Oracle’s cloud-based ERP software is arguably the most advanced cloud-based business management software available. It keeps up with global economic expansion and functions across multi-tier organizations. 

A myriad of automated processes and alerts reduce administrative tasks so users can focus on data analysis instead of input.

This article serves as a brief overview of Oracle Financial’s benefits, capabilities, training options, security measures and how you might deploy it within your organization.

Fully-Integrated ERP With Oracle Fusion Cloud Financials

Oracle’s Cloud Financials module is packed with the power to handle all of your organization’s finance needs and then some. 

Depending on your business size and structure, you may not need all ERP features to begin with, but the enterprise-level capacity and module structure of Oracle’s ERP Financials allows your business to grow into offerings without having to switch providers. 

Having a general overview of how the Oracle Fusion Cloud Financials module can benefit your company and what the applications can do may help weed out what is unnecessary. Let’s take a closer look. 

How Oracle Fusion Cloud Financials Benefits Your Company vs. Oracle Cloud ERP Alone

Oracle’s Fusion Cloud Financials helps increase productivity and business decisions in global companies of all sizes and industries. Oracle focuses on innovation in key technologies like machine learning, automation and analytics. Major benefits include: 

  • Transactions captured with greater efficiently
  • Cost reduction due to automation of tasks
  • Reduced human errors in data entry
  • Modern, accessible user experience
  • Access to live financial data
  • Mobile device capabilities
  • Alerts for proactive issue resolution
  • Meets global accounting standards and requirements
  • Can be customized to meet industry-specific requirements

In addition to the benefits listed above, the designers have designed each area or component in the Financials module to help solve targeted financial challenges within a business.

A Closer Look at the Eight Components of Oracle’s Fusion Cloud Financials Module

1. Accounting Hub

The most impressive feature of Oracle’s Accounting Hub might be its ability to standardize accounting from other unrelated systems, bringing the data into Oracle from various ERP or transactional programs. The Accounting Hub brings your entire chart of accounts to one, easy-to-view place. 

In addition to bringing together data from disparate systems, you can also see more clearly in your operational performance. Oracle brings together financial information from other sources like ledgers, sub-ledgers, and supporting references. The analysis is more impactful with access to the full story. 

The accounting hub is also flexible – it can smoothly adapt accounting rules to new standards and company-wide policies.

2. Oracle Reporting and Analytics

Oracle knows big data requires powerful processing and provides an accounting engine to match any transaction volume.

In addition to fast processing, Reporting and Analytics from Oracle are full of highly discernable graphs, interactive sunburst charts, and role-based dashboards with drill-down capability. Information is presented with the goal of users being able to take targeted actions based on events and alerts.

Period close and month-end procedures also speed up with Oracle Fusion Cloud Financials vs. Oracle Cloud ERP alone. The financial modules present required tasks using real-time dashboards. Here you’ll find the status of period close duties, including journal entries, the general ledger, sub-ledgers, sub-ledger reconciliations, and more.

The ultimate innovation is of course the cloud-based hosting that allows for mobile, self-service reporting and financial management on multiple devices.

Oracle ERP Financials

3. Payables and Assets

The Payable and Assets module provides comprehensive invoice processing, cash reconciliation and asset management. Optical character recognition and imaging allow for the automatic recording of invoices. There is still an invoice workbench, to resolve any import issues with manual fixes. 

Forecasting for cash needs is a notable feature – drawing information from Payables, Receivables, and Payroll sub-ledgers, as well as external transactions. Access to funds can be set to controls per business unit, function, and user.

Plan ahead with a cash requirements report, and reconciliation of cash transactions to bank statements is automatic with a Review Exceptions page for any necessary tweaks.

FRS 16 and ASC 842 accounting rules manage worldwide asset management and compliance throughout the entire financial life cycle of assets. Additionally, the system now automatically calculates invoice taxes across multiple tax jurisdictions.

4. Revenue Management

Revenue is recognized in a timely manner, either at a time stamp or span, in accordance with IFRS 15 or ASC 606 accounting rules.

You can create customer contracts and performance obligations with configurable rules based on sales data and templates by clicking a button. The system can automatically calculate prices using contract transaction pricing based on a relative observed or estimated standalone selling price basis.

5. Receivables

You can establish customer models, reviews, and credit profiles based on business relationships and share billing, shipping, and payment activities among customer accounts.

The designated work area for transaction resolution and automated generation of invoices and credit memos increases billing efficiency. Additionally, online bill payments and account reviews for customers reduce costs.

Centralized deduction management helps investigate chargebacks, reduce invalid deductions, recover short payments, and assure internal compliance.

6. Collections

The collections applications in Oracle Fusion Cloud Financials keep track of high-default accounts with the dexterity to score customers on their ability to pay, resolve overdue accounts, and manage disputes. 

