Oracle Hyperion Financial Close Management

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Oracle Hyperion Financial Close Management

Financial close can mean different things to different people. The financial close and reporting process involves many systems, departments and individuals. It is every task and process involved from closing out the sub-ledgers to creating and delivering financial filings to financial regulatory bodies.

Oracle Hyperion Financial Close Management is a centralized, web-based application that supports the management of period-end close activities, including account reconciliations, across the extended financial close cycle. It helps manage and automate any task associated with the extended financial close.

Oracle Hyperion Financial Close Management includes two modules: Close Manager and Account Reconciliation Manager.

Close Manager is a task management solution which carries out all tasks in the transaction system, general ledger, consolidation system or reporting system. This module allows for:

  • Web-based task scheduling
  • Pre-built dashboards which monitor the progress of financial close; allowing for visibility to all tasks across multiple schedules.
  • Active calendars and task lists allowing an organisation to launch applications to complete tasks from the calendar itself.
  • Task automation which allows for scheduling of tasks out of business hours.

Account Reconciliation Manager
The account reconciliation module manages all account reconciliations providing real-time visibility into reconciliation performance, ensuring completeness, quality reconciliations, reduce risk and minimises training.

The most common problem organisations face is a lack of visibility or access to reconciliations prepared in multiple departments, or multiple business locations. The Account Reconciliation Manager module provides a central warehouse for storage; providing dashboards and reporting that deliver real-time visibility into reconciliation performance. This aids quality reconciliation and reduced risk as an organisation can monitor all reconciliations or focus in on high risk accounts. You have clear visibility into reconciliations that are late and you can identify which users are repeatedly late. The tool also facilitates the use of multiple currencies; ensuring that all reconciliations are performed in the same manner consistently period over period.

What does Hyperion Financial Close Management provide to the end user?    
With Oracle Hyperion Financial Close Management, companies can manage the financial close process pro-actively, rather than being surprised by failures in the process that can cause extensive delays. In addition, once holdups and inefficient processes are identified, they can be actioned through process improvements and clear communication of objectives. Oracle Hyperion Financial Close Management can be the first step to a world-class financial close.

If you need more information on Oracle Hyperion Financial Close Management or would like to arrange a consultation, please feel free to email info@www.codec.ie or call us on 01 603 4300.