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7/29/2019 Streamline Your Financial Close
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Streamline Your Oracle Financials Close Process
FL OAUG November 15, 2010
Matthew BuschUC4 Software, Inc.
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Business Value$
The Hackett Groups studies show that
world-class companies spend 45percent less on their closing andreporting efforts than other companies,
which on average saves $5.5 millionper $1 billion in revenue. Thesesavings come, in part, from needing
fewer people and systems to scrubdata.
Galen Gruman, CIOHow IT Executives Can Help Speed Up Financial Reporting, CIO Magazine, March 15, 2007
http://www.cio.com/article/print/41039
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Sound Familiar?
Does your Organization have execution errors, and costly recoveryefforts due to human error in processing?
Do you have unreliable processing and reporting delays?
oes cr ca us ness n orma on a o reac execu ves n atimely and accurate fashion, delaying key business decisions?
Do technical and functional employees spend a disproportionateamount of time baby sitting processes?
Are you having difficultly scaling your manual processes to supportfuture company growth?
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If you answered yes, you may feel like this:
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Agenda
Common issues
Consequences
5
Solution
Targets for Automation
Solution Success Stories
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Common Business Challenges Visibility Over Entire Business Process
Lack of Control manual tasks
Difficulty in Auditing manual processes
Management of Critical Processes
Number of Steps Required to Complete Task
Failure to Detect Errors and notify
Delayed Response Between Departments
Sending Accurate Information to Partners
Business/IT Alignment
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Common OEBS Challenges
Oracle Workflow directs users to complete tasks, not automation.
Still must use Concurrent Programs (CPs) to complete job tasks.
Many CPs must be handled manually.
Concurrent manager is Oracle myopic.
Inte ration still relies on user initiation and intervention.
Coordination of Requests Beyond Core Application
File/Data Management
Delayed Error Notification
Potential Performance Bottlenecks
Data Corruption
Missing Service Level agreements
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Common Business ProcessChallenges
Multiple People and Departments
PackagedApplications
Cloud
Applications
Data
Warehouse
Databases Legacy
Applications
Applications, Databases, Operating Systems and Services
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Common Business ProcessChallenges
Multiple People and Departments
Error prone and costly manual processes
*
PackagedApplications
Cloud
Applications
Data
Warehouse
Databases Legacy
Applications
Applications, Databases, Operating Systems and Services
npre c a e even - r ven wor oa
Disconnected islands of automation
Lack of visibility, management & control
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Your Goal: Intelligent End-to-End Automation
Multiple People and Departments
PackagedApplications
PackagedApplications
DataWarehouse
Databases LegacyApplications
Applications, Databases, Operating Systems and Services
Packaged
Applications
CloudApplications
DataWarehouse
Databases LegacyApplications
To effectively deliver the right business information atthe right time at the lowest possible cost
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Common (but misguided?)Alternatives
Throw more people at the problem
Customize application code
Write additional custom code (Avg.Customization - $10k)
Customize Workflow
Live with Concurrent Manager
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Consequences
Loss of revenue Misstated Financials
Loss in share holder confidence
Increased costs Increase in staff
Custom development
Lack of timely and accurate data
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Solution: Automation
Manual: slower,error prone
Automated: faster,reduced errors
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Targets for Automation inOracle EBS
Manually submitted processes(typically non-SRS concurrent requests)
Parent/child/subchild tracking
Integration with other applications
Output Verification and Notification
Standardized and repeatable processes
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Non-SRS Concurrent Process - Open Financial Period
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Challenges Oracle E-Business Suite
Number of Operating Units
Number of Project Periods
Volume of Transactions
Time & Resource Constraints
Reporting Requirements
Tracking Spawned Child Processes
Interfaces Internal/External
Disparate Systems
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What are Financial Period Close Challenges?
Pain: Sheer volume of similar
manual processes with the resultingprobability of errors
Company ABC example: 5 Legal Books (Sets of Books)
10 Operating Units
5 Modules/OU AP, AR, FA, INV & PO
Organization has 250 Period Close
Process Flows
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Oracle Applications Period CloseProcess Accounts Payable
Purchasing
Accounts Receivable
Sequence M/EClosingDay
Application Comments
1 -2EOD
All, except Assets - Open nextperiod in all applications.
The sequence should be GL first, followed by AP, , and .This is the latest that the next periods can be opened inOracle for the a lications.
+ Assets
Assets
General ledger
2 -1
EOD
Oracle Payables Oracle Payables passes vendor invoices and payment
transactions to General Ledger - Final time on last day ofmonth after all transactions processed.3 -1
EODOracle Order Entry Cut off. Do not interface any other information
4 0EOD
Oracle Purchasing Oracle Purchasing passes receiving transactions to OracleGeneral Ledger. Oracle Purchasing also creates a liability foruninvoiced receipts; for your organization, it is at time ofreceipt.
5 -112:00EOD
Oracle Inventory Oracle Inventory passes information to General Ledgerinventory accounts.
6 1Lunch
Oracle Receivables Run the Auto Invoice process to import all transactions fromOracle Order Entry or any external legacy system. OracleReceivables passes customer invoices and paymenttransactions to General Ledger.
7 25:00 pm
Oracle Assets Oracle Fixed Assets passes information to General Ledgerasset and depreciation accounts.
8 35:00 pm
General Ledger Close Only upon receiving OK from Controller. Costing, MarginAnalysis and Sales compensation will be produced inGeneral Ledger during the close process.
+ General Ledg
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Accounts Payables
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Accounts Payable
Run the Payables Invoice Validation CP.
Query for incomplete payment batches .
Run the Update Matured Future Dated Payments Status CP.
Resolve all unaccounted transactions submit the Payables AccountingProcess.
