INTRODUCTION

In today’s modern business world, where organization has its reach across the globe, it becomes difficult for multinational companies to consolidate their books of accounts due to lengthy and cumbersome process. It becomes difficult for the manager to monitor track closing activities and follow up with the respective departmental heads for closing of books and consolidate the same.

Oracle Financial Consolidation and Close Cloud Service provides an end to end solution for managing the

consolidation and close process effectively and efficiently. Irrespective of the size of company, organizations can have 100% confidence in their financial consolidation, close and reporting processes. Oracle Financial Consolidation and Close Cloud Service ensures that processes are: dependable and correct, timely and transparent, streamlined and efficient and, compliant and auditable.
Close-Cloud-Service

Features:

1.Dramatically reduce the time and cost to complete the financial close
2.Tracking of Key Performance Indicators
3.Automated Backups and system update
4.Security Controls
5.Data Load From ERP, ensures Accuracy
6.Prebuilt Dashboards, Account hierarchy, Movements, Forms, Task Lists, Close Calendar
7.Ensure clear responsibilities and timescales using Task Lists
8.Built in Financial Intelligence
9.Secure and Auditable processes
10.Out of Box Financial Reports – Balance Sheet, Income Statement, Cash Flow Statement &
Consolidation Reports
11.Data forms for capturing Supplemental Data

Consolidation Specific Features:

1.Automatic Intercompany Eliminations and Matching Reports
2.Supports Multi-GAAP Reporting
3.Automatic Multi currency Translation and FX adjustments
4.Built in Foreign Exchange/Currency Translation Adjustment Calculations
5.Automated Cash Flow Reporting
6.Detail Data Source Tracking
7.Journals with Workflow Approvals

Conclusion:

The Oracle Financial Consolidation and Cloud Services offers smooth and stress free consolidation and close process for organization irrespective of size and volume of data.

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About the Author

Prerit Chelani is the Certified Financial Consultant with an experience of 9+ years including both Oracle ERP and Financial Cloud. He has been part of end to end implementation projects on cloud side. He comes with a Chartered Accountancy background and is very well versed with Financial concepts and Cloud.