Oracle Financials Cloud Tutorial

This article explains about the Oracle Financials Cloud offering from Oracle.

Oracle Corporation is a famous American multinational corporation in the field of computer technology. The company aims at selling the best database software, technology, enterprise software products, and cloud engineered systems. One such product of the company is Oracle Financials Cloud which is designed to provide the customers with business benefits and capabilities.

It simplifies the operations, improves decision-making insights, increases productivity, and delivers broad business capabilities so that organizations can progress and improve performance at a rapid pace.

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What is Oracle Financials Cloud?

Oracle Financials Cloud is one of the finest financial management solutions that are available as it is comprehensive, extensible as well as integrated. It offers substantial support to companies and organizations in a wide variety of domains. It is a broad and complete way out that empowers modern and agile finance with improved business decisiveness, increased productivity, and streamlined processes.

It further helps the organizations and companies to continuously innovate in major technologies such as mobiles, machine learning, artificial intelligence, social, analytics, etc. deployed in the cloud. In short, it allows them to achieve more goals faster and quicker with the fewest resources required.

Why Oracle Financials Cloud?

Customers always choose Oracle Financials Cloud because it promises them continuous resilience and growth. It comes with a lot of financial product features such as revenue management, accounting hub, Ledger and analytics, payables and assets, etc. Moreover, it is consistent. Users can easily move to the financial cloud faster and efficiently with fewer risks as compared to other providers. It is just the product for the seamless organization of your company as it manages its finances and operations effortlessly.

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Why you should use Oracle Financials Cloud?

Oracle Financial Clouds is designed for collaboration and real-time access to the latest data so that the companies can get insights faster to help them minimize cost and increase their productivity.

From an operational perspective, many businesses consider their financial information to be the most important and confidential information. This is true for businesses that are privately held and managed. The technology offered by Oracle Financials Cloud ensures data security and strict confidentiality as it designates machines for each customer of the company. A dynamic business process is maintained and implemented to enable growth and expansion of operations.

The Oracle Financial Clouds updates itself every 90 days, it invests in R&D and it has the capabilities of adapting to change. It identifies the anomalies, makes recommendations, and predicts the most possible outcomes that you might need. With so many features in just one product, Oracle Financials Cloud is the highest performing cloud with unmatched speed, security, and continuity.

Oracle Financials Cloud Features

This end-to-end business management solution which is designed for midsized to enterprise-level customers offers applications such as material-planning, self-service reporting, analytics, accounting, and whatnot. To fulfill the needs of its customers, it comes with a lot of built-in features such as:

• Ledger and Analytics – It consists of a multi-dimensional reporting platform that is responsible for analyzing account balances in real-time. It monitors and addresses the top concerns of the organization with mobile capabilities. It further improves visibility with a close process and finally interacts with account balances to view them from different perspectives.
• Payables and Assets – The software controls supplier balances, payments, and invoices and tracks and accounts for the company’s fixed assets. It manages bank accounts, cash forecasts, and positions, reduces errors, and automates imaging with OCR.
• Revenue Management – It manages revenues by creating contracts and performance obligations that are based on configurable rules. Additionally, it automatically allocates and recognizes revenue for performance obligations from time to time.
• Receivables – Managing customer data centrally, creating their invoices, receiving and applying for customer payments, managing their balances, recognizing revenue, and managing the entire quote-to-order-to-cash process are some other features of this software that it can easily perform.
• Expenses – Expense reports are created and submitted easily and expense management controls are enforced with audits and approvals. The mobile version allows the user to enter expenses on the go. Moreover, it improves business processes with integration.
• Collections –
  • Allows customers to be ranked with scoring
  • Increases efficiency with strategies
  • Improves cash flow by the payment management
  • Identifies and tracks the bankrupt customers

• Accounting Hub – Oracle Financials Cloud can create accounting and easily adapt to the changing needs and policies. It ensures accounting policies by centralizing accounting rules for sub-ledgers. Further, it analyzes the enterprise and utilizes the multi-dimensional reporting to support information.

Oracle Financials Cloud Architecture

Oracle Financials Cloud has a three-layered architecture that includes the access layer as the topmost layer, services as the middle layer, and resources as the lower layer.

The access layer manages the interfaces and networks namely native protocols, portals, custom UIs, self-service APIs, proxy, perimeter security, naming, and balancing. You can use any device such as laptops, desktops, phones, etc to access the cloud services. It provides security, policy and revenue management, monitoring, etc.

The service layer is connected to both the resource layer and the access layer and it offers the services by the cloud. It supports all service models and handles operations, design-time, business management, and orchestration.
The last layer consists of logical pools, physical pools, and facilities of cooling, real estate, utilities, and others which create the cloud infrastructure.

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Oracle Financials Cloud Benefits

Oracle Financial Clouds is a popular choice among companies. It delivers the expected results and beats its rivals in speed and flexibility further managing the process flows. It has the following benefits:

• Accessibility of features – It can be accessed with the internet anytime and anywhere easily. It is functional on laptops, tablets, and as well as smartphones too. At many organizations, managers of finance and accounts complained about the unprecedented operational hurdles that they face during the COVID-19 lockdown period. However, this was not the case with people who were using the Oracle Financial Cloud as with its help they were able to work remotely.
• Data integration and enhancement – Due to this system being web-oriented, integration and data accuracy improved greatly in an organization. It has built-in analytics that allows the owners to access their data in their desired formats in real-time. Additionally, predictive analysis can be upgraded which fuels new business models and increases performance.
• Scalability and Integration – It enables a wide range of application integration thus supporting complexities and bulk data movement.
• Cost Savings in Operations and IT – Oracle Financial Cloud is a SaaS product thus it reduces the expenditure and lowers dependency on IT. It is cost-effective as it charges monthly depending upon the base package, user types, and the number of people using it.
• Supports Next-Generation Employees – It is streamlined and user-friendly software which makes it quicker and easier to perform all the back-office functions. It even addresses the expectations and experiences of the next-generation employees thus making the organization future-ready.

Oracle Financials Cloud New Offerings

Oracle Corporation has improved the functionality and operations of the Oracle Financials Cloud by adding the new features in the software which might help the user and their company in a long run for the tasks they need to perform. The updates every 3 months allow greater productivity, agility, progress, innovations, and management of the organization in quick and efficient ways.
New offerings in the financial cloud software have been added to improve the performance in general such as configurable payable and workflow notifications, reviewing and accounting exceptions for sub-ledgers, synchronizing hierarchy maintenance across budgetary control, and general ledger, etc.

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Advantages and Disadvantages of Oracle Financials Cloud

Since every coin has two sides, this fantastic financial management software by Oracle has its pros and cons too. Even after having so many features and functionalities, Oracle Financials Cloud software still has a few disadvantages of its own. Below are some of the most talked advantages and disadvantages of it which its customer should be well aware of.

Advantages

• The software is user friendly and flexible which allows the users to customize according to their business standards.
• It has several side tools such as Discover Report Writing and logistic tools which make financial management much easier saving a lot of time.
• It bears no installation and server fees.
• It has a robust reporting capability. Its BI feature allows the user to start creating reports just by using the UI.
• Data entered can be imported and exported in the excel format.
• It has good data visualization, streamlines the process and workflow, and supports the business automation process.

Disadvantages

• It is difficult to train people how to use it and it takes many clicks to do a particular task.
• It times out frequently which is bothersome and the user has to re-login several times.
• Before interfacing the data, the user has to do data enhancement outside Oracle.
• It can be a little confusing for a new user and it can even prove to be a bit expensive to some of them.
• Integration with other software can be tough at times with this.