Oracle Financial Consolidation and Close Expert
Based on our demonstrated expertise, we are ideally positioned to guide your Oracle FCC implementation.
Our experience includes a successful deployment for a large US insurance company, where we implemented FCC for both US GAAP and STAT reporting.
We expertly handled complex consolidation rules, intercompany eliminations, and the integration of data from multiple source systems. Our proficiency ensures a robust and efficient FCC implementation tailored to your specific consolidation and reporting requirements.
What we are providing
For our Oracle FCCS customers, we provide unparalleled expertise stemming from over two decades of deep understanding in both IFRS and US GAAP accounting standards. This ensures your consolidation and reporting processes are not only compliant but also reflect best practices. Our proficiency extends to operational transfer pricing, allowing us to architect FCCS solutions that seamlessly integrate your transfer pricing policies.
Beyond technical expertise, we bring the invaluable insights of seasoned financial leadership, including experience as a CFO and Regional Controller for the EMEA region, as well as a Global Operational Transfer Pricing executive. This real-world experience enables us to understand the strategic and operational nuances of your business, ensuring your FCCS implementation addresses your specific challenges and objectives from a practical, executive perspective. Our holistic approach delivers a robust and efficient consolidation and reporting solution, informed by both deep accounting knowledge and significant financial leadership experience.
Oracle FCC Implementation Expert
US GAAP and IFRS Expertise
SOX Compliance and Process Orchestration
Enterprise Journals
How do we work
We partner closely with our FCCS customers, employing a collaborative and results-oriented approach tailored to their unique consolidation and reporting needs. Our methodology involves:
- Comprehensive Discovery: We initiate the engagement with an in-depth assessment of your current consolidation processes, reporting requirements (under both IFRS and US GAAP), organizational structure, and the complexities of your intercompany relationships. We also delve into your transfer pricing policies to ensure seamless integration.
- Strategic Design: Leveraging our extensive experience, including insights from seasoned CFO and Regional Controller roles, as well as global operational transfer pricing leadership, we architect a customized FCCS solution. This design takes into account your specific consolidation rules, intercompany elimination logic, multi-currency requirements, and reporting objectives.
- Seamless Integration: We expertly integrate FCCS with your various source systems, ensuring accurate and efficient data flow. Our experience handling complex data integrations minimizes disruption and maximizes data integrity.
- Tailored Configuration: We meticulously configure FCCS to align with your specific consolidation and reporting needs, including the setup of consolidation rules, intercompany eliminations, currency translations, and the creation of custom calculations. Our deep understanding of both IFRS and US GAAP ensures compliance and best practices are embedded in the configuration.
- Knowledge Transfer and Training: We provide comprehensive training to empower your finance team to effectively use and maintain the FCCS environment. Our training is tailored to different user roles, ensuring everyone has the necessary skills.
- Ongoing Support and Optimization: Our partnership extends beyond the initial implementation. We offer ongoing support to address any questions or issues and provide recommendations for continuous optimization of your FCCS environment as your business evolves.
Essentially, we act as an extension of your finance team, bringing our deep technical expertise and practical financial leadership experience to ensure a successful FCCS implementation that streamlines your consolidation and reporting processes, enhances accuracy, and provides valuable insights for decision-making.
