Oracle Fusion Financials
Oracle Fusion Financials:
Oracle Fusion Financials”
Next Generation , Financial Management Solution, Complete Financial Management Solution
Why Oracle Built Fusion Applications
Today’s enterprise users are more demanding. They have grown accustomed to using applications at work, at home and wherever they go. The rich user experience that they experience with Amazon. com,
Facebook, iTunes, etc. is expected in their enterprise applications. Rather than think of applications as a way of executing their decisions, they think of them as a means of making better decisions. Oracle realized it was time to think differently about enterprise applications. When Oracle designed Fusion Applications, Oracle made a huge commitment to develop Fusion in a
whole new way using a user-centric approach. Oracle spent thousands of hours observing users work day to day, watching how they spend time on every page to determine if that information really needs
to be there and why users need to log into a separate application, such as an employee directory or third-party application. The result is a Web 2. 0 “Facebook-like” user interface that brings all the relevant information and actions users need to take into close alignment with the actual business flows. When Oracle built Fusion, they wanted to make the software easily adaptable to any kind of change that is happening in the world and to ensure those changes lived on during upgrades. Oracle took a
business process flow approach and leveraged BPEL (Business Process Execution Language) for workflow and SOA (Service-Oriented Architecture) for extensibility that are both embedded in Fusion Middleware, the foundation from which Fusion Applications are built. Together these standards-based technologies allow customers to tailor their business processes very easily without worrying about
The New Standard for Productivity
Oracle Fusion Financials supports multiple productivity tools that help you capture transactions with greater efficiency and lower costs for resource-intensive tasks without compromising controls. Fusion Financials delivers extensive spreadsheet integration across multiple finance functions, allowing finance users to work in a familiar environment that is highly efficient. Spreadsheets are seamlessly integrated with the applications for high volume data entry and one-click uploads. The following are just some examples of where spreadsheets are used:
Fusion General Ledger: You can enter journals, correct journal import errors, and upload currency conversion rates within a spreadsheet. Fusion Payables: You can enter supplier invoices and correct invoice import errors. Fusion Assets: You can prepare asset source lines and complete asset details within a spreadsheet and then import them. Fusion Expenses: Your employees can enter their expense reports in Excel. Fusion Receivables: You can process customers’ receipts and remittanceinformation. Oracle Fusion Financials offers an integrated financial management suite that is designed to automate, streamline, and control an organization’s financial management processes end-toend. It includes a broad suite of capabilities including general ledger, accounts payable, accounts receivable, fixed assets, expenses, collections and cash management as well as centralized accounting, tax, payment and intercompany engines. Best of the Best Capabilities
When Oracle designed and built Oracle Fusion Financials, they took the best of the best capabilities from their acquisitions over the years to deliver a world class financials suite. They took the compelling features from E-Business Suite, PeopleSoft, Hyperion, and JD Edwards and included them in Fusion. In many cases, Fusion Financials provides additional capabilities that didn’t exist in any of Oracle’s Financials products or even in the marketplace. =
The New Standard for Reporting
The Office of Finance is considered the gatekeeper of information and is under increasing pressure to provide accurate and reliable information faster and more efficiently to both internal and external stakeholders to help them make better decisions. Oracle Fusion Financials delivers a unique reporting platform that provides real-time access to financial information with exceptional reporting and analytics capabilities. . What makes the reporting platform unique is its embedded multi-dimensional data model that leverages Oracle Essbase, the market leading online analytical processing (OLAP) server. There are several benefits with this approach:
- It allows large quantities of data to be stored and organized in a very efficient way that can be accessed and analyzed quickly for intuitive and immediate decision support.
- It provides excellent query performance especially for queries that require summary level data.
- It allows users to quickly analyze data from different perspectives from the same system that is used for entering transactions and generating financial and management reports.
- It provides business users with a highly interactive user experience when manipulating and analyzing data.
Account Balances that Monitor Themselves
Often times when anomalies in account balances are identified, it is too late to take corrective actions and influence future outcomes. Oracle Fusion Financials delivers self-monitoring accounts that automatically detect sudden spikes or drops in account balances based on thresholds that you define. For example, you can define the accounts you want the system to monitor and the threshold amounts, such as a 10 percent increase in travel costs from the previous quarter or a 20 percent decrease in hardware revenues from the previous year. You can view both current and comparative balances as well as their percentage change to assess whether the variance is favorable or unfavorable. To investigate the root cause of the exception, you can quickly drill down through multiple levels of summarized balances, view different perspectives of the balance, and drill further to the originating transaction. Because the balances are based on the same live, multi-dimensional data, the system monitors the changes in real-time so that you can take proactive action sooner rather than later. Self-Service Access to Reports
Instead of depending on others such as IT to deliver reports, users have self-service access to any financial or management report they are authorized to view. The Fusion Financial Reporting Center provides a central place to securely distribute static snapshots of reports at specific points in time or live reports based on real-time accounting information, complete with drill downs to live transactions. All reports and transactional tables can be exported to Excel for further analysis
and easier viewing of large amounts of data.
Oracle Fusion Payable supports out-of-the-box invoice imaging integration. Supplier
invoices can be scanned with intelligent document recognition and then automatically routed
to the appropriate finance personnel for faster completion, approval, and payment processing. You can view the invoice image directly within Fusion Payables while creating an invoice –
so it is easy to complete the task quickly and accurately. Upon saving, the invoice images are
automatically linked to the invoice so you can easily view them throughout the invoice’s
lifecycle, such as during the approval and auditing. With the integrated imaging solution and optical character recognition (OCR) capabilities in
Fusion Payables, you can make invoice entry faster, reduce errors and help youTr company
The reconciliation process is expedited with interactive reconciliation reports that compare
open receivables and open payables balances to the corresponding balance in Fusion General
Ledger. If differences exist, Oracle Fusion Financials automatically performs the laborintensive
process of matching each transaction to its respective accounting entry and finds all
transactions and accounting entries that contribute to the out-of-balance total. Accountants
can simply drill down to the transactions to investigate discrepancies.
- Provides transaction-level balancing to ensure debits equal credits for each legal entity or management entity that requires balance sheet accounting.
- Balances up to three segments per chart of accounts to facilitate legal and management reporting.
- Due to/Due From journal lines are automatically generated based on centralized intercompany setup to ensure intercompany accounts are applied consistently across transactions.
Request Demo ,