Between 2019 and today ExperLab has managed n.5 implementations of Oracle FCCS applications, n.4 of which are already live and active.
The experience on the Cloud consolidation on Oracle technology grows, after more than 15 years of implementations of the consolidation in HFM.
Here are some of the features of the applications released to our customers:
– N. operating users: between 5 and 15;
– Statutory and managerial consolidation;
– From a minimum of n.8 to a maximum of n.60 companies consolidated in the perimeter;
– Flat and staged consolidated by region, statutory and foreign currency;
– Cash Flow Statement and Notes tables developed in all implementations;
– Import data from different sources, via Data Management;
– Dimensions of managerial analysis such as Channel, Geographical Area, Cost Center, Business Line, Department, Division;
– At least 2 “historical” closing loaded and reconsolidated in all applications;
– Presence of budget and planning scenarios;
– Both new implementations and migrations from HFM.
The relationship with Oracle in identifying the new features introduced in the tool is constant and contributes, together with the technical growth on the tool of our resources, to build the best implementation practices along the various projects.
Following are the new enhancements on FCCS May release.
- ON-DEMAND RULES: this is really appreciated by the EPMs consultants ! This is the possibility to perform calculations outside of a Consolidation Process. Also from Smart View > Business Rules console.
- SUPPORT FOR ADDITIONAL ELIMINATION MEMBERS IN THE DATA SOURCE DIMENSION: this is great ! Into Fccs Elimination world we can track different natures of automatic journals. Using Data Source Dimension. This is data tracking for the Consolidation process.
- VIEW SIZE AND LAST MODIFIED DATE OF SNAPSHOT;
- “CLOSE MANAGER” RENAMED TO “EPM TASK MANAGER”;
- EMAIL NOTIFICATIONS FOR SUBMITTED AND REJECTED JOURNALS;
- CONSOLIDATION REPORT ENHANCEMENTS;
- REMOVAL OF THE ABILITY TO CREATE NEW COMPOSITE FORMS;
- APPROVALS PROCESS ENHANCEMENTS;
- NEW VERSION OF THE EPM AUTOMATE UTILITY.
It’s time of Financial Statements collection; holding companies controllers stress foreign controlled companies to gain the balances and the data quality to be consolidated.
Here we talk about a new winning approach to the closing: ready to see the new features of Oracle FCCS?
Experlab organizes webinars and assessments on Financial Close and Consolidated Financial Statements (and the disclosures), based on its many years experience in Finance processes.
For HFM historical customers we will focus on differences and affinities with Oracle FCCS, in terms of:
– Dimensional model and metadata management;
– Rules for calculation, conversion and consolidation.
For those who remain attached to a management of closures with the good old excel: a nice opportunity to see how easy it is to implement the new cloud consolidation solution along its design phases.
In two words, strengths that the consultant likes:
– The flexibility and speed in the creation of the master data of the dimensions, and in the management of the properties;
– The speed in loading data from different source systems, and in the production of Reporting;
– The preconfigured rules model at the consolidated level.
Winning projects also thanks to the new Cloud paradigms: we see the interest of the CIOs growing towards a model with zero internal maintenance costs, with advantageous fees and with applications that are always up-to-date also in terms of new features.
The moment is good to look at the favorable licensing of the EPM Cloud.
With FCCS we then have Demo Kits to start working on the following processes:
– IFRS Consolidated Financial Statements;
– Sustainability Reporting with GRI;
– Leases with the IFRS16 method.
EPM Cloud Migration Accelerator speeds up the migration of metadata from HFM to FCCS. From a system integrator point of view this is an added value for the implementation of the best practices of an FCCS project development.
After metadata migration we prepare the way to work on the data and the consolidation and Closing process, keeping a parallel with an on-premise HFM application active.
Experlab offers sessions for illustrating the features, strengths and innovations introduced by Oracle FCCS (Financial Consolidation and Close Cloud Service) along its development roadmap in the Oracle EPM Cloud environment.
– Management Control Area and Consolidated Financial Statements of companies that currently do not use Enterprise Performance Management tools for Reporting;
– Management Control Area and Consolidated Financial Statements of companies that have HFM on premise: in this case, a comparative analysis and a verification of the opportunities for migration to the Cloud can also be carried out.
Qualified support for key users in the evaluation of EPM tools in a technological change era.
A good starting point for designing the FCCS documents is to tell users how Substitution Variables work in FCCS. This is a function inherited from Essbase that allows you to always make dynamic Web Data Entry Forms and Reporting Book.
