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Oracle Financial Close Management: Streamline Your Close Process Harry Sanavitis, Tower Group RJ Linehan, Innovus Partners

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Page 1: Oaugnj innovate14 tower_andinnovus_financialclosemanagement

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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Oracle Financial Close Management:Streamline Your Close Process

Harry Sanavitis, Tower GroupRJ Linehan, Innovus Partners