Modern Best Practices for Financials: Period Close

Period Close to Financial Reports

Streamlining the Close Process for a more nimble organization is often a challenging strategic goal for many financial executives. This article focuses on the Financial Best Practice Period Close to Financial Reports, identifying the core components, discussing the importance and implications of each, and high-lighting the solutions delivered by the Oracle Financials Cloud.

The Oracle Financials Cloud implements and enforces modern best practices for Financials. The key process flows provide a clear and simple path to create and maintain a successful results-focused state of the art financial organization.

Period Close to Financial Reports Best Practices

Mobile, social, and analytics have led to tremendous advances in the ability to close financial statements in days, instead of weeks. Control the close status by monitoring and interacting with the entire enterprise, finalizing any outstanding transactions and exceptions. Cloud applications provide an easy platform to securely socialize your period close with your extended team.

Close Subledgers: Monitor enterprise-wide close status. Interact on and finalize outstanding subledger transactions and exceptions.

Pro-Forma Close Ledgers: Prepare and review preliminary financial statements. Prioritize outstanding transactions based on initial results.

Reconcile Accounts: Reconcile subledgers to general ledger, automatically matching transactions to entries

Close Ledgers: Route close tasks to task owners automatically. Collaborate to streamline the close for each entity. Monitor enterprise-wide close status.

Consolidate Subsidiaries: Transform each subsidiary’s results to the corporate chart of accounts. Revalue non-monetary balances and translate to the corporate currency. Eliminate intercompany activity and minority interest.

Review and Confirm Financial and Management Reports: Review consolidated results using the same reports as each subsidiary where applicable. Enter final adjustments

Publish and Securely Share Financial Statements: Distribute financial statements to all interested parties, leveraging collaboration to incorporate feedback.

Update Financials Forecasts: Modify forecasts and financial plans in light of the results from the just closed period.

Oracle Financial Cloud Best Practices Solutions

Data Sheet

Solutions Overview

General Accounting Dashboard

Have a comprehensive view of journals requiring attention, intercompany transactions that are incomplete, account balances that have exceeded their thresholds, and the close status of subledgers and ledgers from a central place. Increase user productivity by reducing multiple searches and the number of pages he needs to access by pushing information across areas in one place.

Account Monitor

Continuously be alerted to sudden changes in account balances in real-time based on thresholds you define so you can take action sooner. Quickly drill down through multiple levels of summarized balances, view different perspectives of the balance, and even drill back to the originating transaction to investigate the root cause. View the projected balance of an account during journal entry to understand the impact before posting.

Close Status Monitor

Close your books faster by immediately viewing the close status across subledgers and ledgers from a central location. Have more control by viewing the reasons of outstanding subledger transactions, complete with drilldowns to originating transactions.

Account Reconciliation Manager

Automatically reconciles subledger transactions at summary and detail level.

SmartView

MS Office plugin providing real time dynamic integration with MS Excel. Drill down, pivot, refresh, an incredible array of functionality is instantly available using SmartView.

SmartReceipts

Auto apply receipts with sophisticated matching, exception, and posting rules.

Financial Reporting Center

Get the information you need presented the way you want. Live reports and books, static snapshots, interactive drilling to supporting data, pixel perfect board-room quality reports, analyses, and much more.

Social Integration

Instant collaboration is embedded in the DNA of Oracle Financials Cloud.

Mobile Access

Access complete financial information on the go with full mobile access. The included Expenses app allows instant employee expense documentation with image and voice recognition and calendar integration.

Tax Simulator

Get tax right the first time with the real time tax simulator. Test tax updates against live production data or new test data to see the impact and validity before applying.

Collections Dashboard

Comprehensive actionable dashboards with real-time access to collections information.

Read each installment of Modern Best Practices for Financials and Oracle Financials Cloud where we drill down to the details of each Best Practice.

The full list of Financial Best Practice processes is:

  • Period Close to Financial Reports
  • Daily Close to Forecast
  • Budget to Approval
  • Supplier Invoice to Payment
  • Customer Invoice to Receipt
  • Customer Statement to Collection
  • Bank Transaction to Cash Position
  • Asset Acquisition to Retirement
  • Expense Report to Reimbursement

Contact Belltane at any time for more information, live demonstrations, and solution packages and quotes.Modern Best Practices for Financials: Planning & Budgeting

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