Posts

Posts

  • Maria Centeno
    ERP – Reimagining Finance at Oracle: Lessons Learned
    Announcement posted December 8, 2019 by Prateek SubbaBlue Ribbon: 750+ Points, tagged Announcements, Financials, Procurement, Project Portfolio Management, Public Sector, Risk Management in ERP Members > ERP Announcements public
    Title:
    ERP – Reimagining Finance at Oracle: Lessons Learned
    Announcement:
     
    oracle-logo.png Cloud Customer Connect
    ERP – Reimagining Finance at Oracle: Lessons Learned
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    header image

    Oracle@Oracle: Oracle’s rapid transformation from a product company into a leading cloud services provider was powered by the complete suite of Oracle Cloud services. Oracle Cloud has helped us realize unprecedented cost savings, accelerated growth, and increased customer and employee satisfaction.

    Oracle Vice President of Finance Systems Alex SanJuan shares insights on Global Finance and Accounting organization's cloud transformation and lessons learned along the journey to ERP Cloud.

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    © 2019 Oracle    About Oracle    Contact Us    Legal Notices    Terms of Use    Your Privacy Rights

     

  • Anil Jami
    RMC Access certification25.0
    Topic posted November 28, 2019 by Anil Jami, tagged Advanced Controls, Financial Reporting Compliance, Risk Management, Separation of Duties in Human Capital Management > Risk Management public
    Title:
    RMC Access certification
    Summary:
    Is there any impact if I do access certification after Go Live
  • Anil Jami
    RMC Project plan2
    Topic posted November 28, 2019 by Anil Jami, tagged Advanced Controls, Compliance, Financial Reporting Compliance, GRC, Risk Management in Human Capital Management > Risk Management public
    Title:
    RMC Project plan
    Summary:
    Can I get sample project plan for RMC implementation project
  • Christine Doxey
    Addressing the Layers of Chaos: 10 Best Practices to Simply...5.0
    Topic posted December 5, 2019 by Christine DoxeyRed Ribbon: 250+ Points, tagged Error, Financial Reporting Compliance, Financial Transactions, Financials, Fraud, Governance, Risk Management, Tip in Human Capital Management > Risk Management public
    Title:
    Addressing the Layers of Chaos: 10 Best Practices to Simply Your Financial Close
    Summary:
    As many companies get ready for a December Fiscal Year-End Close, they should consider the best practices recommended in this article.
    Content:

    Introduction

    Over the last decade, the financial reporting landscape has seen significant change. Finance and accounting executives face mounting pressure to increase the accuracy of financial reporting while decreasing the turnaround time needed to close the books. Regulatory agencies have introduced a host of new standards and accounting rules changing materiality  thresholds, requiring detailed schedules, and new disclosures for public filings. To complicate matters, many organizations are being asked to do more with less as headcount numbers are reduced in response to economic pressures. This complexity adds layers of chaos impact the end-to-end process and adversely impacts the time it takes to deliver the final financial statements.  

    There are two overlapping strategies that can help to remove the complexity of your closing process and are applicable to all types of companies and industries.

    1. Implement Best Practices: Consider using recommended best practices to remove the complexity from the closing processes. Implementing best practices can address current process challenges and facilitate a good foundation for financial close automation.
    2. Financial Close Automation:  Automated solutions can significantly simply your financial close process. As an example, you can automate your closing checklist and assign tasks and approvals through workflow which drives a streamlined reporting process.

    10 Best Practices to Simplify Your Financial Close

    The following 10 best practices can help simplify your financial close, provide timely and accurate results, and reduce the cost of the process. Each best practice is grouped by the strategies noted above.  

    10 Best Practices to Simply Your Financial Close

    Supporting Strategy

    1. Document  Your Closing Process and Cross-Train Your Accounting Staff

    Involve the whole organization in understanding the goals and schedule for the close by using well-communicated checklists and project plans. Ensure that roles and responsibilities are documented and well-communicated to all the stakeholders involved in the closing process. Use the documentation to cross-train staff members.

    Implement Best Practices

    1. Develop Partnerships across Departments to Resolve Recurring Cross-Functional Issues and Obstacles to Close

    Following each close, an “Obstacles to Close” or “Post Mortem” report is distributed across the organization. This process provides visibility of cross-functional issues and identifies areas for process improvement.  By constantly looking at ways to improve the financial close, the process can become less cumbersome and easier to manage. 

    Implement Best Practices

    1. Review Unused Accounts in the General Ledger and Minimize Accounting Data

    Minimize accounting data in the core general ledger by limiting code segments to sub-ledgers. This is a somewhat overlooked opportunity to improve the close process, since keeping the general ledger relatively simple accelerates data roll-ups, as well as pushes problem resolution to the business functions that are closest to specific transactions.

    Implement Best Practices

    1. Complete Standard Allocations, Adjusting Entries, Accruals and Estimates in Advance of Close

    Use a standard allocation system with a defined tolerance or true up when something is out of the established tolerance. Create the adjusting entries to recognize prepaid expenses, accrue outstanding invoices, relieve accruals that have been paid, and recognize depreciation and other amortizations.

