Oracle Fusion Financials is designed to work side-by-side with another Fusion Applications. Oracle Fusion Accounting Hub provides an opportunity to leverage the data access capabilities of Fusion Financials while keeping your existing folder in place. Oracle Fusion Accounting Hub allows you to aggregate data from any multiple general ledger environments whether it is Oracle or non-Oracle. It also provides the reporting and integration platform to effectively drive a coexistence way with your present financial methods. It is designed to distribute in coexistence with EBS, PeopleSoft, JD Edwards, and other enterprise resource planning systems. The intent of financial applications is to provide a comprehensive financial management solution from beginning to end across the accounting process. It consists of streamlined and provides unified best in class capabilities and features. In this present fast growing technology, oracle fusion financial applications have great demand in financial business organizations in which they can improve their business strategy and can decrease their infrastructure costs.
ABOUT ORACLE FUSION FINANCIALS:
Oracle Fusion Financials is a module of the Oracle Fusion Applications suite which revolutionizes the productivity and information access with native and real-time intelligence. It is a complete application suite to help you to run your absolute business. Under the subset of oracle fusion applications, the oracle fusion financials applications are the key part, which is a modular set and constructed to work as a fully financial solution or an extension to existing financial systems. Financial Applications are a unit of products build to store and analyze the financial information on a worldwide basis.
It is a complete, comprehensive, and integrated suite of applications built on open-standard using a service-oriented architecture and a general financial platform. Oracle’s solutions work together with centralized components for accounting, end user, and supplier data, payments, tax, and intercompany accounting to aid companies to speed up financial processes, enforce compliance, and free resources to expand the business.
Using the Fusion Financials applications, your firm can estimate how to manage the financial flow. It is a complete financial management system which includes a wide range suite of Oracle Fusion General Ledger, Oracle Fusion Accounts Payables, Oracle Fusion Accounts Receivables, Oracle Fusion Fixed Assets, and Oracle Fusion Cash Management.
It also includes tax, expenses, and collection management that all sit on top of a 100 percent open, standards-based platform to help consumers to enhance business agility and standardize business processes. It helps in present fast-growing and dynamic organizations make good decisions, increase financial business intelligence, decrease IT costs, and continuously growth in efficiency. The fusion financial applications and database storage are deployed in the cloud that can be easily moved to or from a private cloud or on the environment.
Apart from the fusion financial applications, it considers the reporting, decision-making, and intelligence as an addition, it also delivers unique business insight to all users. Its goal is to provide a management solution in entire accounting cycle which consists of effective and integrated capabilities and features.
The following are top ten reasons why oracle consultants show interest towards oracle fusion financials:
- Embedded Business Intelligence: Within the context of business transactions to provide actionable insight for all users. It is shown in the same window where customers enter the transactions so that they do not have to drill-down or invoke a different popup.
- Designing the Financial Report: Capture the financial reports with static data or defines live reports. Alter the user’s point of view end users can instantly refresh results on the fly.
- Board Quality Financial Statements: You can export results to MS Word and PPT, and dynamically refresh results within those MS Office products. You can export results to MS Excel for further analysis and perform multi-dimensional analysis and drill-down to live transactions.
- Enhanced Reporting and Analytics: It ad-hoc general ledger queries within a web environment which support multi-dimensional analysis, drill-down, and pivoting. All queries are lightning rapidly because it works off the same analytic cube that stores pre-aggregated balances at every level. They can easily enlarge and collapse sections, they can alter query criteria to instantly refresh results, and they can drag/drop page level dimensions to slice and dice data.
- Information Driven Dashboards: Contextual users operations and are controlled by roles allocated to end users. Use account monitor to Pro-active observing your critical balances, User-configurable rules and thresholds, Be alerted to account balances that go beyond thresholds, Actual Vs budget comparison, Embedded intelligence built-in to charge the change, Drill to view breakdown of balances for each child value that rolls up to the parent value.
- Extensive Spreadsheet Integration: It is used to lower bugs/errors and manual work, Extensive spreadsheet integration across financials, allowing financial end users to work in a familiar environment that is highly efficient.
- Defining and Maintaining Financial Business Process: It is made easy using Enterprise Structure implemented using the chart of accounts and firms, although multiple alternative hierarchies can be implemented and used for financial reporting.
- End User Experience: The information at your fingertips and in-context of the work performed at that time.
- Duties and Job Roles: It is used to maintain who can access which part of your financial business process and what actions they can.
- Easy to own and Implement: No more keeping track of your setup using million excel spreadsheets.
