard is also used to enable and disable features within the application. Configurable features include Intercompany Eliminations, Multi-Currency Support, Journal Workflow and Multi GAAP Reporting.

Upgradeable Framework – This enables configuration on top of the upgradable Financial Consolidation and Close Cloud Service framework. All customer configurations built on the framework remain fully upgradable by Oracle. This means that customer specific configurations will continue to work with the pre-built dimensions, reports, calculations data entry screens and future enhancements.

Close Process Management – Built in task orchestration and close management analysis

Supplemental Details – Supporting schedules for collection of detailed information helping support statement balances. Useful for disclosures, footnotes, supporting content, and other reporting needs.

Reporting – Using Oracle Hyperion Financial Reports, Oracle Smart View for Microsoft Office and in-built dashboards capabilities Oracle Financial Consolidation and Close Cloud Service has multiple robust reporting capabilities to meet every requirement.

Consolidation Specific Features:

  • Intercompany Eliminations – Includes default intercompany eliminations
  • Journals with workflow – Includes journal capabilities with configurable workflow
  • Currency Translation – Default currency translation uses PVA method for flow activities and VAL method for balance activities
  • Built in Foreign Exchange/Currency Translation Adjustment Calculations – Automatic calculation of foreign exchange on opening balance and movements for each balance sheet account along with automated currency translation adjustment calculation.
  • Automated Cash Flow Reporting –The movement dimension provides automated cash flow reporting through hierarchies and system calculations that require no further rules.
  • Multi-GAAP Reporting – Prebuilt functionality includes reporting for local GAAP and IFRS with the ability to add additional GAAPs for reporting.
  • Detailed Data Source Tracking – Using a dimension for tracking sources of data including data management, journals, intercompany eliminations and manual input.

If you need more information on Financial Consolidation and Close Cloud Services; or if would like to arrange a consultation, please feel free to email info@www.codec.ie  or call us on 016034300

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