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TRANSCRIPT
THEMODERNBUSINESSCLOSE
Agenda
• Introduction
•About the Speakers
•Current Consolidation Challenges
•Why Financial Consolidation & Close Cloud Service (FCCS)?
•FCCS Demo• Consolidation of Single-Currency Company
The Modern Business Close Series
• The Modern Business Close: Employing Oracle’s FCCS to Overcome Today’s Close Challenges• REPLAY AVAILABLE ON OAUG SITE
• The Modern Business Close: Consolidate your Financials with Oracle’s FCCS• REPLAY AVAILABLE ON OAUG SITE
• The Modern Business Close: Consolidation and Close for Multinational Organizations• REPLAY AVAILABLE ON OAUG SITE
About the Speakers
RJ LinehanInnovus, Managing Partner
• Professional Summary
• Senior architect and implementation consultant for EPM/BI solutions
• 17+ years combined industry and EPM/BI consulting experience
• Senior roles in over 50 Enterprise Performance Management (EPM) and Business Intelligence (BI) projects.
• Qualification Summary
• Expert in architecting and implementing EPM/BI solutions for Fortune 1000 companies.
• OPN Certified Specialist in Planning and Essbase
• Speaker at Oracle/Hyperion Conferences such as: Solutions, OAUG, ODTUG, Collaborate and other industry conferences
• Board Member of the OAUGNYC user group.
Client Experience
linkedin.com/in/rjlinehan@rjlinehan
• Innovus is a full service provider of Oracle’s
• Enterprise Performance Management (EPM),
• Business Intelligence (BI) and • Enterprise Resource Planning (ERP)
solutions
• Our Consultants are Oracle certified • We are an Oracle Gold Partner and active
in local and national Oracle User Groups.• Our Goal is to establish a strategic
partnership with our clients to champion their vision of Business Analytics and help navigate the complexities of delivering that vision across the enterprise.
Enterprise
Performance
Management
(EPM)
Enterprise
Resource
Planning
(ERP)
Business
Intelligence
(BI)
• Configure - Help our customers
implement Cloud EPM, ERP & BI Solutions
• Adopt – Transfer Knowledge to
our customers so they can manage their solutions
• Support – Provide Support to
our customers to ensure solution success
• Extend – Enhance our customers
solutions to improve their total cost of ownership
Our ServicesOur Focus
Thomas Simkiss, JD, CPADirector of Cloud Solutions
• Professional Summary• 22 Years Industry Experience
- Accounting, Consulting, Operations
• Over 60 Full Cycle Implementations
- EBS R12 Certified General Ledger Specialist
- Oracle Fusion General Ledger Specialist
- Oracle Fusion Payables Specialist
• 18 Full Cycle Cloud ERP Implementations
• 2017 OAUG Start Presenter
• Oracle ACE
• Qualification Summary- CPA in New Jersey
- Member of the Pennsylvania,
- NJ & American Bar Association
- Twitter: @ThomasSimkiss
Mobile: (215) 990-9001
Email: [email protected]
Website: www.Creoal.com
Twitter: @ThomasSimkiss
LinkedIn linkedin.com/in/thomassimkiss/
Prior Experience: Project Experience:
• Creoal Consulting is a business systems integrator and management consultant firm with a 12-year history of success in program management support and delivery of Federal Government programs and system initiatives. We are a leading edge provider for full life cycle information technology and ERP support services to the Public Sector with deep applications product and market expertise.
• Creoal’s management team includes four partners averaging 23 years of experience leading large-scale systems integration and implementation efforts. Through this leadership core, Creoal provides the agility and responsiveness of a small business with the experience of a large-scale system integrator.
• Based in Bethesda, MD we are an Oracle Gold Partner with a broad install base of customers, all of which are referenceable.