All things Oracle EPM
The Financial Consolidation and Close (FCC) process. Just the acronym can evoke a mix of urgency and perhaps a touch of anxiety for finance professionals. The pressure to deliver accurate and timely financial statements is immense, and the path to consolidation is often fraught with complexities – multiple entities, diverse accounting standards, intercompany transactions, and the ever-present risk of errors. In this high-stakes environment, having the right tools isn't just helpful; it's essential. And when it comes to ensuring the integrity of your consolidated financials, Oracle Account Reconciliation stands out as a true game-changer. Often operating behind the scenes, it's the unsung hero that empowers finance teams to close their books with confidence. The Perils of a Reconciliation-Light Approach Imagine navigating the FCC process relying heavily on spreadsheets and manual methods for account reconciliation. The picture isn't pretty: A Time Sink: Countless hours spent manually matching transactions, investigating discrepancies, and chasing down supporting documentation. Error-Prone: The risk of human error skyrockets when dealing with large volumes of data and manual data entry. A misplaced decimal or a missed transaction can have significant downstream impacts. Limited Visibility: Gaining a holistic view of the reconciliation status across different entities becomes a cumbersome task, hindering proactive issue resolution. Control Gaps: Without standardized processes and automated workflows, maintaining strong internal controls over financial reporting becomes a significant challenge. Audit Headaches: A lack of a clear audit trail and well-documented reconciliations can lead to increased scrutiny and potential findings during audits. These challenges not only strain your finance team but also increase the risk of inaccurate financial statements, potentially damaging your organization's reputation and bottom line. Oracle Account Reconciliation: Your Fortress of Financial Integrity Enter Oracle Account Reconciliation, a robust solution designed to streamline, automate, and enhance the critical process of verifying account balances. Its integration within the Oracle EPM Cloud ecosystem, particularly with Oracle FCC Cloud Service (FCCS), creates a powerful synergy that transforms the consolidation and close process. Here's how: A Single Source of Truth: Oracle Account Reconciliation provides a centralized platform to manage all reconciliation activities, eliminating the chaos of scattered spreadsheets and disparate systems. This unified view provides unparalleled control and visibility. Automation that Empowers: Say goodbye to tedious manual matching. Intelligent auto-matching rules can reconcile high volumes of transactions in seconds, freeing up your team to focus on investigating exceptions and analyzing variances. Workflow automation ensures reconciliations follow predefined approval processes, enhancing efficiency and accountability. Unlocking Data Accuracy: By systematically identifying and resolving discrepancies, Oracle Account Reconciliation significantly improves the accuracy and reliability of the underlying data that feeds into your consolidated financial statements. This builds trust and confidence in your reported results. Real-Time Visibility and Control: Dashboards and real-time reporting provide a clear overview of the reconciliation status across all accounts and entities. You can easily identify bottlenecks, track progress, and proactively address potential issues before they impact the close timeline. Standardization for Consistency: The platform allows you to enforce standardized reconciliation processes, templates, and formats across the organization, ensuring consistency and compliance with internal policies and regulatory requirements. A Robust Audit Trail: Every action within Oracle Account Reconciliation is meticulously tracked, providing a comprehensive audit trail. This simplifies audits, enhances transparency, and provides clear evidence of your reconciliation processes. Seamless Integration: The tight integration with Oracle FCCS ensures a smooth flow of data, eliminating manual data transfers and reducing the risk of errors. This synergy streamlines the entire consolidation and close lifecycle. The Tangible Benefits: Closing Faster, Closing Stronger Implementing Oracle Account Reconciliation as a cornerstone of your FCC process translates into significant advantages: Accelerated Close Cycles: Automation and efficiency gains directly contribute to a faster and more streamlined close process, freeing up valuable time and resources. Reduced Errors and Restatements: The focus on accuracy minimizes the risk of errors in your financial statements, reducing the likelihood of costly and reputation-damaging restatements. Strengthened Internal Controls: Standardized processes, automated workflows, and clear accountability enhance your internal control environment over financial reporting. Enhanced Transparency and Accountability: Real-time visibility and defined responsibilities foster greater transparency and accountability within the finance function. Improved Audit Readiness: A robust audit trail and well-documented reconciliations make audits smoother and more efficient. Optimised Resource Allocation: By automating manual tasks, your finance team can focus on higher-value activities like financial analysis and strategic decision-making. Conclusion: Embrace Reconciliation Excellence In the complex world of Financial Consolidation and Close, accuracy and efficiency are paramount. Oracle Account Reconciliation isn't just a tool; it's a strategic enabler that empowers finance teams to navigate the complexities with confidence. By embracing a robust reconciliation process powered by Oracle, you can move beyond the limitations of manual methods, strengthen your financial integrity, and ultimately, close faster and stronger. Ready to transform your FCC process and unlock the power of confident closing? Explore the possibilities that Oracle Account Reconciliation offers and take the first step towards a more efficient, accurate, and controlled financial close.
Oracle FCCS (Financial Consolidation and Close Cloud Service) is a powerful tool for streamlining your consolidation process. However, like any sophisticated system, understanding its nuances is key to maximising its efficiency and accuracy. One area that often causes confusion is the distinction between Enterprise Journals and Consolidation Journals.
Oracle FCCS has introduced a new "organisation by period" ownership engine, a significant enhancement allowing for more accurate and flexible financial consolidation.
This updated feature addresses the limitations of previous versions by enabling users to define ownership percentages that can change within a reporting period, rather than only at the period's start.
The sources highlight benefits such as increased accuracy, improved flexibility in handling mid-period ownership changes like acquisitions and divestitures, and enhanced auditability.
Ultimately, this development streamlines the management of complex ownership structures, leading to more reliable financial reporting and analysis for FCCS customers.