The collection process is sped up by implementing collection strategies to fit each payment risk score and automatically sending payment request letters.

Industry-standard metrics regarding receivables status may be viewed from the collection manager dashboard. These include days outstanding, average days delinquent, a weighted average, and promise-to-pay.

7. Expense Management

Oracle’s expense management platform comes with a digital assistant to record information with voice commands, and with the ability for employees to text receipt images on-the-fly using iPhone and Android operating systems. 

You can integrate the GetThere travel booking app with Oracle Fusion Cloud Financials ERP to track, approve, and tie travel expenses to specific project management codes.

8. Joint Venture Management

The joint venture management applications take your business a step further. Calculate partner shares with speed and accuracy through date-effective ownership definitions and rules, all housed in one place. Month-end close may be achieved in just hours using specific joint venture processing.

Adapting to Your Preferred Environment

If Excel spreadsheets are how you work best, never fear. Oracle Fusion Cloud Financials has the ability to integrate them across multiple functions. High-volume data entry can be uploaded easily from Excel and reports and tables may be exported to spreadsheets.

Oracle Fusion Cloud Financials also works with legacy systems and Cloud Marketplace applications to keep things flexible.

Fully-Integrated ERP With Oracle Financials

Oracle Cloud ERP Financial Training Options

In addition to using a great implementation team (more on that later), learning Oracle Financials has never been easier. Your company can benefit from free basic online training and paid financials training (with options for all Oracle Cloud ERP modules) through Oracle University

This Oracle offering provides learning opportunities to introduce employees to the cloud, build skills, validate expertise, and help your company accelerate new system adoption. 

Bring Clarity and Consistency to Financial Management

NexInfo takes the guesswork out of your financials with Oracle Cloud ERP.

Learn More

Subscription-Based Oracle Fusion Cloud Financials Training Course

Oracle offers cloud learning subscriptions to help users learn how to use new features as they are released. This can help companies keep expertise in-house and boost productivity through confidence in the cloud. 

Each subscription gives the user an attempt to take an exam and become Oracle-certified. The opportunity to add a new skill set and certification that the user if trained in Oracle gives value that surpasses current job roles. 

Private Training Sessions

In addition to free basic skills training and subscription-based financials course options, Oracle also offers Private Event Training for your entire team. The private course, whether in-person or virtual, is tailored to your company’s requirements to deal with actual issues or training roadblocks in real-time.

Advanced Safety Measures

Even with the impressive nature of the Oracle Fusion Cloud, it might seem risky to deal with your organization’s financials online. For an additional layer of data protection, Oracle provides superior security measures to ensure your data’s safety.

Oracle security can also be customized to your unique business. Oracle uses its Data Safe process to help its clients assess and mitigate data risk. Their unmatched security is able to limit users to certain access points in Oracle ERP systems and will even recognize and limit access while the user is in certain physical locations.

Oracle’s advanced security is even able to track configuration changes within your own ERP system. This includes changes to the general ledger, accounts receivable/payable, expenses, project management, and procurement. 

Oracle defends against not only outside threats and standard errors but also anything happening inside your own company that might warrant further investigation.

How to Launch Oracle Fusion Cloud ERP Financials at Your Company

Launching new ERP financial modules within your organization can be overwhelming. Your best bet for limited downtime mitigated risk, and a successful deployment is to partner with a consultant who has done implementations on every scale before.

NexInfo is one of the most trusted Oracle ERP cloud implementation companies due to its experience, unique methodology, and fixed-bid guarantees.

Trusted Expertise

Using an implementation firm like NexInfo means partnering with a premier Oracle partner with over 20 years of experience helping small, medium, and large enterprises achieve operational excellence. They blend business processes and software consulting services for seamless integrations.

Laying the Groundwork Before Implementing ERP and Oracle Fusion Cloud Financials

Every company runs slightly differently. Good consultant firms like NexInfo start with a thorough discovery of your organization’s unique environment and processes. Before even starting a project the NexInfo consultant team starts with: 

  • Process evaluation 
  • Review of organizational footprint 
  • The current state of data analysis
  • Project planning services

This important step in the implementation process ensures the project team stays focused on business objectives, rather than just migrating existing processes.

Taking time to lay this groundwork allows NexInfo to help their clients leverage the full capabilities of the Oracle Fusion Cloud financials application, instead of carrying over any limitations of previous systems.

Proven Deployment Methods

After evaluation and planning, NexInfo uses a three-step approach for risk management and rapid implementation. All steps are staggered (overlapping) so that the new system is constantly being tested before the first live launch.

Take your operations to the next level. Contact NexInfo today to implement Oracle Fusion Cloud Financials ERP at your business.