Many organizations see financial information regarding their operations as extremely important and highly sensitive from an operational standpoint. This practice is especially true for privately held and managed small to medium-sized firms.
Oracle’s technology stack provides advantages by designating computers for each subscribing client, assuring data protection and stringent secrecy. Many firms operate internationally with activities and reporting in numerous countries as they grow and expand. They must ensure compliance with regulatory requirements and report to major stakeholders and stockholders.
The Oracle technology stack subscription service is intended to be elastic and grow following the subscribing customer’s scalability requirements. Learn more about Oracle Fusion Financials cloud training here.
What are the significant features of Oracle Cloud Financials?
The following are the most important features of Oracle Cloud Financials:
- Most financial professionals prioritize minimizing the annual closure cycle, and Oracle Cloud Financials can assist. Close Manager visualizes the closing process from start to finish throughout the business. It automatically detects open sub-ledgers and uses real-time monitoring to detect variations in account balances. The account check also analyzes existing data to discover irregularities.
- Cloud Financials alleviates the burden of processing payments. Intelligence Document Recognition (IDR) completes and validates your invoices utilizing the latest recognition technology with touch-less invoice processing. Furthermore, you will receive real-time alerts informing you of any concerns or exceptions that may arise throughout the procedure. A full view of transactions and single-click approvals save you time and effort.
- Customers nowadays demand a simple billing and payment process that requires no effort. Oracle Cloud Financials provides a self-service system that allows consumers to handle their accounts, see invoices, and contact customer support conveniently from their preferred digital device. You may highlight important transactions immediately in the worksite and utilize the credit administration site to check up on customer credit profiles and reviews from an organizational standpoint.
- Regarding customer research and invoicing, Cloud Financials allows you to evaluate your clients based on their capacity to pay. You may then automate your payment request letters and phone calls to collections agencies. You may also assign automatic and manual activities to implement your collecting plan. In the collections management dashboard, you can view your collections data in one place, retrieve your most important KPIs, and analyze the health of your receivables.
- This feature may appear to be a minor feature, yet it carries a powerful blow. Expense matching allows your application to pre-populate expenditures coming from credit card transactions, making it simple to match them with the accompanying receipts. You may also use an iPhone or Android to enter tickets or utilize the digital assistant to submit them by speech or text.
- Good financial management is distinguished by accurate reporting. Without reliable reports, you risk giving data to your leaders that may not accurately reflect your company’s difficulties and triumphs. Cloud Financials provides pre-aggregated financial information in pieces that may be seen from a flexible and personalized dashboard. You may evaluate general ledger account balances across several dimensions and see the data using various chart formats and interactive features. And, as is customary in this day and age, you may access your reports from your mobile device.
What is the Advantage of using Oracle Financials Cloud?
Essentially, firms with operations worldwide require internationally scalable financial solutions that are built with such operational characteristics in mind from the outset. Oracle Fusion Financials is unquestionably an application for such capabilities expansion right out of the box. The solution’s implementation is non-invasive and does not need investment in software licenses, hardware, or networking infrastructure. This Cloud provides the flexibility of a pay-as-you-go plan.
Oracle Financials’ core modules are Ledger, Accounts Receivable, Collections, Accounts Payable, Cash Management, Fixed Assets, and Expenses and Analytics.
These Cloud Financial modules may be adjusted to meet the individual needs of a business and installed quickly with the help of professionals. With the help of implementation professionals, business subject matter experts can articulate company requirements worldwide from an operational and regulatory standpoint. Inspire consultants and experts may also help their customers manage, build, and execute a dynamic business process to allow for growth and extension of operations over a longer time horizon.
A strong Service Oriented Architecture (SOA) allows any organization to function in a hybrid environment (partially in the Cloud with other on-premises applications) in which:
- A service provider, such as Oracle, hosts the banking system.
- Other applications (third-party apps and services), such as payroll, banking, currency rates, and so on, can be readily linked with the financial system.
- Users may add custom extensions between the PaaS and SaaS layers after a thorough review with stakeholders, with professional support to guarantee consistent product usage and easy upgrade pathways.
