Customers can leverage Oracle Cloud for Finance product modules as bolt-on finding solutions or as an integrated suite. Oracle’s products are intended to digitalize and simplify accounting functions from start to finish, eliminating the need for time-consuming manual processes and paperwork. The suite contains the following modules:
- Financials Cloud
- Procurement Cloud
- Project Portfolio Management Cloud
- Planning and Budgeting Cloud
- Enterprise Planning Cloud
- Financial Consolidation and Close Cloud
- Account Reconciliation
Oracle Cloud Financials platform also includes a modern networking tool, support for mobile, and integrated analytics that give organizations real-time data. Oracle’s cloud services for finance provide the capability and insight that assist businesses in managing their financial status. Accountants, auditors, and financial officers save hours, boost efficiency, and save expenses by using end-to-end understanding and automating several aspects of the integration process. Learn more about the Oracle Fusion Cloud Financials online training here.
What can Oracle Fusion Cloud Financials do for you?
Oracle Financials is a thorough, extensive, and comprehensive suite of applications built on open standards and based on a single financial platform. Integrations with traditional systems, third-party services, pre-packaged Oracle solutions, and Cloud Marketplace enable the creation of flexible, extendable financial applications.
Clients prefer Oracle Financials Cloud (Oracle ERP Cloud) over competing solutions for various reasons, including functionality and collaboration, lower IT costs, and operational agility and speed.
- SWIFT FUNCTION
Cloud solutions for finance will allow you to cater to your business needs by providing swift functionality. Cloud solutions have all the product capabilities an organization requires to manage the allocation of performance monitoring and management resources. It further allows professionals to have enhanced visibility in accounts and immediate control over them.
- CUTTING EXPENDITURES
Some companies choose to adopt Oracle Cloud for Finance to reduce the size of their IT staff. Companies avoid purchasing expensive hardware, which decreases the number of IT administrators required to administer the system by opting for a cloud solution. Companies also recognized that Oracle could meet their rising company demands and that they would not outgrow their solution. Cloud is also far less expensive than other solutions to manage the company’s finances.
How does Oracle Fusion enhance Financial Productivity?
Oracle Fusion Cloud Financials enables contemporary, adaptive finance by increasing efficiency and facilitating better company decisions. Oracle Financials is a comprehensive solution that provides comprehensive services for global companies across a wide range of industries, as well as constant improvement in key technologies such as machine learning, intelligent automation, and analytics, all of which are deployed in the Cloud to achieve more, faster, and with fewer resources.
- SAVES TIME
When you rush to complete your accounts and finish your reporting process as quickly as possible, comprehensive close management with centralized accounting and integrated sub-ledgers, accessible dashboards, and an immediate collaborative approach can help. The close manager detects which sub-ledgers have not been closed automatically. You have full insight and centralized management with a visual depiction of the closure process throughout the corporation, including a hierarchy viewer that demonstrates the close’s reliance on linked companies.
- REAL-TIME MONITORING
Accounting automation organizes and simplifies end-to-end accounts and transaction operations, such as daily rate import, accounting generation, journal import, and journal posting, without requiring human participation. Users are alerted of any anomalies and given instructions on resolving them. Account balance fluctuations are detected via intelligent real-time monitoring. To discover and handle monsters, the account monitor compares recent data to a standard or base, such as a budget or results from a preceding cycle.
The unique reporting platform, built on multi-dimensional data architecture, keeps summary balances in real-time, allowing for incredibly quick evaluation and reporting. Visualization tools give a graphical depiction of account balances, making it simple to assess fiscal information and recognize where problems exist to make sound business decisions.
- STREAMLINED INVOICING
The integrated imaging capabilities and lower invoice management costs provided by the Cloud speeds up invoice entry and helps in reduce mistakes, and remove the need to use expensive third-party services for the company. With sophisticated document identification, supplier invoices may be scanned and automatically filled, verified, authorized, and cleared without user participation. You may use an interactive viewer to solve problems and train the machine learning algorithm.
Streamline daily client tasks by identifying billing or accounts receivable concerns and improve control by flagging transactions that require immediate attention in the work area. A self-service solution for customers to handle their accounts expands the reach of Oracle Financials to your customers, lowering the cost of invoicing and collections while increasing overall customer experience.
