Oracle FCCS
Oracle Financial Consolidation & Close
Oracle Financial Consolidation and Close Cloud Service (FCCS) and Hyperion Financial Management (HFM) are both financial consolidation and reporting solutions. HFM, included in Oracle’s Financial Close and Reporting EPM suite, provides rapid consolidation and reporting to meet global regulatory requirements and reduces the cost of compliance. FCCS is the newest addition to the Oracle EPM Cloud and includes standardized dimensions that provide significant functionality with limited need for configuration or customization, ultimately enabling built-in task orchestration for management of overall processes.
Pre-built best practices:
​
-
Start quickly - Get up and running fast with built-in best practice functionality, including dynamic calculations.
​
-
Meet your needs without customization – Reduce your need for customization, because cash flow, balance sheet, income statement, rollovers, calls to action, and more are automatically calculated.
​
-
Readily meet global reporting requirements - Decrease the time it takes to meet global reporting requirements, including International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) with a preconfigured consolidation model.
​​
Global, advanced consolidation and close:
​
-
Perform complex consolidations - Increase the accuracy and speed of the close process by reclassifying, adjusting, and eliminating data for any hierarchy with pre-built consolidation support. Work easily with the most complex legal and management rollups that may have unique calculations and reporting requirements.
​
-
Manage KPIs – Manage the close by automatically tracking key metrics across the organization. You can use out-of-the-box calculations or easily create ones for business-specific requirements.
​
-
Automate intercompany eliminations - Reduce manual work by using automatic, standard intercompany eliminations. There are additional capabilities to customize if needed.
​
-
Translate currencies - Increase consolidation accuracy by using standard or customizable currency translations.
​
-
Consolidate globally - Consolidate your global organization with GAAP-driven applications that have full currency support, intercompany eliminations, equity eliminations, adjustments, and detailed data source tracking.
Intelligent process automation (IPA):
​
-
Automate consolidations - Gain efficiencies with advanced technologies that automate consolidations in the background, eliminating manual efforts.
​
-
Orchestrate a connected close – Streamline the end-to-end close with automated process monitoring, integration, and workflow capabilities.
​
-
Automate XBRL tagging - Reduce time and increase accuracy by automating XBRL tagging and taxonomies with natural language processing.​
Compliance and transparency:
​
-
Enable audit compliance - Provide transparency and audit compliance for tasks like journal adjustments with enforced segregation of duties, data changes, visible calculations, and user activity logging. Always see what changes have been made and by whom to the data.
​
-
Incorporate supplemental data – Provide the full picture for statement balances by gathering supporting detail. Easy-to-create templates help with signoffs, validations, and drill-back from source to create footnotes, statement analysis, and track detailed information.​
Key Benefits:
​
-
Manage IFRS 16 compliance - Meet IFRS 16’s lease standards, which require that nearly all leases be reported on lessees’ balance sheets as assets and liabilities.
​
-
Owned by the business, easily configure financial close processes – Design and configure your financial consolidation and close workflows to support your business needs, without the help of IT.
​
-
Move Hyperion to the cloud for greater agility - To stay on top of innovation and remain agile, Oracle Hyperion on-premises customers are moving to Oracle Cloud EPM solution.​
Features:​
​​