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Oracle Financial Close Management:Streamline Your Close Process
RJ Linehan, Innovus Partners
Welcome!!!
• Today’s Finance Organizations and the Close• Overview• Pain Points• Use Case
• Financial Close Management Architecture• Financial Close• Account Reconciliation Manager• Q&A
Today’s Agenda
Key Goals of Financial Close Process
• Improve efficiency and timeliness• Shorten the close cycle with less resources
• Strengthen financial governance• Internal and external forces demand
improved financial controls • Increase transparency and reliability
• Different levels of visibility of financials that are accurate and accessible
• Adapt to perpetual change• Rapid and unexpected change has become
the norm
Today’s Finance Organization
Central Challenges of Financial Close Process
• Transparency & Consistency• Inability to improve accuracy of financial reporting due to lack
of visibility• Communication
• Poor communication causes failure to reduce processing time• Lack of common definitions leads to misunderstanding within
Finance Organization• Data Governance
• Absence of process control results in task failure• Documentation
• Deficient documentation prevents audit trail and supporting detail
Today’s Finance Organization
Today’s Finance OrganizationDepartmental Org Chart & Roles
TaxTreasury FinanceAccounting
CFO
Investments Federal Operations External Rpt
Cash State & Local Account Recs Internal Rpt
AP/AR Statutory Compliance Consolidations FP&A
Expenses GL Maintenance
Internal Audit / SOX
Typical Financial Close Process
Data Collection
Continuing Transactions
Input
GL Close Consolidation
Process Output
Internal Reporting
External Reporting
Work Flow
Actual Financial Close Process
Managing the Financial Close
• Task Information• Name & Description• Attributes (Company, Financial
Statement, Business Area)• Task Resources
• Doer• Reviewer• Coordinator
• Task Dates
Managing the Financial CloseWrite-Offs & Bad Debt
Close the Problem with a Business Solution
• Centralized web-based solution managed by business users for business users
• Supports all financial close tasks• Ledger and sub-ledger close• Data loading and mapping• Financial consolidation• Account reconciliation• Internal and external reporting processes• Tasks associated with extended financial close
Oracle Hyperion Financial Close Management
Oracle Enterprise Performance Management System
Oracle Financial Close Suite
Oracle Financial Close Management Architecture
Account Reconciliation
Manager (ARM)
Close Manager
Core Product
FDMEE
Integrations
Integration Layer
General Ledger
EPM Apps
EDW
Application Layer
Data Flow
Key Features
• Task scheduling and management feature to track and prioritize close tasks
• Pre-built, web-based dashboards for monitoring progress of financial close
• Process automation feature that offers lights-out support
• Powerful filtering and ad-hoc reporting capabilities• Roll-forward feature to create new calendars based
on prior financial close
Close Manager
Key Features• Control over account reconciliation• Flexible formats adaptable to each type of account• Easy-to-use features for maintaining reconciliation
assignments (mass updates and import capabilities)• Seamless integration using Oracle Hyperion
Financial Data Quality Management ERP Integration Adapter
• Auto reconciliation of approved zero balance accounts
• Configurable frequencies and unlimited level of approval
Account Reconciliation Manager
Close Manager - Dashboard
Close Manager – Gantt Chart
Close Manager – Monthly Calendar
Close Manager – Task List
Close Manager – Task List
Close Manager - Task Actions
Close Manager - Task Actions
Close Manager - Task Actions
Close Manager - Task Actions
Close Manager - Task Actions
Integrated Applications (PeopleSoft Financials)
• Integrate PeopleSoft Financials close activities within FCM• Tasks can direct
users to specific areas in PeopleSoft Financials
• Tasks can schedule execution of PeopleSoft Financials processes
Integrated Applications (PeopleSoft Financials)
Account Reconciliation - Task Actions
Financial Close Process – Report Binder
FCM Report Binder - Click Me
Oracle Financial Close Management:Streamline Your Close Process
RJ Linehan, Innovus Partners