Run the Unaccounted Transactions Report
Rerun the Payables Accounting Process.
Open the next A/P period.
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Accounts Payable (Continued)
Run the Unaccounted Transactions Sweep Program.
Close the current A/P period. Run the Payables Transfer to General Ledger Program.
Import and post the Payables Journal entries.
following reports: Accounts Payable Trial Balance report to reconcile
your accounts payable liability in your general ledger.
Posted Invoice Register report
Posted Payments Register report
Run the Mass Additions Create Program.
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Accounts Payables
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Purchasing
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Purchasing
Run the Receipt Accrual Period End Process concurrent
program.
Use the Purchase Price Variance Report.
Use the Invoice Price Variance Report to review theaccuracy of purchase order prices.
Review the Un-invoiced Receipts Register.
Close the Purchasing period
Open the next Purchasing period.
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Purchasing
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Accounts Receivable
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Accounts Receivable
Open the next A/R period.
Run the Revenue Recognition process.
.
Review Unposted Items Report for any unposted A/Rtransactions.
Run the AR Reconciliation Report to automaticallyreconcile customer receipts, transactions, and accountbalances.
Close the current A/R period
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Accounts Receivable
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Fixed Assets
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Fixed Assets Run depreciation for the prior period.
Process transactions(additions/retirements/movements/capitalizations)
If changes are identified, rollback depreciation and make theneeded changes are made.
Run Depreciation and close period which closes current periodand opens next period.
Reconcile Asset balance to GL Asset accounts
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Fixed Assets
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General Ledger
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General Ledger
Run Mass Allocation J/E process
Import and Post all system generated J/E for the current period
Run the user defined FSG reports
Re-run the user defined FSG report
Close the current GL period
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General Ledger
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Financial Close Without UC4 Workload AutomationSuite
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Financial Close With UC4 Workload Automation Suite
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What are the Key Benefits?
Standardization of Close Process across all OUs Best Practices
Automation of Close Process across all OUs Accurate & More FrequentReporting
Reduced Close C cle Time Timelier Re ortin
System and Process Integration
Audit Traceability
Conditional Logic Processing
Output Scanning and Notification
Allow resources to focus on higher valuejob functions.
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UC4 Oracle ApplicationsExtension
Shipping Since 1997 and validated by Oracle
Easily Import Oracle Concurrent Programs and Request Sets into UC4 Pass Dynamic Parameters to Concurrent Programs
Scan Output and Log Files
38
Complex Business Process Logic
Ad Hoc Job Interception
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UC4 Solution
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UC4
Solution
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UC4
Solution
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UC4 - Automated Solutions Payables Payment
Schedule (Checks)
GL Open and Close Periods
AR Statement Generation
MRP Tracker
AP Open and Close Periods
Mass Allocation Solution
AR Open and ClosePeriods
Financial Statement
Process Multi-Org Solution
GL Import and Post
AR WebLockBox Process
PA Open and Close Periods
PO Open and ClosePeriods
Reporting InstanceSolution
Inventory Open and ClosePeriods
Custom Legacy Interfaces
NOTE: The above modules/extensions/functionality will be delivered through a sold separate consultingengagement, and are not part of the core UC4 Application Manager software.
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Enterprise Integration
possibilities
43
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Customer Successes:Customer Objectives
Streamline & AutomatePeriod Close
Move to Production
Results Achieved
Reduced Manual Input
+ Automations Performed GL Import and Post
GL Open & Close
AR Open & Close
e uct on o nput rrors
Eliminate Period CloseReruns
Resource Re-assignment
Reduced Period CloseTime from 6.5 Days to13 hrs~ 75%
Reduction
Purchasing Open & Close
Inventory Open & Close AR - GL Transfer
Monitoring MRP Child Processes
Financial Statement Generator
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Customer Successes:
Customer Objectives
Streamline and Automateinterfaces from Oracle E-Business Suite to SiebelCRM
Re lace Home Grown
+ Automations Performed
Automation of month-end closeincorporating:
- Siebel
- InformaticaScheduling System
Results Achieved
Lights Out Operations forCRM Interfaces
Automated use of First Logicdata cleansing tools
Automated interfaces toData Warehouse
14 Month ROI
- Business Objects
- Oracle Financials
AR Interface to GL
AP Interface to GL
Inventory Interface to GL
Importing and Posting JEs from Sub-Ledgers
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Customer Successes:
CustomerObjectives Streamline and Automate
interfaces into and out of
+ Automations Performed
Automation of Interfaces into and outof Oracle E-Business Suite (Orders,Shipments, Invoicing)
Oracle E-Business Suite
Reduce Latency and Errors
Improve time to deliverorders
Results Achieved Enhanced Notification
Lights Out Operations forInterfaces
,NA (1), and Europe (10):
- AR Interface to GL
- AP Interface to GL
- Inventory Interface to GL
- Importing and Posting JournalEntries from Sub-Ledgers
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Who We Are+TUI
+Porsche
+ AerLingus
+Allianz
+ AOK
+ Bosch
+ Eon
+ Ebay +Xerox+Motorola
+ Panasonic
+Suzuki
+ Sony+GE
+ Ricoh
+ Sara Lee+Commerzbank
+ Fossil
+ Mazda
t
+
Argonaut
+Chevron
1,800+ customers in more than 50countries
More than 600 large enterprisecustomers
95% say they would buy UC4 again
260+ employees, and $75m revenue
20% license growth YOY
Top tier in Gartner and Forrester
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Contact Information
Regional Account Manager
Ronald Yon
Grant Chen: Oracle Solutions Director
+ - - -
UC4 Software Inc. :www.uc4.com
- -
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Questions?