In order to generate consolidated financial reports for the monthly close process, several steps need to be performed by various levels of users including administrators. Tracking all these activities manually for a successful financial close requires considerable time and effort and places an additional burden on the finance and accounting departments.
Extended Close in Oracle FCCS
Oracle Financial Consolidation and Close Cloud (FCCS) is a consolidation engine that comes bundled with Extended Close functionality to help the business define, execute, track, and report all their financial close activities. Oracle FCCS provides a flexible configuration option for effective close management that reduces the time and effort involved in the process. Here are a few key steps that can optimize the financial close process.
Define all expected activities for your monthly, quarterly, and annual close cycles. Create all the individual tasks to be performed by various users such as Accounts Hierarchy Update, Load ERP Data, and review preliminary financial reports, etc. These tasks can be arranged chronologically for better visibility.
All the users responsible for their individual tasks are notified via emails. They can open their tasks from an URL in their email or from a list they can access inside Oracle FCCS. It also provides the ability to launch integrated products (for example, EBS launch page to review GL Hierarchies) to perform their tasks. Oracle FCCS also has the ability to enable auto run for these tasks based on predefined criteria.
Oracle FCCS provides a centralized monitoring system to help users track the progress of the tasks, delinquencies, due dates etc. Intuitive dashboards display details such as the status, completion percentage etc. ensuring full visibility into the close process.
All the users are notified of tasks assigned to them via email, with the task’s due dates and the URL for quick and easy access to additional information. Users also receive notifications when a task is reassigned to backup users, or when a task is rejected or approved. Reminder notifications are also sent when a task extends beyond its due date.