Oracle Financial Close Management:Streamline Your Close Process

RJ Linehan, Innovus Partners

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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

• Integrate close activities within FCM• Tasks can direct

users to specific areas in ERP system

• Tasks can schedule execution ERP system processes

Integrated Applications

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

QuestDirect.org