We can for istance define Substitution Variables for a comparison scenario, for a certain consolidation point, for the prior period and the prior year: we define them together with the key user, making it fully involved and skilled in using and maintain this functionality.
From here we will set the Substitution Variables within the Point Of View of our reports instead of fixed or selectable elements of the cube; depending on the accounting year or other data analysis requirements, it will be enough to modify the Substitution Variables and all the FCCS objects that point to those dynamic elements will reflect the change.
A new paradigm, we said: this is how we see Oracle EPM Cloud applications from our experience in cloud projects.
Looking at FCCS, one of the strengths, compared to HFM on premise, is data integration.
FCCS can live between SDM (Supplemental Data Management) and FDM (Financial Data Management).
With SDM we can map a large number of attribute / text / descriptive informations to the measures or other dimensions of FCCS. We upload data with CSV files or SDM Web Forms. All FCCS metadata, which is the final information from Financial Close, has a drill-through to a large number of source related information.
With FDM we can map the statutory and managerial Financial Statements of FCCS to destination information, and thus make the data importable in other accounting and / or EPM systems, maintaining the detail of the FCCS source.
Here are some notes on today’s FCCS Workshop in Milan.
- Developed Demo Kit for Consolidated IFRS; further customizable and extendable in terms of functionality;
- Version “18-10” of FCCS arriving at the end of october, with two new Custom Dimensions;
- Oracle EPM Cloud Migration Accellerator (ECMA) for mapping and migrating application profile and metadata from HFM to FCCS;
- Wizard for Configurable consolidation Rules + Essbase Calculation Scripts + Member Formulas for calculation and consolidation management;
- Already on the market the FCCS Demo Kit for the management of the Leasing in principle IFRS16;
- EPRCS for Cloud Integrative Notes to the Financial Statements as an integral part of FCCS Reporting;
- Smart View for development and maintenance of dimensions (metadata);
- Reporting Web Studio for the realization of the package of input and consolidated reports;
- Automatic generation of Cash Flow statements on Account and Movements dimensions;
- Dashboards and Financial Close for CFO and controllers;
- Supplemental Data Management (SDM) for uploading and mapping attribute information on FCCS elements;
- EPM Automate for loading data from ERP Interfaces.
Starting date of IFRS 16: January 1, 2019: ends the distinction in terms of classification and accounting treatment, between operating leases and finance leases: the right to use the asset in leasing and the commitment assumed will emerge in the balance sheet in terms of assets and financial liabilities.
The potential of Oracle FCCS for the management of Leasing in principle IFRS16 are high.
The pre-configured application accelerator includes following components:
– Dimensions (metadata) for the master data of the Leasing contracts, the companies that are in charge of the contract, the time horizon of the contract, the measures (accounts) in input from the source systems, the measures (accounts) elaborated by the calculation engine of FCCS outgoing towards Reporting / CPM systems;
– SDM (Supplemental Data Management) a module for loading data into FCCS from source systems, and for managing the descriptive fields associated with each measure in FCCS and individual leasing contracts;
– Rules for the calculation of the impact of the adoption of IFRS16 on the income statement, Financial Position, financial covenants;
– Approval workflow management and data validation process per user;
– Excel SmartView reporting interface.
We think that, by developing our FCCS consolidation template we will find so many matches with ESSBASE functionalities. And so, we try to report here.
Let’s talk about metadata development in FCCS: here we can use the IMPORT METADATA function, so we build a TXT file with the dimensions we want to import into the FCCS application; we will have a record header with the name of dimensions and the properties we want to upload: we can explicit as many properties as we need for each dimension; FCCS will set as “default” the missing properties in the TXT file. We manage the load option and field separator as in the Essbase Administration Console (EAS) when we manage the RULE FILE to import dimensions and property dimension from a TXT file or from a staging table into our DB. We manage the CLEAR MEMBER option, then we validate and import.
For data upload we build a TXT file made of our Periodic or YTD data values; we have the period, we have the measure with the amount, we have the Point of View for the data import and then we have the cube to be loaded. We set up the location from which to import the file, we set up a delimiter , an import mode, an accumulation type and a date format. This is very similar to the Essbase Data Load Rules, to load thousand of data records from a TXT file or from a database.
Always with reference to what we do in Essbase, both metadata and data management in FCCS includes these process steps:
- TXT model and creation, also from an excel file;
- First import and TXT validation (the same of Data Rule run in EAS);
- Adoption of the TXT as a template for the go live to import files with same format.
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