Oracle Financial Consolidation and Close (formerly FCCS)
Oracle Financial Consolidation and Close Cloud Service (FCCS) is a cloud solution that can be configured to meet the unique needs of each organization. The consolidation system uses integrated best practices in conjunction with predefined content. This not only simplifies the product launch, but also accelerates it at the same time.
Depending on your needs, this consolidation solution from Oracle can be licensed separately or as part of the EPM Cloud. We at BLUBEIRD Consulting will be happy to advise you in deciding which license combination is the right one for your company and your use case.
The business benefits
- No hardware or IT investments
- Easy to use
- Easy to maintain
- Application Creation Wizard
- Fully customizable and owned by Lines of Business
- Migrate from disconnected planning tools and spreadsheets
- Work with latest version of the software
- Multiple environments and global data centers for deployment
- Seamless monthly patching
- Customize solution to your specific business need
- Best practices out-of-the-box
- Configurable application framework for specific requirements
- Powerful analytics, dashboards, reports and analysis functions
- Hybrid cloud deployments
Consolidation Specific Features
- Intercompany Eliminations
- Journals with workflow
- Currency Translation
- Built in Foreign Exchange/Currency
- Built in Translation Adjustment Calculations
- Automated Cash Flow Reporting
- Multi-GAAP Reporting
- Detailed Data Source Tracking
- Close Process Management
- Supplemental Details
- Office Integration
Pre-built best practices
Get up and running quickly with built-in best practice features, including dynamic calculations.
Meet your requirements without customization
Reduce your need for adjustments as cash flow, balance sheet, income statement, rollovers, calls to action and more are automatically calculated.
Meet global reporting requirements
Reduce the time required to comply with global reporting requirements, including International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP), with a pre-configured consolidation model.
Global advanced consolidation and financial statements
Perform complex consolidations
Increase the accuracy and speed of the close process by reclassifying, adjusting, and removing data for each hierarchy with prebuilt consolidation support. Work easily with the most complex legal and administrative rollups, which may include unique calculations and reporting requirements.
Manage close by automatically tracking key metrics across the business. You can use out-of-the-box calculations or simply create calculations for business-specific requirements.
Automate intercompany eliminations
Reduce manual work with automatic standard eliminations between companies. Additional functions can be customized as needed.
Increase consolidation accuracy by using standard or customizable currency translations.
Consolidate your global firm with GAAP-driven applications that provide comprehensive currency support, intercompany eliminations, stock eliminations, adjustments, and detailed data source tracking.
Intelligent Process Automation (IPA)
Increase efficiency with advanced technologies that automate consolidations in the background and eliminate manual effort.
Orchestrate a connected closure
Streamline end-to-end completion with automated process monitoring, integration, and workflow capabilities.
Automate XBRL tagging
Reduce time and increase accuracy by automating XBRL tagging and taxonomies with natural language processing
Compliance and transparency
Enable audit compliance
Provide visibility and audit compliance for tasks such as journal adjustments with forced task separation, data changes, visible calculations, and user activity logging. Always see what changes have been made to the data and by whom.
Add additional data
Provide the complete picture for bank statement balances by collecting supporting details. Easy-to-create templates help with sign-offs, validations, and drillbacks from the source to create footnotes, analyze statements, and track detailed information
Overview: Tour of Financial Consolidation (FCCS) and Close in EPM Cloud
Other Oracle EPM Cloud components:
- Financial Consolidation and Close (formerly FCCS)
- Planning (formerly EPBCS)
- Account Reconciliation (formerly ARCS)
- Profitability and Cost Management (formerly PCMCS)
- Tax Reporting (formerly TRCS)
- Enterprise Data Management (formerly EDMCS)
- Narrative Reporting (formerly EPRCS)
- The BLUEBIRD EPMViewer for Cloud applications