Embrace Great Efficiencies & Zero Manual Dependencies with Oracle Cloud ERP Financials
Author: Gurmeet Bhatia | | January 3, 2023
It is becoming increasingly crucial for modern organizations to become more and more technologically innovative to catalyze digital transformation and increased efficiency. A recent study conducted by McKinsey found that global revenue in the industrial sector could be increased from $166 billion to $477 billion by using digital technology.
Cloud ERP (Enterprise Resource Planning) solutions are defined as a type of software that businesses utilize to manage day-to-day business operations such as procurement, accounting, risk management, supply chain operations and regulatory compliance. ERP systems can be extremely transformative for almost completely eliminating manual business processes and increasing organizational efficiency in the long term. Furthermore, ERP systems can reduce data duplication and significantly improve data integrity by collecting your business’s shared transactional data from various sources.
Modern organizations have struggled to reconcile the high costs and complexity of traditional ERP systems with an increasing need for customization and adaptability, all while satisfying scalability objectives. Oracle Cloud ERP can connect teams, unify data sources and provide stakeholders with real-time insights that can facilitate data-driven decision-making processes. Oracle Cloud ERP Financials can also allow your organization to transform current operations and outpace change.
How Oracle ERP Financial Solutions Can Help Improve Efficiency and Facilitate Automation
1. Automated Journal Processing
Oracle General Ledger provides users with numerous journal processing options to assist your organization in capturing transactions with control and a high level of accuracy. In situations where every journal is reliant on the results of a previous journal, organizations can group them to run simultaneously or in a specific order. Based on the timetable specified, journals can be scheduled to be posted, generated or even reversed.
Furthermore, Oracle’s General Ledger offers a highly flexible method of automating and routing journals to a wide range of various approval levels. It also makes it extremely simple to upload a large number of budget documentation, journals and currency rates from within a spreadsheet environment.
2. Harmonizing Organizational Accounting Data
The primary goal of data harmonization is to enhance comparability and compatibility in the preparation and presentation of accounting reports, records and financial statements. In our current state of globalization, capital markets must rely on accounting reports with standardized requirements.
Powered by Oracle’s ERP Financial Platform, businesses can easily achieve harmonization of disparate ERP and transactional systems. This enables businesses to obtain comprehensive, accurate and timely data insights that can expedite and accelerate various complex decision-making processes.
3. Adaptable Accounting Standards
Oracle’s ERP Accounting Setup offers a centralized point of control for configuring accounting-related data across Oracle Financials. The user interface logically guides users through every step of a multi-step installation procedure. Your company can also define legal entities as well as the setup required to meet their regulatory accounting and data reporting requirements and standards.
This can lead to more efficient compliance and documentation processes. Furthermore, this can eliminate various manual business processes associated with regulatory compliance. Recent studies have shown that the ERP market is expanding rapidly, with the total market size expected to exceed a valuation of approximately $49.5 billion by the year 2025.
4. Centralized Global Services
Oracle ERP Financials provides tremendous processing efficiencies to organizational financial operations by allowing users to run a wide variety of processes across numerous ledgers with minimal time delays. With modern businesses being expected to produce higher value with fewer organizational resources, using an ERP service can allow your business to link an unlimited number of ledgers together for efficient consequent analysis.
From a single responsibility, the company can obtain, process and report the data for numerous legal entities and ledgers. This adaptability enables finance organizations that use a shared services operating model to reduce payment processing expenses and process business transactions more efficiently.
5. Advanced Accounting Engines
Oracle’s ERP Financials can handle high volumes of organizational transactions with a centralized accounting engine. Therefore, this can provide unrivaled processing speeds. Furthermore, Oracle ERP’s core capability is its robust accounting engine, which provides flexible configuration and can capture rich elements from your current business systems.
Your company can increase efficiency and reduce manual business processes by implementing a streamlined enterprise accounting rules engine. The rules engine transforms transactional data from external data systems into auditable, accurate and highly detailed accounting entries to meet corporate, regulatory, statutory and management-level reporting requirements.
That Syncing Feeling: Why Oracle and AP Automation Are a Perfect Match
It delivers unprecedented visibility, automation, and savings to an organization, from purchase to payment and beyond, including images of the relevant documents.
In the age of accelerating digital transformation, businesses need such integrated platforms to operate, not just to keep their supply chain running and avoid manufacturing bottlenecks. The finance team beyond the core AP function has come to rely on specialized, automated tools that free up their time to focus on more critical tasks, value add tasks and eliminate manual error and disappearing invoices.
Simply put, the less manual labor is tied up in handling invoices, the more your team can apply its unique skills and creativity to make your business more competitive and productive. That’s probably the single most valuable enterprise resource, and with Payables automation, you can finally unlock it.
Oracle ERP Financials: Increase Efficiency and Eliminate Manual Processes
Oracle Cloud ERP Financials is an extremely powerful tool that data-driven businesses can leverage to increase efficiency and eliminate various manual, time-consuming processes. Oracle Cloud ERP Financial solutions can help your business automate journal processing, harmonize organizational accounting data, establish adaptable accounting standards, centralize various global services and leverage advanced accounting engines.
To know more about how Oracle Cloud migration and transformation services can help transform your business operations, see our list of Oracle Cloud Transformation and Managed Services. You can also contact our team of Oracle experts for a discussion about how your business can maximize efficiency and automation.
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