Oracle EPM Financial Consolidation & Close is a cloud-based solution that helps you automate and accelerate your financial consolidation and close process. It enables you to:

• Achieve faster, more accurate, and more transparent financial reporting
• Comply with global accounting standards and regulations
• Reduce costs and risks associated with manual and fragmented processes
• Improve collaboration and visibility across your organization

In this blog post, we will explore some of the key features and benefits of Oracle EPM Financial Consolidation & Close, and how it can help you transform your financial reporting process.

Pre-built Best Practices

Oracle EPM Financial Consolidation & Close comes with pre-built best practices that cover the entire financial consolidation and close cycle, from data collection to reporting and disclosure. You can leverage these best practices to:

• Simplify and standardize your consolidation and close process across multiple entities, currencies, and accounting standards
• Automate complex calculations, eliminations, adjustments, and reconciliations
• Ensure data quality and accuracy with built-in validations and controls
• Enhance auditability and traceability with detailed journals, annotations, and supporting documents

You can also customize and configure the pre-built best practices to suit your specific business needs, without the need for IT involvement.

Global, Advanced Consolidation and Close

Oracle EPM Financial Consolidation & Close supports global, advanced consolidation and close scenarios, such as:

• Multi-GAAP reporting, including IFRS, US GAAP, local GAAP, etc.
• Intercompany eliminations and minority interest calculations
• Complex ownership structures and equity pick-up calculations
• Currency translation and cumulative translation adjustment (CTA) calculations
• Cash flow reporting and indirect method calculations

You can also manage multiple consolidation scenarios, such as actuals, budgets, forecasts, what-if analysis, etc., in a single application.

Intelligent Process Automation (IPA)

Oracle EPM Financial Consolidation & Close leverages intelligent process automation (IPA) to streamline and optimize your consolidation and close process. IPA combines artificial intelligence (AI), machine learning (ML), robotic process automation (RPA), and natural language processing (NLP) to:

• Automate repetitive and manual tasks, such as data loading, mapping, validation, reconciliation, etc.
• Provide smart insights and recommendations based on historical data and trends
• Detect anomalies and outliers in your data and alert you to potential issues
• Generate narrative analysis and commentary for your financial reports
• Enable conversational interaction with your data using voice or text

With IPA, you can reduce errors, save time, improve efficiency, and focus on value-added activities.

Compliance and Transparency

Oracle EPM Financial Consolidation & Close helps you comply with various accounting standards and regulations, such as:

• IFRS 16: Lease accounting standard that requires lessees to report most leases on their balance sheets as assets and liabilities
• SOX: US law that requires public companies to maintain adequate internal controls over financial reporting
• XBRL: Standard format for exchanging business information electronically

You can also ensure compliance and transparency with features such as:

• Data governance: Define rules and policies for data quality, security, access, retention, etc.
• Audit trail: Track changes made to your data, metadata, rules, etc., with timestamps, user IDs, etc.
• Approval workflow: Define approval hierarchies and statuses for your consolidation and close process
• Disclosure management: Create financial reports in various formats (PDF, HTML, XBRL, etc.) with embedded data links

Financial Consolidation and Close Customer Successes

Customers in diverse industries across the globe are using Oracle EPM Financial Consolidation & Close to speed up their financial consolidation and close processes. Here are some examples:

• A leading global manufacturer of consumer products reduced its consolidation time from 15 days to 5 days
• A large US-based healthcare provider reduced its intercompany reconciliation time from 10 days to 2 days
• A major European telecommunications company reduced its reporting cycle from 8 days to 4 days

You can read more customer success stories here: https://www.oracle.com/performance-management/financial-consolidation-close/customers/

Conclusion

Oracle EPM Financial Consolidation & Close is a powerful solution that can help you streamline your financial reporting process. It offers:

• Pre-built best practices that simplify and standardize your consolidation and close process
• Global, advanced consolidation and close capabilities that support complex scenarios
• Intelligent process automation that automates tasks, provides insights, detects anomalies, generates narratives, etc.
• Compliance and transparency features that ensure data quality, auditability, approval workflow, disclosure management, etc.
• Customer successes that demonstrate the value of Oracle EPM Financial Consolidation & Close