By Danny Booher
May 12th, 2016
Exciting news from Oracle: Oracle Financial Close Consolidation Cloud Service (FCCS) released today.
Some may think of Financial Close and Consolidation Cloud Service (FCCS) as HFM in the cloud, but, in fact, it is a brand new close and consolidations product. FCCS is not just HFM “light” either. It is the most commonly used functionality from HFM with out-of-the-box calculations, hierarchies, reports, and dashboards for faster deployments. FCCS also has close management functionality built-in that was previously only available in Oracle Financial Close Management (FCM).
Off the top, FCCS, PBCS’s sibling, offers many of the same benefits, including a lower upfront cost, reduced CAP expenditure, and easier global deployment amongst other things. Also, about 95% of what there is currently available in PBCS will apply to FCCS. As they say – this is not your dad’s HFM or Hyperion Enterprise.
Configuration of FCCS is based on enabling features (check boxes). There will initially be two custom dimensions you can add, but if you enable Multi-GAAP, then this will count as one of those Custom Dimensions.
In addition, Data Management for FCCS will enable specific pre-processing capabilities to facilitate the conversion of YTD data to Monthly/Periodic data. This means that all data in FCCS will be stored as monthly/periodic. Current recommendations is to not exceed 5000 accounts and 1000 Entities (these are not hard limits).
One important note is Data Management (FDMEE) will not be initially available. Oracle is predicting it will be available with the July update in six weeks.
There’s a lot to talk about with this new release.
If you are interested in learning more about how Oracle Financial Close Consolidation Cloud Service (FCCS) can benefit your company, contact us.