Increasing regulatory and investor demands challenge today’s accounting and finance professionals to optimize their financial close and reporting processes. Finance organizations need to increase visibility to their results while also reducing close cycles times. At the same time, most organizations’ businesses and enterprise systems grow more complex making it even more difficult for finance to report consolidated results.
With BrightStar EPM solutions, organizations can improve their time to close while also improving controls by automating recurring activities and putting process management in place. Improved data visibility, audit controls, and reporting give finance leaders peace of mind in terms of accuracy and regulatory compliance.
The bedrock of the close process is the data integration of multiple source systems into a single consolidated repository. Our Oracle EPM solution offers native capability to securely automate recurring data imports, including mapping and data reconciliation. It also enables the collection of data from entities that may be offline or running disconnected systems.
Entity Close and Financial Consolidation
Many organizations struggle with financial close because they have multiple entities running disparate sources systems that must be aggregated in a very short monthly or quarterly close window. Organizations can simplify and expedite their close process by utilizing data integration features coupled with full process management. Our EPM solution offers complete transparency for reconciling inter-company transactions, performing currency conversions, creating elimination entries, as well as tightly secured journal entry capability. Our solution offers the flexibility to define financial consolidation rules and processes to meet the unique needs of your organizations.
Reporting and Disclosure
Consolidation solution allows you to produce a full range of standardized financial statements, ad-hoc reports, dashboards, and data discovery. With our automated consolidation, organizations can easily create comprehensive management reports, executive board presentations, as well as statutory and external financial statements.
Governance and Compliance
Just as important as the actual reports resulting from the financial close process is compliance with global accounting standards. Financial consolidation solution allows you to manage consolidation across multiple accounting standards including IFRS, GAAP, and industry specific standards. Full auditing capabilities including monitoring, approval via workflow, and full process management ensure proper governance of the financial close process.
A Single Unified Platform
The consolidations solution is delivered as part of an integrated platform that includes budgeting & forecasting, reporting & analytics, strategy management, capital planning, profitability & cost management. It embraces and extends familiar Microsoft Excel® functionality, allowing finance professionals to manage data in a familiar environment – while providing unmatched modeling flexibility and enterprise performance.
Streamline your consolidations and close processes with Oracle EPM.
- End to End Consolidations Management. Our EPM Consolidations solution meets all of your needs, from data integration, to financial close, to reporting.
- A Single Unified Platform. Integrate data from any source system to simplify and expedite the close process.
- Process Management. Create automated workflow and defined ownership and due dates for each step of the process, close to disclosure.
- Owned by Finance, not IT. Embraces and extends familiar Microsoft Excel for developing business rules and report design – no complex scripting of business rules required.
- Multiple Currencies. Perform automated currency translation, including translation adjustments for income statement and balance sheet presentations.
- Lowest Total Cost of Ownership (TCO). Empowering Finance to own and manage the application means you don’t need specialized IT staff or consultants to deploy.
- Superior Customer service. Receive immediate, personalized service from the best trained EPM support staff in the industry.
- Built-in ETL Capabilities. Easily configure and automate data imports from source data tables.
- Roles Based Security. Grant users access and permissions based on defined roles.
- Scheduler Services. Automate and streamline data import and EPM functions such as planning and reporting.
Consolidation and Reporting
- Aggregate data based on different accounting standards. Support different accounting standards (e.g. IFRS and US GAAP) and roll-up structures through a highly flexible dimensional structure.
- Maintain a detailed audit trail. Enable audit tracking of all changes to support audit committee and financial governance activities.
- Reduce time spent on reconciliation. Create, reconcile and process inter-company-elimination entries between legal entities at any level.
- Flexible Workflow. Define workflows that automate the review and approval process of various activities.