Key Features of Oracle Financial Consolidation & Close Cloud Service (FCCS)

Oracle Financial Consolidation and Close Cloud Service (FCCS) is the newest addition to the Oracle EPM Services. FCCS is a solution to streamline the accounting activities associated with the month-end financial close. FCCS leverages Oracle’s experience with financial processes. This article outlines the key areas of Oracle FCCS:

  • Top Features of FCCS including Integrated Close Analytics and Improved User Experience
  • The FCCS Transparent Close Processes
  • Integrated Workflow

Process-concentric Financial Close

 

FCCS Consolidation & Reporting Process

 

 

What Does FCCS Include?

 

Features of Financial Consolidation & Close Cloud Services

Close and Consolidation : Cash flow, Balance sheet, Income statement, Rollovers, Call-to-Actions, and more are automatically calculated. Leverage multi-GAAP driven with full currency support, inter-company eliminations, equity eliminations, adjustments, and applications detailed data tracking.

Process and Workflow : Provide enterprise level collaboration with dynamic, data-driven approval orchestration. Ensure audit compliance for tasks like Journal Adjustment with enforced segregation of duties, powerful scheduling capabilities, role and data access rights

Integration : Built-in connectivity to core source systems, such as ERP and others, for consolidation and close needs.

Best Practice Consolidation Out-of-the-Box : Pre-configured consolidation model making it easy to meet global reporting requirements like IFRS and GAAP, helping drive significant cost and time savings

User Experience : Provide real-time insight and access to data with interactive process and financial dashboards

Transparent Reporting : Financial consolidation data with pre-built cash flow, balance sheet, and income statement lets you report with confidence.

Related Blog: Cumulative Translation Adjustments in Oracle Financial Consolidation & Close

End to End Close Process for FCCS

  • Application Creation Wizard
  • Updated User Interface
  • Seamless Data Integration
  • Consolidation
  • Inter-company Eliminations
  • Automated and Auto-reversing Journals with Workflow
  • Built in Foreign Exchange/Currency Translation
  • Automated Cash Flow Reporting
  • Multi-GAAP Reporting
  • Detailed Data Source Tracking
  • Up-gradable Framework
  • Close Process Management
  • Supplemental Details
  • Reporting

 

Original Source Content: https://www.jadeglobal.com/blog/key-areas-of-oracles-financial-consolidation-cloud-services-fccs/

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