    Financial Close Automation

    1. Minimize  and Automate Journal Entries During the Closing Process

    Reduce a manual journal entry process. If some journal entries need to be created manually use an upload process with built in checks and balances.  Consider the use of recurring entries and estimates  that can streamline the closing process.

    Financial Close Automation

    1. The Reporting Process: Use Trial Balance Reports as the Foundation for the Close and the Preparation of Accurate Financial Statements

    Use a system generated adjusted trial balance report to review the final balances in the ledger. Verify that the balances are accurate, checking the account activity if needed. Use standard templates for recurring reports. Report writers can streamline and make reports consistent and substantially reduce data entry and the need for reconciliations. 

    Financial Close Automation

    1. Establish a Closing Date as a Critical System Control

    Establish a closing date by which all transactions must be posted. Communicate the closing date to everyone who has access to modify the ledger. A closing date can be implemented as a critical system control and supports the management of your fiscal period close process and the integrity of closed fiscal periods.

    Implement Best Practices  and Financial Close Automation

    1. Manage the Financial Close like a Project

    Implement a schedule for posting closing entries with duties assigned to specific individuals. Ensure that everyone knows the deadlines and what is needed to meet the deadline.

    Implement Best Practices  and Financial Close Automation

    1. Move to a Monthly Soft Close Process

    Transition from a monthly hard close to soft monthly closes and quarterly hard closes. This change allows companies to reduce investigation levels and rely on accruals and estimates during soft closes.  A soft close is best facilitated with automated reconciliation processes and reporting.

    Implement Best Practices  and Financial Close Automation

    1. Develop and Monitor Performance Metrics

    Gathering metrics and publishing the results can help to detect and prevent fraud, identify process improvements and support automation opportunities.  

    Implement Best Practices  and Financial Close Automation

    Conclusion

    The financial close process is one of the most fundamental indicators of the efficiency of your fiscal infrastructure, and is the critical foundation that must be in place before your finance and accounting team can even begin to optimize its role as a true consultative business partner and trusted advisor, assisting in achieving strategic goals and creating shareholder value. Addressing the layers of chaos with our recommended best practices is a key step in the journey to becoming a trusted business partner. Automating the close provides the tools to drive results and support the value of the finance and accounting function.

    If you'd like to improve your financial close, please contact me at chris@chrisdoxey.com.

     

  • Maria Centeno
    ERP – Reimagining Finance at Oracle: Thin General Ledger5.0
    Announcement posted November 25, 2019 by Bernice LamBronze Crown: 15,000+ Points, tagged Announcements, Financials, Procurement, Project Portfolio Management, Public Sector, Risk Management in ERP Members > ERP Announcements public
    Title:
    ERP – Reimagining Finance at Oracle: Thin General Ledger
    Announcement:
     
    oracle-logo.png Cloud Customer Connect
    ERP – Reimagining Finance at Oracle: Thin General Ledger
    cee-ccc-banner-monthly-newsletter.png
    header image

    Oracle@Oracle:  Oracle’s rapid transformation from a product company into a leading cloud services provider was powered by the complete suite of Oracle Cloud services. Oracle Cloud has helped us realize unprecedented cost savings, accelerated growth, and increased customer and employee satisfaction.

    Oracle VP of Finance Systems Alex SanJuan shares how ERP Cloud leverages best practices such as standardizing on a global chart of accounts, adopting a thin general ledger, and streamlining the close process, while empowering users to drive change.

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    © 2019 Oracle    About Oracle    Contact Us    Legal Notices    Terms of Use    Your Privacy Rights

     

  • Maria Centeno
    ERP – Reimagining Finance at Oracle: Accounting Hub15.0
    Announcement posted November 18, 2019 by Bernice LamBronze Crown: 15,000+ Points, tagged Announcements, Financials, Procurement, Project Portfolio Management, Public Sector, Risk Management in ERP Members > ERP Announcements public
    Title:
    ERP – Reimagining Finance at Oracle: Accounting Hub
    Announcement:
     
    oracle-logo.png Cloud Customer Connect
    ERP – Reimagining Finance at Oracle: Accounting Hub
    cee-ccc-banner-monthly-newsletter.png
    header image

    Oracle@Oracle:  Oracle’s rapid transformation from a product company into a leading cloud services provider was powered by the complete suite of Oracle Cloud services. Oracle Cloud has helped us realize unprecedented cost savings, accelerated growth, and increased customer and employee satisfaction.

    Oracle VP of Finance Systems Alex SanJuan shares how Accounting Hub Cloud enables his finance organization to streamline and automate the accounting and reporting process, empower and delight users with faster and more accurate information.