- REAL-TIME ALERTS
In the invoicing workspace, real-time notifications are included to continually assess operations, track transaction progress, and grab attention to concerns and irregularities that may demand a reaction. Relevant transactions are shown on the same page, allowing for fast action. When doing simple activities, single-click actions such as approve or release hold boost productivity
- CREDIT MANAGEMENT
By adjusting credit policies to company objectives and market situations, credit management offers the information and tools needed to monitor and analyze clients’ creditworthiness and make intelligent lending choices. Revenue management provides a customizable framework for automating the identification and development of client contracts and performance obligations, their values and consequent accounting entries, and the ability to recognize revenue over time or at a specific moment. It enables you to automate procedures, improving productivity and lowering the chance of mistakes.
- LOWER DEBT
Advanced collection techniques based on customer scores automatically execute procedures to assist prompt collections from late clients. The collection process will be enhanced for both consumers and workers, resulting in improved receivable recovery rates. Collections metrics such as DSO assess the collections method, enabling companies to determine better the health of their receivables, the efficiency of their collections organization, and key risk areas to apply more collections resources or change collections strategies.
- MANAGE ASSETS
Cash management is a method for regulating cash holdings and managing bank account activities. Utilize customizable dashboards, work areas, and reports to monitor financial levels quickly and estimate cash requirements, guaranteeing liquidity and the best use of cash resources.
The assets work area optimizes asset lifecycle processes and administers asset book transactions and period closing activities. Accounting rules for lease accounting, such as IFRS 16 and ASC 842, are handled by a complete solution for standardizing company leasing policies, enhancing internal controls, and satisfying lease commitments.
- STURDY SOLUTIONS
Customers may adjust functionalities to fit unique national or company requirements thanks to a powerful global architecture that includes tax, payment, and accounting engines to support a wide range of business demands. It supports full internationalization, including number, date, name, and address formatting, and is available in 26 languages.
Scalable enterprise structure enables large companies to design their company, continuing to support unlimited accounting depictions and statutory reporting needs in a truly universal solution using standard preferences and setup, allowing global customers to adapt their software for a specific region or country without requiring multiple implementations of the product. Country-specific localizations such as payment forms and accounting or tax reports are also available to suit local company needs.
- HANDLES REVENUE
Organizations can manage expenditures through budgetary control and encumbrance accounting by monitoring and reserving cash during transaction entry. A budget monitor enables budget managers to track consumption levels and examine accounts on the verge of exceeding the budget, with a dynamic drill down to view the actions contributing to budget balances swiftly. General ledger data may be conveniently and automatically connected with Oracle Fusion Cloud Enterprise Performance Management for enhanced planning and budgeting.
- ENHANCED PRODUCTIVITY
Joint venture management is a system for managing the terms and conditions of your joint ventures while employing rules-based, automated procedures to generate joint venture dividends for each partner. Native receivables and project management interfaces provide efficient partner billing and precise project capitalization, gross to net reporting, and asset generation. Increase productivity by streamlining the investigation and resolving partner inquiries and disagreements.
- EASY TO USE
Professionals may operate in their chosen environment thanks to extensive spreadsheet interaction across numerous finance tasks. Spreadsheets are connected smoothly for large volume data entry and one-click uploads. Reports and transactional tables are then put on excel for further research and simpler data viewing.
Oracle Cloud for Finance assists customers in transforming their business operations. Real-time insight into the company’s financial status is centralized and comprehensive, providing decision-makers with the information they need to make smart business decisions. Employees may adjust their tasks, removing the need for shadow management systems and time-consuming manual processes. Customers may also use business intelligence tools and analytics to get more out of Oracle Cloud Financials. Consequently, Oracle clients can function more effectively and respond quickly to events affecting the company’s bottom line.
Oracle Fusion Financials Interview Questions
Oracle Fusion HCM Absence Management Interview Questions
Oracle Fusion HCM Interview Questions
Oracle SOA Interview Questions
Oracle Fusion Supply Chain Management
Oracle Fusion SCM Implementation
You can check IQ Stream Technologies, a storehouse of information for such tech applications and products, to know more. Check out more software learning courses here.