Now that Oracle has established its Financial Planning & Analysis in the cloud, what about Consolidations and Compliance?
Oracle Financial Consolidation Cloud Service (FCCS) is the cloud version of Oracle’s consolidations tool, Hyperion Financial Management (HFM). Even though FCCS is a native cloud product, it has similar functionalities to HFM and it is expected that FCCS will be at HFM parity during 2017.
Oracle Financial Consolidation Cloud Service is a purpose-built service that enables you to efficiently manage and improve your consolidation and close processes.
Some of Oracle Financial Consolidation Cloud Service features:
- Simplified tablet user interface
- Native dashboarding and analysis
- Predefined dimensions for detailed analysis
- Flexible application configuration with pre-built forms and reports
- Currency translations and FX adjustment calculations
- Automated cash flow
- Dynamic out-of-box calculations with limited need for customization
- Simplified Consolidation dimension for easy audit
- Close calendar task management and workflow
- Supplemental schedule data management
FCCS built on the PBCS platform
FCCS first version was released at the end of 2016 and although it is a new software, it has been built on the Oracle PBCS platform. Both PBCS and FCCS use the same embedded database (Essbase) and are compatible with Hyperion Smartview.
Standardizing on a single platform allows for efficient development of new features and easy training for users. The value of being in the cloud extends to both the functional users as well as the IT department. IT gets to focus on critical items such as data sourcing, security, and monitoring.
These benefits are significant, as you no longer have to go through the delays, time, and expense to maintain and upgrade your on-premise systems. And concentrating both needs over the same technology simplifies users and administrators tasks and knowledge.
FCCS and FDMEE compliance
FDMEE can now be used as a gateway to integrate data between on-premise and cloud based Financial Consolidation and Close Cloud (FCCS) and the Fusion GL Cloud Balances applications. This feature allows EPM customers to adapt FCCS and Fusion GL Cloud Balances deployments into their existing EPM portfolio. You might use the integration to import data from existing on-premise ERP applications or synchronize data between FCCS applications or Fusion GL Cloud Balances and on-premise applications.
FCCS integration with Financial Close Suite apps (FCCCS)
When the financial close is disconnected and inefficient through using manual processes, including spreadsheets, email and poor integration with source systems, one relies on manual audit trails and has very limited controls and little transparency. The lack of modern tools for the job can also compromise the security of sensitive information.
By contrast, a modern financial consolidation and a close solution will deliver confidence in the completeness and accuracy of data and improve the security, consistency, and quality of financial reporting. This is achieved through a strong compliance framework including auditing, segregation of duties, and transparent calculations plus direct integration with source systems managed by the business users. Users will also have secure anywhere anytime access to latest financial information that removes the dependency on finance for generating reports and analysis.
The Oracle EPM Cloud Financial Close Solution provides an integrated solution for the extended financial close and reporting process. It enables organizations to report to stakeholders in a timely and accurate manner and provides a level of governance, visibility, and transparency into the financial close and reporting cycle that enables management to be confident in the numbers they report to stakeholders.
If you are interested in learning more about how Oracle Financial Close Consolidation Cloud Service (FCCCS) can benefit your company, contact us to speak with one of our expert consultants.