Consolidation Challenges
Source: Accenture’s High Performance Finance Study – no date
Challenges Facing Finance Organizations
Complex legacy systems and environment
55%
Managing complex needs of all stakeholders
48%
Managing new and complex risks
46%
Difficulties in standardizing finance processes due to complex operating models
23%
Challenges Facing Finance Organizations
Source: Accenture’s High Performance Finance Study – no date
Today’s Finance Organization
CFO
Treasury
Debt
Cash Management
Tax
Federal
State & Local
Sales & Use
Controller
AR/AP/FA
GL
Consolidation
Fin Rpt
FP&A
Planning
Forecasting
Analytics (BI)
Mgt Rpt
Audit IT
Role
Resp
onsi
bili
ty
The Financial CloseFinancial Close and Consolidation System
Generate Final Reporting Package
Track the Close
AP Subsystem
AR Subsystem
General Ledger
AR ManagerAcct ManagerAP Manager
Controller
• Target Business Need• Automating Financial Close
• Primary Actors• Single Parent
• Level of Complexity• Simple
• FCCS Key Features• Close Calendar
• Data Loads
• Consolidation
• Reports
• Journals
• Supplemental Data
Use Case 2 – The Financial Close
Use Case 2 – Multiple General Ledgers / Single Currency
Financial Close and Consolidation System
Transfer Balances
Review Preliminary
Reports
Record Eliminations and
Adjustments
Generate Final Reporting Package
Track the Close
USD Subsidiary 1
USD Subsidiary 2
USD Parent
• Target Business Need• Multiple GL Systems – Single Currency
• Primary Actors• Single Parent
• Level of Complexity• Medium
• FCCS Key Features• Close Calendar
• Data Loads
• Consolidation
• Reports
• Journals
• Supplemental Data
Use Case 2 – Multiple General Ledgers / Single Currency
Use Case 3 – Multiple General Ledgers / Multi Currency
Financial Close and Consolidation System
Transfer Balances
Review Preliminary
Reports
Record Eliminations and
Adjustments
Generate Final Reporting Package
Track the Close
USD Subsidiary 1
GBPSubsidiary 2
USD Parent
• Target Business Need
• Multiple GL Systems – Multi Currency, Consolidation, Revaluation, Translation
• Primary Actors
• Single Parent
• Level of Complexity
• Medium to Hard
• FCCS Key Features
• Close Calendar
• Data Loads
• Consolidation
• Reports
• Journals
• Supplemental Data
Use Case 3 – Multiple General Ledgers / Multi Currency
Why FCCS?
It depends on who is asking the question…
What is the FCCS value proposition?
FCCS Value Proposition - IT
• Decrease cost per user
• Eliminate need for hardware upgrades
• Remain current with continuous software upgrades
• Access to new application enhancements
• Simplified, self-serve automation
• Reduced administration
• Painless integration leveraging cloud platform
FCCS Value Proposition - Finance• Lower audit risk
• Automate consolidation and reconciliation
• Provide clean, auditable reports
• Improve and enhance the reporting process• Valuable, prebuilt dashboards and reports
• Report outputs in Excel, Word, PowerPoint, PDF
• Integrate close process with consolidation and general ledger systems creating transparency
• Small step to Cloud• Keep legacy and disparate systems (if required) and use a single
consolidation and reporting platform
FCCS Demo
Consolidation of Single-Currency Company
Demo Overview
• Reporting Capabilities
• Integration Features
• Journals
• Close Manager Integration
Reporting
Dashboards
Reporting – Income Dashboard
Reporting – Balance Sheet Dashboard
Reporting – Cash Flow Dashboard
Reporting
Production Reporting
Reporting – Income Statement Report (HTML)
Reporting – Income Statement Report (PDF)
Reporting – Income Statement Report (XLSX)
Reporting – Income Statement Report (DOCX)
Reporting
Smart View Reporting
Reporting – Income Statement Report (XLSX)
Data Input
Forms
Data Input – Forms
Data Input – Forms
Demo - Integration
• Source System Trial Balance
• FCCS Data Management• Source/Target Configuration
• Mapping
• Data Load Work Flow
• Validation Check
• FCCS Trial Balance
Typical Trail Balance
• Employ existing interfaces
• Use flexible source system formats
• User-maintained integration
• Leverage MS Excel
Data Integration
Source/Target Configuration
Integration – Target Application
Integration – Import Format
Integration - Location
Data Integration
Mapping / Data Load Work Flow
Integration – Data Load Rule
Integration – Data Load Mapping
Integration – Data Load Work Flow
Data Integration
Validation Check
Integration – FCCS Trial Balance
Journals
Journals – IC Sales Adjustment
Close Manager
Close Tasks / Reporting
FCCS - Dashboards
• Intuitive Dashboards
• Identify late tasks with one click
• Focus on fixing problems and ‘Closing the Books’
FCCS - Dashboards
• Real-time Performance Updates
• Measure Compliance
• Identify Problem Childs
Close process insights…
Global Task Views
Task List ViewGannt Chart View
Calendar View