Oracle Financial Consolidation and Close Cloud - FCCS

Key Challenges Organizations Face with Their Financial Consolidation and Close Cycles

Inefficiencies Owing to the Use of Conventional Tools

Most of the companies use Excel or similar tool for preparing financial statements and executing their consolidation and closing. This involves a lot of manual work, leading to validation errors. 

Lack of Data Security 

Usually, financial statements and data are shared by employees across the company using emails. This can make tracking changes difficult. 

Non-collaborative 

Communication between subsidiaries and the holding company takes place in isolation; hence it becomes difficult for the holding company to track the overall status of the consolidation cycle.

Delays and Rework

Validation errors and lot of communication, takes lot of time and effort for financial consolidation and close. Also, the need for an exhaustive amount of data from each subsidiary can cause delays and rework if the information is missing or yet to be audited. 

Difficulties in Reporting

For each consolidation cycle, companies need to prepare reports for each subsidiary as well as consolidated reports, considering the accounting and reporting standards of the different countries. Also, reports in different currencies of different countries need to be converted the holding company’s currency. All this needs to be done with great accuracy, which is difficult to achieve with conventional tools.

The Solution - Oracle Financial Consolidation and Close Cloud Service (FCCS)

Oracle Financial Consolidation and Close Cloud Service (FCCS) can help you overcome the above-stated challenges and make your consolidation cycles shorter and more efficient. It is a pre-built Oracle Cloud Application that handles most of your financial close need based on the best practice management and solution.

Get In Touch

Key benefits of post Oracle FCCS implementation

  • With Oracle FCCS organization will be reduced time and efforts for month end / period closing process.
  • Global standards taken into consideration viz. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS)
  • Intercompany eliminations
  • Reporting of Profit & Loss and Balance Sheet
  • Financial Closing Cycle reduced time and cost so that companies can close their books faster with more accuracy and flexibility.  
  • Sublime System’s agile implementation of Financial Consolidation n Close Cloud is cost effective solution with improved efficiency and accuracy.

Our Oracle FCCS Implementation approach

Start typing and press enter to search

Scroll to Top