The financial close process is very complex and is too important to control using manual processes such as spreadsheets; which are highly burdened with errors and risk. Without centrally managing all tasks involved; it is extremely difficult to produce accurate speedy reports which comply with industry standards.
Financial Close Management
Oracle Financial Close Manager is one of two modules that make up the Hyperion Financial Close Management Suite. It is a streamlined task management solution which centralises all activities in the financial close cycle (i.e: all tasks in the transaction system, general ledger, consolidation system or reporting system). Key features of this module include:
- Web-based task scheduling and management prioritises and monitors each task
- Pre-built dashboards which monitor the progress of financial close; allowing for customised visibility to all tasks across multiple schedules.
- Active calendars and task lists launch applications (such as HFM) to complete tasks. FCM also issues alerts to tasks which require priority attention
- Task automation which allows for scheduling of tasks out of business hours. Additionally FCM provides workflow processing to validate the completion of each task.
- Integration with Microsoft Outlook
Account Reconciliation Manager
The account reconciliation module manages all account reconciliation processes; producing real-time visibility into reconciliation performance. It ensures qualified reconciliation completion and ensures auditing process are in place.
The most common problem organisations face is a lack of visibility or access to reconciliations prepared in multiple departments, or multiple business locations. The Account Reconciliation Manager module provides a central warehouse; providing dashboards and reporting that deliver real-time visibility into reconciliation performance. This aids quality reconciliation and reduced risk as an organisation can monitor all reconciliations or focus in on high risk accounts. You have clear visibility into reconciliations that are late and you can identify which users are repeatedly late. The tool also facilitates the use of multiple currencies; ensuring that all reconciliations are performed in the same manner consistently period over period.
What does Hyperion Financial Close Management provide to the end user?
With Oracle Hyperion Financial Close Management, companies can manage the financial close process proactively with the ability to identify bottlenecks in the process which cause holdups. These tasks can be actioned through process improvement and clear communication of objectives.
Codec-dss will help you with:
- Financial Close Management Implementation
- Setup Security, Alert Types, Periods, Years and Custom Attributes
- Integration for Links to External Applications (such as HFM)
- Define Tasks for a Close Process – setup Task Types
- Define Dashboard views and update security privileges
- Create / Update Templates (and Validate) with repeatable close tasks
- Redesign/optimisation of existing FCM applications to provide enhanced functionality