The collection and construction of consolidated financial statements in a large company is a voluminous task, accompanied by organizational and technical difficulties. The volume of data is large, which is why it makes sense to automate the collection of consolidated statements. And one of the main questions here is which software to choose.
One of the popular directions now is the move away from on-premise solutions to cloud infrastructure. Financial consolidation is no exception. Several years ago, Oracle released a new product for automating financial consolidation - Financial Consolidation and Close Cloud Service (hereinafter - FCCS). It is a development of the previous flagship for the same tasks - Hyperion Financial Management (hereinafter - HFM). Despite the fact that the product was released several years ago, until it became very popular, and many experts do not even know about its existence.
For many years I have been working on projects of the KORUS Consulting company for the automation of financial consolidation. Based on our experience, I will give an overview of the product, data model, setting up the consolidation process and key functions, highlight the strengths, and also talk about our implementation experience using real-life examples.
Go!
What we plan to talk about:
FCCS - what is it?
Let's talk about the data model - what it is, is it convenient to use, and we will give some examples from life.
Let's talk about how to set up consolidation if you have chosen this product.
Let's talk about some ready-made functional blocks that really make life much easier.
In conclusion, there are a few more useful functions that will be useful to the system administrator.
FCCS: what is it and what is it eaten with
Oracle Hyperion FinancialManagement has long been the most popular reporting collection product. Another Oracle product, Hyperion Planning, built on top of Essbase technology, was often used in conjunction with HFM for planning and budgeting purposes.
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