What are the uses of Oracle Financials Cloud?
Oracle Financials Cloud can be used to :
- Achieve Growth
Many firms today face growth limits because their finance systems cannot handle dynamic and diversified company requirements. Businesses may grow into new markets with Oracle ERP Cloud Financials’ support for different ledgers, currencies, entities, and accounting standards, manage high transaction volumes at fast processing speeds and remove inter-company, tax, and payment complexity with process automation. You can further:
• Set up a secondary ledger to complement your primary ledger
• Manage currency kinds and rates
• Watch for inter-company exclusions.
• Make it easier to resolve inter-company conflicts.
- Faster Accounting
Many companies encounter unforeseen problems while recording sub-ledger transactions, updating journals, and combining subsidiaries. Using standardized procedures and unified financial architecture, you can ensure that accurate data is captured in the general ledger with Oracle ERP Cloud Financials. With a modern user interface, you can empower users to swiftly detect and address issues while automating journals, reconciliations, and consolidations. You can further:
• Identify unresolved reconciliations
• Assess reconciliation concerns quickly
• Simplify receivables-to-general-ledger reconciliations
- Accurate Reports
Many accounting teams struggle to provide timely and accurate financial reporting and execute the effective analysis. With Oracle ERP Cloud Financials, you can reliably report using self-service, mobile access to real-time information, and rapid access to your reports through the Financial Reports Center. With the incorporated Oracle Essbase, you may construct your reports with 30 adjustable categories for each chart of accounts and give quick and powerful reporting. You can further:
• Organize and retrieve your data in Financial Reporting Center
• Create and customize your reports to meet your specific needs
• Produce quick, dynamic reports with drill-down features.
- Detailed Insights
Legacy analytical tools need significant time and effort to locate, understand, and arrange data. Using self-monitoring procedures that instruct your users where to go and what to do, you can rapidly find and fix issues with Oracle ERP Cloud Financials. With intuitive and engaging insights, you can speed up the decision-making process. With Oracle Hyperion Smart View for Microsoft Excel, you may evaluate GL balances by numerous dimensions in Oracle ERP Cloud Financials. You can further:
• Quickly prioritize tasks and resolve exceptions
• Gain deeper insights with an intuitive and dynamic financial data presentation.
• Use Oracle Hyperion Smart View to leverage and enhance Excel capabilities.
- Manage Financial Close Process
Many firms’ financial closing processes are hampered by old and inefficient ERP systems that cannot keep up with company expectations. You can rapidly analyze the period closure status with easy dashboards, accomplish a fast and accurate close with integrated sub-ledgers, and swiftly address issues with inbuilt collaboration features with Oracle ERP Cloud Financials. You can further:
• Evaluate closing status using easy dashboards;
• Maintain quick and precise closes using integrated sub-ledgers
• Investigate and settle outstanding transactions
• Keep an eye on the closing process throughout your organization.
• Manage communications with collaborative capabilities built in.
- Break Traditional Barriers
Manual and inefficient procedures are error-prone, time-consuming, and incur extra expenditures for your company. You may avoid mistakes using invoice imaging, optical character recognition (OCR), and intelligent document identification features in Oracle ERP Cloud Financials, minimizing human expenditure entry. You can approve costs and expedite client payment processing from anywhere with robust mobile features. You can further:
• Scan supplier invoices automatically and avoids inaccuracies
• Instantaneously handle customers’ invoices and simplify payments
• Stop manually entering charges.
Oracle Cloud Financials, a popular module of the Oracle Cloud ERP family of apps, has a lot to offer enterprises of all sizes. This cloud software can give corporate benefits ranging from speedier invoice processing to automatic expenditure matching to complete interactive dashboards.
It’s one thing to read about the benefits of Oracle Cloud ERP apps; it’s entirely different from witnessing them in action.
For more information on this, you can visit IQ Stream Technologies. Learn more about more software courses here.
Oracle Fusion Financials Interview Questions
How to Choose Your Cloud Career Path?
Oracle Integration Cloud (OIC) Adapters and Connections 2.0
Oracle SOA Interview Questions