Checking Up On Financial Close Management 11.1.2.1

By
March 7th, 2012


It has been about two years since Oracle first released Financial Close Management (FCM).  The story of FCM was an exciting promise of one tool to manage the closing process from A-Z – the G/L close to final consolidated reporting.  Now that we are at a point where implementing FCM is no longer beta/”bleeding-edge”.

Let’s see how it stacks up.  Is the excitement still relevant?

 

Image courtesy of Oracle Corporation.

The short answer is yes. FCM version 11.1.2.1 will deliver a dynamic, well thought out workflow tool.

To get a better idea of what FCM is going to do for your company, below is a brief highlight of what it offers:

  • Flexibility to deploy close schedules at any level:  country, region, corporate
  • Open system to let you define what controls and account reconciliation tasks you need
  • Real-time tracking of all end user tasks with alert highlighting to identify critical items
  • Dynamic dashboards to display current statuses
  • Multiple end user interfaces – single task email, Outlook tasks via SmartView, web Worklist.

An important point to make with FCM is that it is not solely a tool to use with Hyperion EPM suite products.  Currently, it will support integrations to Oracle E-Business Suite, PeopleSoft, and GCR.  So this will be an enterprise-wide workflow tool.  It will help not only your corporate consolidations team, but your wider finance community and that’s a major reason to get excited.

This post is the second in a seven-part blog series on Financial Close and Consolidation.


About TopDown Team

The TopDown Team includes members of TopDown Consulting who want to let the community know about webcasts, conferences, and other events. The team also conducts interviews on various EPM industry topics.

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