Interactive Data Reporting: A Model for Smart Financial Management

Posted by Steve Berry

Jul 24, 2018 8:45:00 AM

Over 40 years ago, Saudi Oil Minister Sheikh Yamani was quoted for this insightful thought on global development: “The Stone Age did not end for lack of stone, and the Oil Age will end long before the world runs out of oil.”The world economy now turns on something more valuable than petroleum: DATA. Unlike oil, data isn’t in jeopardy of depleting. Over the last 20 years, enterprises of all types have faced an ever-growing wave of data growth – with many just trying to stay ahead of that wave by capturing and storing it. The idea of actually making use of it has been an evolving challenge. This blog post explores the evolution of interactive data reporting and modeling.

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Topics: Consolidation and Close, Budgeting and Forecasting, Finance Best Practices, Finance Operations

5 Ways to Improve Your Month End Close Process

Posted by Adib Khartabil

Jul 18, 2018 1:50:00 PM

The three legs to the stool: People, Process and Tools. This is borrowed from ITIL* (What is ITIL?) and is a set of detailed practices for IT service management (ITSM) that focuses on aligning activities with the needs of business, or in this case improving your month end close process. These practices can be applied to any activity by

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Topics: Consolidation and Close, Financial Reporting, Finance Best Practices

An Out-of-the-Box Consolidation and Close Process

Posted by Steve Berry

Jul 12, 2018 10:42:00 AM

Compared to Excel-based manual processes, Oracle Financial Consolidation and Close Cloud Service (Oracle FCCS) dramatically reduces the time and effort needed to do a financial close. 

At Strafford we like to think of the Oracle Financial Consolidation and Close Cloud Service (FCCS) as an out-of-the-box consolidation and close process. That’s because, unlike

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Topics: Consolidation and Close, Oracle FCCS, Finance Operations

Oracle FCCS Q2 2018 Updates – See What’s New

Posted by Pam Gazley

Jun 28, 2018 11:39:16 AM

We are committed to keeping our Oracle clients updated on Oracle Cloud product features and enhancements. In case you missed it, here's a recap of the Q2 2018 Oracle FCCS Updates.

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Topics: Consolidation and Close, Financial Reporting, Oracle FCCS, Oracle Products

Your Financial Close Impacts Enterprise Performance

Posted by Steve Berry

Jun 25, 2018 12:15:00 PM

It’s not just the financial numbers that show how well you perform as an organization — but also how well and how fast you can obtain those numbers and how the financial close impacts EPM processes.

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Topics: Consolidation and Close, Cloud EPM, Oracle FCCS, Finance Best Practices, Enterprise Performance Management (EPM)

Oracle FCCS – What’s New: Quarterly Recap

Posted by Pam Gazley

Mar 27, 2018 11:57:33 AM

We are committed to keeping our Oracle clients updated on Oracle Cloud product features and enhancements. In case you missed it, here's a recap of the Q1 2018 Oracle FCCS product announcements.

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Topics: Consolidation and Close, Financial Reporting, Oracle FCCS, Oracle Products

2018 Resolutions for FP&A Organizations Seeking Continuous Improvement

Posted by Deborah Jelley

Jan 3, 2018 2:33:32 PM

It's not too late to make those 2018 Resolutions and we've got a few for FP&A organizations. 2018 will bring key challenges to many FP&A organizations, not the least of which will be to ensure compliance with the recently enacted US tax code revisions and to understand how these changes will impact your company’s core business.  But there are other challenges that present opportunities your organization could take advantage of.  Some of these challenges include further investment in your FP&A organization to guarantee success in the year ahead.  Here are some upcoming trends in FP&A for 2018 as they relate to planning activities and partnering with your sales, operations and executive organizations.

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Topics: Consolidation and Close, Budgeting and Forecasting

The 11.1.2.4 HFM Features Organizations Love

Posted by Deborah Jelley

Aug 18, 2017 1:29:00 PM

 

Bullet Train Your Financial Close Process - HFM Features 11.1.2.4

Oracle has worked hard on improving HFM features, specifically consolidation times and performance.  We’ve posted tips on how to reduce your financial close process time, by altering or adjusting your business process flows. But this is a physical manifestation of improvements to the actual consolidation cycle.

HFM Features You're Sure to Love

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Topics: Consolidation and Close, Financial Reporting, Hyperion Financial Management (HFM), Oracle Products

Oracle FCCS: Where did my Income Statement hierarchy go?

Posted by Deborah Jelley

Jun 14, 2017 11:29:37 AM

 

Who wants “Best Practice Consolidation Out of the Box”? You do (along with a large bowl of sea salt caramel ice cream; but I digress). Am I right? Wouldn’t it be just peachy to have best practice for the consolidation cycle preconfigured for you? Yes, yes it would. It’s a good thing. Don’t get all snarky about “Best practice is just another hackneyed marketing term.” Give this post a serious eyeball before you swipe left, or click away; then if you must go out for ice cream, I won’t stop you.   

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Topics: Consolidation and Close, Financial Reporting, Hyperion Financial Management (HFM), Oracle FCCS, Oracle Products

The close cycle cut down to size: 6 tips for trimming days off your consolidation process!

Posted by Deborah Jelley

Jun 6, 2017 11:37:15 AM

 

The close cycle has unique characteristics for every organization, but key to pruning the length of time spent on it is the practice of continuous improvement. Continuous improvement is defined as an ongoing effort to improve products, services, or processes.  These efforts can seek “incremental” improvement over time or “breakthrough” improvement all at once.  We recommend incremental improvement through a constant feedback loop that in turn drives efficiency, or the reduction and elimination of sub-optimal processes.  Most organizations don’t have the time to spend on breakthrough improvement, so chipping away at it is best.

We are going to lay out some strategies you can apply to overhauling your current process. As your company grows, you can implement a consolidation system like Oracle’s Hyperion Financial Management (HFM) to automate many repetitive steps.  We won’t go into detail as to why you want to speed up the monthly close cycle; suffice it to say, time is money. 

Read on for six tips on trimming days off your consolidation process. 

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Topics: Consolidation and Close, Financial Reporting, Hyperion Financial Management (HFM), Oracle Products