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    © 2019 Oracle    About Oracle    Contact Us    Legal Notices    Terms of Use    Your Privacy Rights

     

  • Maria Centeno
    ERP – Reimagining Finance at Oracle: Change Management B...4.5
    Announcement posted November 12, 2019 by Bernice LamBronze Crown: 15,000+ Points, tagged Announcements, Financials, Procurement, Project Portfolio Management, Risk Management in ERP Members > ERP Announcements public
    Title:
    ERP – Reimagining Finance at Oracle: Change Management Best Practices
    Announcement:
     
    oracle-logo.png Cloud Customer Connect
    ERP – Reimagining Finance at Oracle: Change Management Best Practices
    cee-ccc-banner-monthly-newsletter.png
    header image

    Oracle@Oracle:  Oracle’s rapid transformation from a product company into a leading cloud services provider was powered by the complete suite of Oracle Cloud services. Oracle Cloud has helped us realize unprecedented cost savings, accelerated growth, and increased customer and employee satisfaction.

    Oracle Vice President of Finance Systems, Alex SanJuan, discusses the Global Finance and Accounting organization's approach to change management during the upgrade from E-Business Suite to ERP Cloud.

    ccc-fa463cfe17-video.png

    integrated-cloud-white.png

    © 2019 Oracle    About Oracle    Contact Us    Legal Notices    Terms of Use    Your Privacy Rights

     

  • Madhu Babu Vitta
    Risk Mgt | AAC | Reports45.0
    Topic posted November 6, 2019 by Madhu Babu VittaSilver Medal: 2,000+ Points, tagged Advanced Controls, ERP, GRC, Risk Management, Security, SOX in Human Capital Management > Risk Management public
    Title:
    Risk Mgt | AAC | Reports
    Summary:
    Risk Mgt | AAC | Reports
    Content:

    Hello All,

    Any one using BIP or OTBI reports on AAC(Advanced Access Control) side. I see few out of the box Dashboard and analysis available but they are more on Administration side but not on Results side.

    I don't see any AAC reports in Common Reports Sharing center and no posts related to AAC Reports.

    Appreciate if anyone can share reports they are using. 

    Version:
    19D
  • Barry Greenhut
    Hands-on with Risk Management14.8
    Topic last edited August 20, 2019 by Barry GreenhutSilver Medal: 2,000+ Points, tagged Advanced Controls, Compliance, ERP, Financial Reporting Compliance, Financial Transactions, Financials, Fraud, Governance, GRC, Public Sector, Risk Management, Sarbanes Oxley, Security, Separation of Duties, SOX in Human Capital Management > Risk Management public
    Title:
    Hands-on with Risk Management
    Summary:
    Watch a baseline deployment of Risk Management.
    Content:

    Updated August 2019 - all new videos and slides!

    To learn the most from these videos, we recommend proceeding in the sequence shown here:

    Prerequisite Skills

    Introduction

    Get Hands-On

    Introduction to Risk Management Cloud.

    Design secure roles. Design secure role assignments. Certify users' access.

    Detect ERP configuration changes. Find and manage fraud.

    Streamline control and compliance.

    Configure Risk Management security. Configure flexfields. Build dashboards and agents.

     

  • Barry Greenhut
    Keeping up with Risk Management5.0
    Topic last edited October 29, 2019 by Barry GreenhutSilver Medal: 2,000+ Points, tagged Advanced Controls, Compliance, ERP, Financial Reporting Compliance, Financial Transactions, Financials, Fraud, Governance, GRC, Public Sector, Risk Management, Sarbanes Oxley, Security, Separation of Duties, SOX in Human Capital Management > Risk Management public
    Title:
    Keeping up with Risk Management
    Content:

    Each quarter we update your environments with new and improved functionality. To prepare, check out What's New - it describes significant changes and tells you how to get ready:

    • What's New in 19D: We introduced streamlined home page icons and application configuration pages; improved time zone support, risk models, surveys, and transaction business objects; new pre-built access and transaction models; and much more.
      • A few features are available only under Controlled Availability - they should not be used in production until they become Generally Available: the Business Object Visualization Tool for transaction/audit objects, the REST API for Third-Party Provisioning Tools, Access Certification's Users' Direct Managers Can Review Role Assignments, and Bell Notifications.
      • In addition to the changes described in What's New, we introduced a new search technology on the Manage Jobs page that affects saved searches.
    • What's New in 19C: Learn about upcoming changes including: pre-built Advanced Controls content is now available within a content library inside the product; access analyses automatically exclude results based on procurement agent configuration; transaction data synchronization performance is enhanced by eliminating redundant language related data; Financial Reporting Compliance's assessment completion page has been enhanced; and many more.
       
    • What's New in 19B: Learn about a new way to get notifications, an important change for folks who use the Language attribute in AFC controls, continuous certification, new pre-built content, and 43 other significant changes.
       
    • What's New in 19A: We introduced new automation for fine-tuning access analyses, new and improved AFC business objects, and 34 more. In addition, we...
    • What's New in 18C: We provided greater control over who can see and perform FRC assessments, user-defined AAC access points, Access Certification automation, pre-built content for HCM, and over a dozen more.

    To keep up with us, make this page a Favorite (the button's above) - we'll update it each time we publish a new edition of What's New, and you'll get a notification.