Manual tracking of the close process, using excel and e-mails is one of the reason companies still experience issues in their close process from an accuracy, transparency, complexity and comprehensiveness perspective.
By standardizing and embedding controls in period-end close processes, organizations are able to eliminate labor-intensive, non-value adding activities and streamline decentralized and disjointed workflows that lengthen cycle times, increase the risk of control failure, and threaten the integrity of financial statements.
Oracle Financial Close Manager module of FCCS is built for centralized, web-based management of period-end close activities across the extended financial close cycle. It helps to manage all financial close cycle tasks, including ledger and sub ledger close, data loading and mapping, financial consolidation, account reconciliation, tax/treasury and internal and external reporting processes.
This session will include:
1. Close Manager Components (Setup Calendar, Security, Periods, Years, Custom Attributes, Alert Types, Integrations)
2. Define Tasks for a Close Process - setup Task Types
3. Define Dashboard Views (Calendar, Task List, Gantt Chart)
4. Create / Update Templates (and Validate) with repeatable close tasks
5. Setup / Update Schedule by pulling from a template
6. Workflow process
Notes for Review Committee:
Close Manager can be one single place to manage the all financial cycle. Tasks from different Oracle cloud applications (i.e. PBCS/EPBCS, FCCS, TRCS, ARCS and other Oracle Cloud EPR tools) can be managing from a centralized place.
This is to highlight how Close Manager provides an automated and standardized manner of managing financial activities. It streamlines the entire financial close while improving the accuracy and reliability of financial and non-financial data delivered to all stakeholders.