Consolidate Like a Pro: How FCCS EPM Cloud Can Make You a Financial Reporting Expert
Author: David Silverstrim | | August 8, 2023
In today’s complex business landscape, organizations with multiple subsidiaries and global offices face significant challenges in executing financial consolidation and closing cycles efficiently. Stakeholders, auditors, and investors must be able to assess and comprehend the financial health of an organization based on the quality and timeliness of the consolidated financial statements.
To overcome the limitations of traditional tools and streamline financial consolidation and close processes, organizations can leverage the power of Oracle Financial Consolidation and Close Cloud Service (FCCS), an integral part of the Oracle EPM Cloud suite. In this blog, we will explore the key challenges faced by companies using conventional tools, and how Oracle FCCS can help overcome these challenges, revolutionizing financial consolidation and close cycles.
Challenges with Conventional Tools
The use of tools like Excel for financial consolidation and close involves manual work prone to validation errors, leading to inefficiencies and inaccuracies.
Data Security Concerns: Sharing financial statements and data via email increases the risk of unauthorized access and makes it challenging to fix accountability and track changes.
Non-collaborative Processes & Inefficiencies: Communication between subsidiaries and the holding company occurs in isolation, lacking standardized principles and making it difficult to track the overall status of the consolidation cycle.
Delays and Rework: Validation errors and extensive data requirements from subsidiaries can cause delays and rework in the consolidation process, impacting the overall timeline.
Reporting Complexity: The preparation of standalone and consolidated reports, considering different accounting and reporting standards across countries and currency conversions, poses challenges for accuracy and compliance using traditional tools.
The Solution: Leveraging Oracle Financial Consolidation and Close Cloud Service (FCCS)
Oracle Financial Consolidation and Close Cloud Service (FCCS) provides a robust solution to overcome these challenges, making consolidation cycles more efficient and accurate. As a pre-built Oracle Cloud Application, FCCS incorporates best practice management and solutions, taking into account global standards such as International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP). Let’s explore the key features and benefits of Oracle FCCS.
Provide Data to System: FCCS offers options to load data from source systems, eliminating manual data entry and ensuring seamless integration. Automation can be leveraged to schedule data loading, reducing dependencies and manual interventions.
Ownership Management: FCCS provides a comprehensive view of investing companies, including subsidiary/associate relationships, and offers flexible consolidation methods to adhere to different accounting treatments.
Data Review: FCCS automatically fetches data for review, allowing users to validate trial balances, additional information schedules, and make necessary adjustments.
Inter-company Balance Review: FCCS simplifies the review and correction of inter-company balances, ensuring transparency and accountability for changes made.
Run Consolidation and Translation: With FCCS, consolidation occurs at multiple levels, handling inter-company elimination and currency translation automatically through simple rule execution.
Financial Statement Review: FCCS generates reports and customizable dashboards, eliminating the need for separate sets of reports for subsidiaries or reporting companies. The reports adhere to various disclosure requirements based on accounting standards, providing comprehensive insights, and facilitating compliance.
Datavail’s Oracle FCCS Implementation Approach
Datavail is a leader in Oracle Cloud Applications implementation and managed services, offers expertise and experience in deploying Oracle FCCS. With a proven track record serving diverse industries and over 1200 clients, Datavail provides an unparalleled implementation experience. Our structured approach ensures swift implementation within just a few weeks, tailored to meet your organization’s unique requirements. If you’re considering switching to Oracle FCCS, don’t hesitate to contact us for a demonstration of the platform. Interested in learning more about Oracle’s cloud-based financial close and consolidation tool? Download our whitepaper “Get Your Finance Team Grooving with EPM FCCS” to learn how it can help you meet your business needs.
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