Although the idea of automation in financial processes is not new, recent discoveries reveal many companies are still using spreadsheet-like account calculations that involve a high number of transactions and balances. This is not a truly automated process and certainly does not take advantage of the most up-to-date software that technology has to offer. The good news is that recently designed and improved cloud applications make clear the path to project visibility, collaboration, and control within financial processes. CFOs can pilot the change and will eventually see that by having each element of a process connect to adjoining tasks, the steps become continuous.
CFOs can improve reporting and consolidation with modern finance. Cloud deployment in support of the financial close, such as Oracle’s Financial Close Management (FCCS), is innovative as it connects those working with the finances to other employees and the process itself. Such connections automatically increase productivity and user satisfaction. With everyone being able to complete his or her role more effectively and efficiently, the feeling of dread toward the financial process becomes a thing of the past.
A few focal points for CFOs:
- Adopting a modern, technology-enabled financial close and consolidation process ensures accuracy and punctuality, so your team can spend less time fixing past errors and more time working towards future successes.
- Using strong data governance models and standardized processes accelerates accurate decision making.
- Modernizing finance through strategic cloud leverage allows CFOs to save on IT hardware and labor which then redirects capital towards technology-led innovations and new business opportunities.
Oracle Financial Consolidation and Close Cloud Service (FCCS) is a solution that can be configured to fit individual organizations’ requirements. Using best practices coupled with pre-seeded content, the system allows organizations to build an application that meets their business needs without having extraneous functionality that is not required.
The upside to being in an era of digital disruption is knowing that a well-respected company such as Oracle has remained one step ahead of the game and has already divulged a solution to automation shortcomings. CFOs are becoming increasingly aware of the importance of process improvement and modernization, turning to Oracle to satisfy their needs. Oracle’s FCCS strives to align organization, culture, and technology within a company—a situation in which everyone wins.