In this fast-paced and competitive world, you can use the Oracle Hyperion software suite to handle your business’s finances and budget in a more organized way, which will help your sales grow. It is a strong suit for handling money, budgeting, forecasting, and planning. In this article, we will discuss Oracle Hyperion, Oracle FCCS, Epm, and planning.
Oracle Hyperion
Oracle Hyperion is a set of software programs that helps groups plan, consolidate, plan, report, budget, project, and analyze their finances. Hyperion Solutions Corporation produced the original version of Hyperion, which Oracle Corporation acquired in 2007 for $3.3 billion. It is a set of famous tools like Business Intelligence (BI) and Business Process Management (BPM) that help businesses make decisions based on correct and up-to-date financial information.
Here are some of the Oracle Hyperion suite’s products:
- Hyperion Financial Management (HFM)
- Hyperion Cost Management
- Hyperion Tax Governance
- Hyperion Profitability
- Hyperion Financial Close Management
- Hyperion Planning
- Hyperion Essbase
- Hyperion Disclosure Management
It is a good choice for big, global organizations with various businesses that need to handle complex financial information.
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Oracle FCCS
Financial consolidation and closing processes are sometimes difficult for organizations to manage in order to enable critical analysis and decision-making skills.
The Financial Consolidation and Closure tool is part of Oracle Cloud Enterprise Performance Management (EPM). This Oracle Fusion Cloud EPM business process manages financial consolidation and closure from start to end..
When talking about financial tasks, it’s important to use tools that put transparency, reliability, and accuracy first. This is because your financial operations are subject to audits and compliance laws. As part of Oracle Fusion Cloud EPM, the Oracle Financial Consolidation and Close Cloud (FCCS) can be changed to fit the needs of your business.
Organisations use Oracle FCCS to streamline their financial processes and take advantage of its world-class features. Its pre-seed material, and best practices make this possible.
Oracle FCCS Process Flow
The following is the process flow for Oracle FCCS:
#1. Provide Data to the System
Oracle Financial Consolidation and Close Cloud Service (FCCS) is not a system for making transactions, so it needs to be given data. Oracle FCCS allows you to load data from your source system for easy integration. All monthly, quarterly, and periodic sums can be pulled from your source system into Oracle FCCS. This feature is compatible with any transaction system, including Excel, and may be applied at both the subsidiary and holding company levels.
This process of integrating and adding data can also be done automatically by setting up a plan. This gets rid of any dependencies between companies and cuts down on manual labour because you don’t have to check in with subsidiaries, and the system lets you know when the data has been loaded.
#2. Manage Ownership
Oracle FCCS allows you to manage all investment firms by presenting their status and the relationship between them (subsidiary or associate). It also gives you the consolidation method by taking into account all the different ways that accounting needs to be done for different consolidation methods.
#3. Review Data
Oracle FCCS gives you the option of passing the log to see if you need to make any changes or adjustments by hand since it instantly gets all the data for you. It allows you to review all of the trial balances and extra information schedules, such as receivables, ageing, and fixed asset movement, that must be combined quarterly or annually.
#4. Review Inter-Company Balances
You may easily examine and rectify inter-company balances with Oracle Financial Consolidation and Close Cloud Service (FCCS). It also keeps track of all changes to make sure that people are held accountable.
#5. Run Consolidation and Translation
Consolidation occurs at several levels, beginning with the lowest level firm and progressing through the immediate controlling company, and lastly to the holding company. The system handles tasks such as inter-company elimination and currency conversion; all that is required is the execution of a single rule, and everything else is handled automatically.
#6. Review Financial Statements
Oracle FCCS delivers reports and customizable dashboards in both independent and consolidated formats, removing the need to prepare separate sets for subsidiaries or reporting firms. You can evaluate any of these reports whenever you need to ensure that they comply with the various disclosure requirements set out by the various accounting standards. You can also view and download dynamic results from Oracle FCCS, which can get information from any company.
Key Challenges Companies Face with Their Financial Consolidation and Close Cycles
#1. Inefficiencies Owing to the Use of Conventional Tools
Most businesses use Excel or something similar to make their financial records, consolidate them, and close them. This requires a great deal of manual labour, which leads to validation mistakes.
#2. Lack of Data Security
Most of the time, workers send emails to share financial statements and data across the company. This can make it easy for someone to get illegal access to the data and can also make it hard to fix accounting problems and keep track of changes.
#3. Not Working Together
The businesses and the holding company don’t talk to each other directly, and there aren’t any set rules or standards for how the consolidation cycle works. Because different people talk to different businesses, it’s hard for the parent company to keep track of the consolidation cycle as a whole.
#4. Delays and Rework
Validation mistakes and the necessity for back-and-forth communication can consume a significant amount of time and effort, skewing timetable estimations for financial consolidation and closing. Also, the need for a lot of data from each company can cause delays and extra work if the information is missing or hasn’t been checked.
#5. Difficulties in Reporting
Companies need to make separate reports for each subsidiary and consolidated reports for each consolidation cycle, taking into account the financial and reporting norms of each country where they do business. In addition, the currencies of various nations must be examined and converted to the holding company’s currency. All of this needs to be done with a lot of precision, which is hard to do with conventional tools.
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Oracle Hyperion EPM
The Oracle Hyperion Enterprise Performance Management (EPM) Platform combines performance management processes and assists in closing the gap between objectives and outcomes. This solution gives line-of-business managers the tools they need to make more consistent decisions while also meeting the objectives of finance and IT.
