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.<\/p>
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.<\/p>
Here are some of the Oracle Hyperion suite’s products:<\/p>
It is a good choice for big, global organizations with various businesses that need to handle complex financial information.<\/p>
Read Also: <\/strong>HYPERION ORACLE: What It Is, Feature, Pricing & More<\/a><\/p> Financial consolidation and closing processes are sometimes difficult for organizations to manage in order to enable critical analysis and decision-making skills.<\/p> 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..<\/p> 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.<\/p> 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.<\/p> The following is the process flow for Oracle FCCS:<\/p> 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. <\/p> 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. <\/p> 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.<\/p> 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.<\/p> 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. <\/p> 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. <\/p> 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.<\/p> 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. <\/p> 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. <\/p> 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. <\/p> 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. <\/p> 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. <\/p> Read Also: ORACLE ERP CLOUD: What It Is, Features & All to Know 2023<\/a><\/p> 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.<\/p> 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.<\/p> 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.<\/p> 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.<\/p> 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.<\/p> 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.<\/p> 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.<\/p> 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.<\/p> 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.<\/p>Oracle FCCS<\/span><\/h2>
Oracle FCCS Process Flow <\/span><\/h2>
#1. Provide Data to the System<\/span><\/h3>
#2. Manage Ownership<\/span><\/h3>
#3. Review Data<\/span><\/h3>
#4. Review Inter-Company Balances<\/span><\/h3>
#5. Run Consolidation and Translation<\/span><\/h3>
#6. Review Financial Statements<\/span><\/h3>
Key Challenges Companies Face with Their Financial Consolidation and Close Cycles<\/span><\/h3>
#1. Inefficiencies Owing to the Use of Conventional Tools <\/span><\/h4>
#2. Lack of Data Security <\/span><\/h4>
#3. Not Working Together<\/span><\/h4>
#4. Delays and Rework<\/span><\/h4>
#5. Difficulties in Reporting<\/span><\/h4>
Oracle Hyperion EPM <\/span><\/h2>
#1. Integration and Collaboration<\/span><\/h3>
#2. Flexible Deployment Options<\/span><\/h3>
#3. Award-Winning Partner<\/span><\/h3>
The Best Expertise and Solutions of Oracle Hyperion include the Following Disciplines:<\/span><\/h3>
#1. Oracle Hyperion Essbase<\/span><\/h4>
#2. Oracle Hyperion Financial Management<\/span><\/h4>
#3. Oracle Hyperion Financial Reporting<\/span><\/h4>
#4. Oracle Hyperion Profitability & Cost Management<\/span><\/h4>