Financial Close

Communicating performance and financial indicators to your internal and external stakeholders is a recurring task that requires a significant amount of time, attention and endurance to complete. Performance Management software was created to build repeatable processes which shorten the time frame to derive the consolidated numbers and to provide operational insights into the various areas of your organization.

Still the pressure on accounting, finance and admin teams is often enormous due to the remaining manual effort and the complexity of the systems. Financial data is entered by the operational departments, transformed by Finance and Accounting teams and enhanced with additional information. With changing organizational structures and financial models, much needed transparency becomes harder to establish and sustain/retain. An efficient Financial Close system will be able to answer questions on both quantity and quality of data within a very short amount of time and supports its users in efficient ways.

FinTech Innovations has created the solutions for its customers to achieve the following results:

  • Account Reconciliations
    • Replaced Excel-based reconciliations with web-based reconciliation tool
    • Reconciling items for subledgers (AP, AR etc.) can be identified in seconds by using custom drill through reports
    • 95+% of Intercompany reconciliations automatically reconcile and close
    • Significantly simplified maintenance of data integration processes and mappings
    • Internal administration team manages even complex parts of the application independently
  • Close Management
    • Close calendars are defined in a modular structure for reusability with minimal administration effort
    • Application-specific close tasks are integrated with HFM, E-Business Suite and FDMEE events
  • Consolidation
    • ASC 606 adjustments can be clearly differentiated from Actuals during a 2-year parallel period
    • Expedited data load process by developing the efficient “FastMerge” process which tracks all active cells and guarantees data accuracy without the need for clearing HFM sub-cubes
    • Cash Flow is automatically calculated, Intercompany transactions are eliminated, Foreign Currency is translated based on account type or scenario

Associated software:

  • Oracle Financial Close Management – Account Reconciliation Management (ARM)
  • Oracle Account Reconciliation Cloud Service (ARCS)
  • Oracle Financial Close Management – Close Manager (CM)
  • Hyperion Financial Management (HFM)
  • Hyperion Financial Reporting (HFR)
  • Hyperion Tax Provisioning (HTP)
  • OneStream XF

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