With world-class enterprise Performance Management (EPM), you can get the results you need to win in today’s market: accurate forecasts, a confident close, and a more accountable business.
#1. Integration and Collaboration
Oracle’s Hyperion EPM platform makes integration and teamwork easy and safe, whether you’re setting it up on-premise, in the cloud, or in a hybrid system.
#2. Flexible Deployment Options
You can plan and grow at your own speed. Use the cloud-based EPM options from Oracle Hyperion for your current reporting needs. As the company demands change, adapt swiftly.
#3. Award-Winning Partner
We are happy to have been named an Oracle Partner that has won awards. Our Oracle Certifications and Specialisations show that Concentric Solutions knows a lot about providing Oracle Hyperion EPM software and does a great job of it.
The Best Expertise and Solutions of Oracle Hyperion include the Following Disciplines:
#1. Oracle Hyperion Essbase
Oracle Essbase is an Online Analytical Processing (OLAP) Server that offers a multidimensional database platform and a setting for launching pre-packaged applications or creating custom analytic and corporate performance management applications.
#2. Oracle Hyperion Financial Management
Oracle Hyperion Financial Management is a stand-alone solution designed to meet more stringent financial consolidation, closure, and reporting standards. Financial reporting that is detailed and up-to-date has become a worldwide necessity. Companies often look to improve or adopt a consolidation tool like Oracle Hyperion Financial Management to meet these tighter requirements.
#3. Oracle Hyperion Financial Reporting
Oracle Hyperion Financial Reporting transforms business data into operational insights by producing book-quality financial reports in a number of formats for various audiences. These easy-to-make reports meet all laws and external requirements, and they can be sent out right away or planned for later. This improves your organization’s financial planning, management, and control.
#4. Oracle Hyperion Profitability & Cost Management
Oracle Hyperion Profitability and Cost Management is the only packaged profitability program that uses Oracle Essbase Plus, the industry’s top OLAP (Online Analytical Processing) server, for faster, easier, and more powerful multidimensional analysis. The tool also lets you control both costs and income. Traceability maps and audit trails make things clear and easy to use in a unique way.
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Oracle Hyperion Planning
Oracle Hyperion Planning is a centralized solution for planning, budgeting, and forecasting that incorporates financial and operational planning processes and enhances business predictability. It offers a strong modelling framework that aids in the development of credible financial predictions based on sales and operational assumptions, resulting in cost-effective enterprise alignment. Oracle Hyperion Planning is a best-in-class and market-proven solution for providing timely, actionable plans to assist in making educated business choices. Oracle Hyperion Planning can be set up on-site or in the Cloud.
Companies must deal with a business world that is constantly changing. Due to market dynamics, demand, supply, and pricing might fluctuate; therefore, judgments must be based on several outcomes. In such a market, understanding the financial implications of key business aspects and changing estimates quickly and accurately is crucial.
Oracle Hyperion Planning has comprehensive predictive planning capabilities that can develop credible statistical predictions based on time series data over lengthy periods of history while incorporating seasonality effects along the way, resulting in more trustworthy projections. With the help of Oracle Hyperion Planning, planners can also quickly evaluate the effects of different combinations of business hypotheses on crucial financial outcomes. Oracle Hyperion Planning has moving expectations built in, which makes the planning process more flexible from the start. This helps planners make quick changes to predictions based on business and market changes.
There Are Many Benefits to Oracle Hyperion Planning:
- Reduce cycle times for budgeting and planning by weeks or months
- Improve the accuracy of forecasts
- Appeal to a wider range of Web users with an easy-to-use user interface
- Give consumers a comfortable way to use your product that works well with Microsoft Office.
- Reduce planning cycles by using mobile devices anywhere, anytime.
- Eliminate the time gap between when plans are changed and when reports are updated.
- Reduce total cost of ownership with better application release, management tools, and packaged data integration
- Establish the foundation for making the switch to Enterprise Business Planning
What Is Oracle Hyperion Used For?
Oracle Hyperion Financial Management allows you to quickly combine and report financial results, meet global legal requirements, lower the cost of compliance, and give people confidence in the numbers.
Is Oracle Hyperion an ERP?
Oracle Cloud Enterprise Resource Planning (ERP) is a basic collection of SaaS tools.This package includes Oracle Expense Management and Oracle Risk Management.
Is Oracle Hyperion a Tool?
Oracle Hyperion is a tool for Business Intelligence (BI) and Business Process Management (BPM). It is the market leader in terms of operations, strategic planning, and financial planning. It has many financial consolidation applications, such as scorecards, planning, reports, an analysis area, and screens.
Is Oracle a CRM or ERP?
Oracle ERP combines CRM (Customer Relationship Management), SCM (Supply Chain Management), and BI (Business Intelligence) on top of traditional ERP, which is the core of the business.
Is Hyperion Cloud Based?
Hyperion Managed Cloud Service helps clients expand profitably by boosting openness, compliance, and business alignment with cloud-based application management.
What Is the Future of Hyperion?
Oracle has told users who upgrade to this version of the Hyperion applications that they will be serviced until 2031. However, Oracle has said that several features are out of date and no longer maintained, so these products are unlikely to alter substantially.
What Is the Difference Between Oracle and ERP?
Oracle ERP Cloud is a Software-as-a-Service platform that is famous for its ability to grow and scale with your business. Oracle E-Business Suite, on the other hand, is a set of programs that serve to manage Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), and Supply Chain Management (SCM).
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