Oracle Financials Cloud
It’s difficult to make a decision without all the facts in front of you. Making financial decisions is no different. In order to achieve or continue financial success for your business, you must make choices regularly that will reduce costs, improve productivity, maintain compliance and increase revenue. Oracle Financials Cloud can help you with that.
Oracle Financials Cloud is the most comprehensive and integrated financial management tool on the market. Part of the Oracle ERP Cloud suite of applications, it easily integrates with third-party applications, legacy ERP systems and partner offerings from the Oracle Cloud Marketplace to address your business needs. Real-time access to data provides the most up-to-date picture of your finances so you can make informed decisions.
Key Modules and Features
Oracle Financials Cloud is an end-to-end financial solution for businesses of all sizes. Integral tasks are optimized with cutting-edge technology, such as mobile, social, machine learning and analytics, to simplify complex processes and automate where possible.
Track and account your fixed assets over time. Infolets are interactive containers that provide high-level aggregated information in a consumable way but allow you to investigate more detailed information easily. Use infolets, work areas and reports to analyze cash positions and make informed cash requirement forecasts.
Oversee your cash flow in Cash Management by managing your bank accounts, invoices and payments in real time and use integrated imaging and optical character recognition (OCR) capabilities to speed up invoice entry, minimize errors and reduce processing costs. Scan supplier invoices using intelligent document recognition to automate the process – invoices are automatically completed, validated, approved and paid with no user intervention. Those that require attention are sent to the appropriate person for completion and processing.
Real-time financial visibility begins here. Use General Ledger to quickly and transparently observe and manage your financial operations. General Ledger includes tools that can help you increase profits, reduce costs, maintain compliance and increase efficiency within financial processes.
Automate the journal entry process by using templates for recurring journals. Import a large number of journal lines quickly – Oracle General Ledger is one of the fastest on the market, with the ability to import and post 42 million journal lines an hour. View and examine summarized balance information using a visualization tool that creates a graphic representation, allowing you to analyze data clearly to pinpoint issues.
Close your books faster with Close Monitor alerts that inform you which subledgers haven’t been closed yet. This provides a visual representation of the close process across the entire organization. Create comprehensive reports with drilldown tools to analyze detailed information and multi-ledger reporting for real-time, enterprise-wide visibility. Should you require any tools that aren’t already included in Oracle General Ledger, its open interface allows you to easily integrate third-party applications and tools.
Oracle Financials Cloud aids in the sales process as well. Organize customers and manage their data in a central location. You can also rank customers using a personalized scoring system you configure based on your company’s requirements. As you invoice customers and receive payment, manage their balances and recognize it as revenue.
What to do about customers that don’t pay on time? Work areas identify overdue customers and push their accounts and outstanding invoices to collectors who can work with them to receive payment. Use Advanced Collections to apply a series of tasks to ensure timely collections. You can customize these tasks to improve the collection experience and potentially improve the recovery rate of outstanding receivables. Should any enter later-stage collections, identify and track bankrupt customers.
Outside of Oracle Financials Cloud’s modules are helpful tools that increase collaboration, improve visibility and make processes more efficient.
Infolets and Infotiles
As previously mentioned, infolets and infotiles are containers that provide an overview of information aggregated from various locations within the software. Infolets delivers high-level information when embedded into work areas and dashboards and drill further to provide more detailed information about their prescribed metrics. Account monitoring infolets monitor changes in account balances and inform you when one has crossed a threshold. Similarly, infotiles include more general information but can identify more detailed data and provide quick actions where necessary. Infotiles are embedded into work areas to proactively monitor processes, track statuses and draw attention to issues and exceptions that may require a response. You can perform single-click actions with simple tasks and improve productivity by eliminating the need for running queries or identifying tasks each day.
Infolets and infotiles are embedded in role-based dashboards to provide an overview of operations and what needs immediate attention. The most important information for your specific role is aggregated on your dashboard with the capability to dig deeper – glance at them for a high-level view, flip for more information and click for a more expanded level of detail.
Social and Mobile Capabilities
Social and mobile capabilities are embedded within Oracle Financials Cloud’s tools. Make financial processes more efficient by working collaboratively, complete actions faster by following up on pending items and receive contextual information to better inform you when making business decisions. Mobile applications make self-service reporting available on any device. Use either a web browser or tablet-optimized reporting with the Financial Reporting Center, and access information anywhere.
Oracle Financials Cloud is designed to improve financial operations for your organization through automation and efficiency. Here are some key benefits that enable this.
Real-time reporting and analysis
Access to the most up-to-date data is crucial. Accounting information is viewable in real time, with live individual transactions available. This provides accurate reporting and analysis of financial information to inform necessary business decisions.
Modern user experience
Accessibility and real-time visibility is less valuable if you can’t effectively navigate it. Oracle Financials Cloud operates on a platform with a modern design that makes your experience as the user both easier and streamlined using dashboards, infolets and infotiles.
Faster closing of the books
The Close Monitor in General Ledger identifies which subledgers have not closed and provides a visual representation of the close process across the organization. You have complete visibility in conjunction with infolet dashboards and centralized accounting. Collaborative social tools enable you to work directly with your teammates to keep the process moving and speed it up where available.
Oracle Financials Cloud was built in the cloud. Since business data lives in the cloud, accessibility is not limited to your physical location and can be accessed anywhere at any time. Self-service reports are available on any device, including a web browser or table through the Mobile Financial Reporting Center.