oaugnj innovate14 tower_andinnovus_financialclosemanagement
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Oracle Financial Close Management:Streamline Your Close Process
Harry Sanavitis, Tower GroupRJ Linehan, Innovus Partners
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A premier consulting firm whose primary focus is to
deliver innovative enterprise performance
management solutions to the modern client leveraging
its proven project delivery approach.
• Oracle Gold Partner• Oracle Certified Specialists• Member of industry's two leading users
groups• Oracle Application Users Group (OAUG)• Oracle Development Tools User Group
(ODTUG)• Based in the NY Tri-State Area
Innovus Partners
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Welcome!!!
• Today’s Finance Organizations and the Close• Overview• Pain Points• Use Cases
• Financial Close Management Architecture• Financial Close• Account Reconciliation Manager• Q&A
Today’s Agenda
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Today’s Finance Organization
Departmental Org Chart & Roles
TaxTreasury FinanceAccounting
CFO
Investments Federal Operations External Rpt
Cash State & Local Account Recs Internal Rpt
AP/ARStatutory
ComplianceConsolidations FP&A
ExpensesGL
MaintenanceInternal Audit /
SOX
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Typical Financial Close Process
Data Collection
Continuing Transactions
Input
GL Close Consolidation
Process Output
Internal Reporting
External Reporting
Work Flow
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Actual Financial Close Process
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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
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Managing the Financial Close
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• Task Information• Name & Description• Attributes (Company, Financial
Statement, Business Area)• Task Resources
• Doer• Reviewer• Coordinator
• Task Dates
Managing the Financial Close
Write-Offs & Bad Debt
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Managing the Financial Close
Reporting
Task Characteristics same as previous task
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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
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Oracle Enterprise Performance Management System
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Oracle Financial Close Suite
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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
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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
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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
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Close Manager - Dashboard
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Close Manager – Gantt Chart
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Close Manager – Monthly Calendar
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Close Manager – Task List
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Close Manager – Task List
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Close Manager - Task Actions
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Close Manager - Task Actions
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Close Manager - Task Actions
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Close Manager - Task Actions
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Close Manager - Task Actions
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Integrated Applications (PeopleSoft Financials)
• Integrate PeopleSoft Financials close activities within FCM
• Tasks can direct users to specific areas in PeopleSoft Financials
• Tasks can schedule execution of PeopleSoft Financials processes
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Integrated Applications (PeopleSoft Financials)
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Account Reconciliation - Task Actions
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Financial Close Process – Report Binder
FCM Report Binder - Click Me
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Oracle Financial Close Management:Streamline Your Close Process
Harry Sanavitis, Tower GroupRJ Linehan, Innovus Partners