Controllers are vital to the financial decision-making process within organizations, acting as gatekeepers of financial data and advisors to senior management. They play a key role in financial decision making and therefore require access to more information across the enterprise, greater analytical capabilities, and real-time reporting that can support better business decisions. Oracle Financials Cloud leverages Oracle’s vast applications experience to offer a comprehensive cloud solution that is designed to automate and streamline your finance processes and enhance the finance user experience.
Why Controllers Are Choosing Oracle Financials Cloud
Drive Growth
Best-in-class organizations are 48% more likely than all others to have a solution that is easily tailored to support business change. Today, many businesses are facing growth constraints because their financial system isn’t capable enough to handle dynamic and diverse business requirements. With Oracle Financials Cloud, businesses can expand into new markets with support for multiple ledgers, currencies, entities, and accounting standards, handle high transaction volumes at high processing speeds, and eliminate inter-company, tax, and payment complexity with process automation.
Create secondary ledger for your primary ledger: Establish a secondary ledger to reflect different accounting treatments or reporting requirements alongside your primary ledger, which helps in multi-GAAP reporting. This allows flexibility to meet local or regulatory compliance needs.
Manage currency types and rates: Configure various currency types and manage exchange rates to handle transactions in multiple currencies. This supports accurate conversions and financial reporting for international operations.
Monitor for inter-company exceptions: Use built-in tools to identify discrepancies in inter-company transactions, ensuring alignment between subsidiaries. This proactive monitoring reduces the time and effort needed for adjustments.
Simplify the resolution of inter-company issues: Automate workflows and notifications to quickly resolve inter-company transaction mismatches. Streamlined resolution processes improve the accuracy of consolidated financial statements.
Modernize Your Accounting Processes
69% of best-in-class organizations have integrated business applications that serve as a complete and auditable system of record. Many businesses face unexpected issues while recording sub-ledger transactions, posting journals, and consolidating subsidiaries. With Oracle ERP Cloud Financials, you can ensure that accurate data is recorded in the general ledger with standardized processes and centralized financial architecture. You can empower users to quickly find and resolve issues with a modern user interface and simplify journals, reconciliations, and consolidations with automated processes.
Detect outstanding reconciliations: Automatically identify incomplete reconciliations to ensure accurate financials. This detection minimizes errors by addressing discrepancies before the close.
Quickly assess reconciliation issues: Access real-time reports to evaluate and resolve reconciliation issues, promoting a timely close. This enables clear visibility into problematic accounts.
Streamline receivables to ledger reconciliations: Oracle Financials Cloud integrates receivables data with the general ledger for accurate, fast reconciliation. This ensures receivables are correctly reflected in financial statements.
Get Accurate, Self-Service Reporting
65% of finance departments indicated demand for expedited financial information delivery as the top pressure impacting financial management. In many finance teams, users struggle to produce instant and accurate financial reports and perform effective analysis. With Oracle Financials Cloud, you can report confidently with self-service and mobile access to real-time information and quickly access all your reports from the Financial Reports Center. You can generate your own reports with 30 configurable segments for each chart of accounts and deliver fast and powerful reporting with embedded Oracle Essbase.
Organize and access your reports in Financial Reporting Center: Centralize report management in the Financial Reporting Center for easy access and organization of financial data. This hub simplifies report distribution across the enterprise.
Create and tailor your own reports based on your needs: Customize reports with Oracle’s flexible reporting tools, catering to specific business or compliance requirements. This supports data-driven decision-making with relevant metrics.
Deliver fast, interactive reports with drill-down capabilities: Generate interactive reports that allow users to drill down into transactional details. These insights enhance transparency and help in pinpointing specific data points.
Get Deeper Insights
Employees performing ineffective searches cost companies 10% of salary expenses. Legacy analytical tools require extensive time and effort to find, interpret, and format data. With Oracle Financials Cloud, you can identify and resolve exceptions quickly with self-monitoring processes that guide your users where to go, and what to do. You can accelerate the decision making process with intuitive and interactive insights. Oracle ERP Cloud Financials allows you to analyze GL balances by various dimensions with Oracle Hyperion Smart View for Microsoft Excel.
Easily prioritize work and resolve exceptions: Use built-in tools to organize and prioritize tasks, focusing on resolving exceptions quickly. This helps streamline workload management and ensures high-priority items are addressed first.
Get deeper insights with an intuitive and interactive display of financial information: Leverage visual dashboards and interactive displays for a clear, in-depth view of financial data. This enhances analysis, allowing users to make informed decisions faster.
Leverage and enhance Excel capabilities with Oracle Hyperion Smart View: Integrate Excel with Oracle Hyperion Smart View to work with financial data in a familiar spreadsheet environment. This enables data manipulation, reporting, and analysis within Excel while staying connected to Oracle’s financial data sources.
Close Your Books Faster
Studies by Aberdeen Group show that best-in-class organizations take 2.2 days on average for financial close. The financial close process in many organizations is constrained by outdated and inefficient ERP systems that are unable to keep up with the demands of the business. With Oracle Financials Cloud, you can quickly assess the period close status with intuitive dashboards, achieve a fast and accurate close with integrated sub-ledgers, and quickly resolve issues with embedded collaboration capabilities.
Assess close status with intuitive dashboards: Use dashboards to monitor the progress of financial close activities. This real-time visibility facilitates a smoother, more predictable close process.
Sustain fast and accurate close with integrated sub-ledgers: The integration of sub-ledgers into the general ledger promotes a cohesive and efficient closing process. It reduces the need for manual adjustments and improves data accuracy.
Drill-down to assess and resolve outstanding transactions: Oracle Financials Cloud enables users to drill down from general ledger entries to transaction-level details for quick issue resolution. This feature streamlines the identification and correction of outstanding items.
Monitor the close process across your enterprise: Track and manage the closing status of multiple entities within a single platform. This comprehensive view aids in managing bottlenecks and ensuring a timely close.
Manage communications with embedded collaboration features: Leverage embedded collaboration tools for streamlined team communication, essential for complex financial close activities. This reduces delays and enhances teamwork during critical financial periods.
Eliminate Manual Tasks
Electronic transactions cost 60% less than paper, yet 59% of all invoices are still paper-based. Manual and outdated processes are error-prone, time-consuming and result in unnecessary costs for your business. With Oracle ERP Cloud Financials, you can eliminate errors with invoice imaging, optical character recognition (OCR), and intelligent document recognition capabilities, reducing manual expense entry. You can approve expenses and streamline customer payments processing from anywhere with powerful mobile capabilities.
Automatically scan supplier invoices and eliminate errors: Automated scanning of supplier invoices reduces data entry errors and streamlines invoice processing. This accuracy ensures faster processing and improves vendor relations.
Automatically process customer receipts and streamline payments: Oracle automates the application of customer payments, reducing manual intervention and speeding up cash application processes. This leads to better cash flow management.
Eliminate manual expenses entry: Automation in expense processing eliminates manual data entry, improving accuracy and efficiency. This also supports policy compliance by flagging discrepancies early.
Note: This blog was originally posted in 2019 and updated in 2024