Organizations often struggle with managing the financial consolidation and close process to support critical analysis and decision-making capabilities.
Oracle Cloud Enterprise Performance Management (EPM) carries the Financial Consolidation and Close product in its arsenal as a purpose-built business process available in the Oracle Fusion Cloud EPM to manage consolidation and close, from start to finish.
When talking about financial tasks, it’s important that you work with products that make transparency, reliability, and accuracy a priority because your financial operations are subjected to audits and compliance regulations. The Oracle Financial Consolidation and Close Cloud (FCCS) offering as part of Oracle Fusion Cloud EPM can be personalized to address the unique needs of your business.
Thanks to pre-seeded content and best practices, organizations leverage Oracle FCCS as a means to streamline financial operations while benefiting from world-class features.
List of Oracle FCCS in Oracle Cloud EPM Benefits
- Out-of-the-box best practices kickstart your process in no time.
- Configurable and upgradeable framework to meet your unique consolidation and close needs.
- Simplicity in use and maintenance.
- End-to-end solution.
- Advanced analytics powered by robust dashboards, reporting capabilities, and unparalleled analysis.
- No infrastructure costs, ever.
- Monthly, automatic updates.
Now, with talks of Oracle FCCS in Oracle Cloud EPM, it’s natural that we mention Hyperion Financial Management (HFM) which is a similar offering but one that doesn’t overlap. In fact, many confusingly believe that FCCS is a replacement for HFM but in reality, it does not completely cover everything that HFM does. Oracle HFM has long been considered one of the most prominent tools in the industry when talking about financial consolidation and reporting processes thanks to its robust list of features and functionality, like the ability to close and report financial data quickly or its easy integrations across all Hyperion offerings.
But as the cloud begins to take more relevance in today’s fast-moving business environment, Oracle is presenting clients with the Oracle FCCS offering as a cloud-based subscription for consolidation and close processes. Please know that Oracle continues to invest and work towards closing as many gaps as possible between the two applications to ensure clients receive the best, most seamless experience possible.
Being cloud-based, Oracle FCCS offers upgradeable new releases, constantly evolving the solution to position it as a top choice out-of-the-box solution. Now, to contrast both Oracle FCCS and HFM, it’s worth mentioning that FCCS comes with eleven pre-set system dimensions + two custom dimensions while HFM has unlimited dimensions. Another point of difference is that HFM allows you to create customized rule files with scripts while in FCCS you can create member formulas.
In Oracle FCCS, clients are prompted to choose a 1-hour window to perform automatic system maintenance and patching on a daily basis, if needed. Upgrades are also delivered during that same 1-hour window of time with advance notification so clients have time to make any arrangements necessary. Regular updates take place once a month while software improvements are performed approximately once every quarter.
We encourage you to download our latest ebook, Comparing Financial Close in Hyperion vs. Oracle EPM Cloud, for a detailed comparison between Oracle HFM and Oracle FCCS.
Whether staying on-premises or moving parts of your financial workloads to the cloud with Oracle FCCS, it’s important that you take advantage of the significant enhancements and investments that Oracle continues to make to its Hyperion and EPM Cloud solutions. If staying on-premises, we encourage you to upgrade to Hyperion 11.2; if moving to the cloud, Oracle EPM Cloud or Oracle Cloud Infrastructure are both leading cloud solutions by Oracle that modernize your environments quickly and effectively.