The key features of oracle fusion financials are Innovative embedded multidimensional reporting platform, Simultaneous accounting of numerous reporting needs, Role-based dashboards push issues and work to end users, and Embedded transactional intelligence guide user’s decisions, Out of the box imaging integration for dealer invoices, and Extensive excel spreadsheet integration across financial functions.
The benefits of fusion financials includes Gain real-time access to live financial information, Fulfill with global accounting standard-based and many legislative, industry, and geographic requirements, Close quicker with visualization and observing of the close status for general ledgers and sub-ledgers in related subsidiaries, Pro-active issue resolution for automated processing, Improve decisions making and accuracy during transaction entry, Lower processing costs and data entry bugs, and Save on training costs and improve productivity when handling large volumes of data..
Co-Existence with Oracle Existing Solutions – Oracle Fusion Financials is build to work with Oracle’s existing product lines such as Oracle EBS, PeopleSoft, and JD Edwards solutions without forcing users to execute a full-scale upgrade. The key component of this co-existence solution is Oracle Fusion Accounting Hub, which integrates with Oracle’s existing solutions and third party systems.
Fusion Financials Rapid Implementation – Fusion Financials delivers streamlined configuration templates and excel spreadsheet interfaces for setup to reduce the time needed for key settings and enable day to day use of the software more rapidly. Configuration templates focus on serious setup steps and most commonly used features, excel spreadsheet interfaces offer a simplified, reusable setup for enterprise structures, branches, banks, and accounts, and tax based on native and familiar worksheet functionality, plus the benefit of offline files to review setup data in a single worksheet.
Comprehensive Governance, Risk, and Compliance – Oracle Fusion Governance, Risk, and Compliance offer a unified framework for maintaining internal controls and facilitating fusion financial and operational audits. By streamlining all GRC activities from the documentation, remediation, testing, and certification of an end to end processes and controls to managing enterprise risk. GRC supports a common view of risk and compliance across the needs. This real-time visibility, in turn, ensures greater financial control and business agility.
World Class Performance Management – Fusion Financials and Oracle enterprise performance management applications implement closed loop processes for planning, transacting, measuring results, and budgeting. Oracle Hyperion Planning adds budgeting and forecasting capabilities to the mix, making it simple to observe revenues and expenses against sales and budgets against forecasts.
Live Access to Information How and When Users Need It – There are different reporting needs within the finance organization. The Chief Financial Officer needs the professional quality financial statements, financial analysts need to analyze general ledger balances, and other customers need to perform ad-hoc transactional queries. A unique complaint from all these professionals is that the information is dispersed across various sources and is outdated, inaccurate, and time consuming to gather. Oracle Fusion Financials offers a state of the art reporting platform that is natively built on top of an analytic model. Single step posting from transactions to the analytic data model ensures consistent, exact data, and timely for management and external reporting. All the financial reports work off the same data source and support drill-down to live source transactions. All reports and queries are accurate up to the minute, providing multidimensional analysis without the need for a different data warehouse. Accessing data is different in Oracle Fusion Financials. End users no longer need to depend on IT involvement to create reports. Financial users can gain access to live report snapshots through a secure, self-service reporting center. Other users can easily create their own ad-hoc transactional queries using predefined business views that use unique business language specifically built for non-technical users to understand.
Better Decision-Making by all Users – Financial end users especially those doing heads-down data entry often have limited data to complete transactions. Studies show that users can waste up to some percent of their day searching for data, and companies can spend the equivalent of less percent of salary expenses on employees making ineffective searches. Fusion Financials lowers time eradicated on ineffective searches made by users with the accurate information they need at the right time. End users know exactly what they need to do just by logging in. With Fusion Financials, the system does more of the thinking for you by offering real-time intelligence within the context of a business transaction to judge your decisions.
Less Time Spent on Menial Tasks and More Time on Value-Added Activities – Financial organizations are constantly trying to find ways to be more productive and do more with less effort. Unfortunately, transaction processing dominates much of financial workload. Fusion Financials dramatically reduces the costs of resource intensive tasks. Native spreadsheet technology offers a natural extension to transactional entry to support a high volume of data entry across most financial functions.
The oracle fusion financials service is implemented with oracle application development framework and also provides few methods of applications integration like ADF desktop integration, ADF services, File-based data import, and Reporting tools.
Use of Oracle Fusion Financials:
- It is used to lower time wasted on ineffective searches done by users with the particular information they need at right time. With fusion financials, the system does more of the thinking for you by providing real-time business within the context of a business transaction to guide your decisions.
- It also offers widespread support for global companies in a wide variety of industries.
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