Seamless Integration through Oracle Fusion SLA
Guest post by
Mili Bhaskar, Consultant, Infosys
Ever changing policies, regulations, controls and reporting requirements have forced organizations to design a complex accounting model with a lot of custom applications and manual interventions. Towards evolving into a better adaptive agile business function, finance operation faces a few challenges:
- Garnering adaptability towards ever changing controls and audit compliances
- Streamlining of multiple systems operating out of multiple geographies catering to different local and statutory requirements
- Inculcating snap-of-the-finger decision making capabilities through predictive analysis of real-time data
Oracle Fusion Accounting Hub leverages the Oracle Fusion SLA capabilities to cater to these dynamic challenges through -
- A Centralized integrated Accounting model for all sub ledger applications
- An Exceptionally Robust accounting engine for any transactional attribute
- Multidimensional representation of real-time accounting information
A Centralized integrated Accounting model for all sub ledger applications
Maintenance of multiple financial applications usually involves formulation of complex custom handshakes which will require manual intervention at various levels for data cleansing and application sync up. This shoots up the overhead cost of the application.
Oracle Fusion Subledger is a very flexible accounting model for generating accounting entries which enables automated account generation for events defined from transactional attributes. Automated account generation helps in error reduction and keeps the system clean from bulky custom components and bad data. Oracle Fusion SLA uses the what-if analysis to validate the accounting rules created and can do that for all transaction that flows in from any external application.
An Exceptionally Robust accounting engine for any transactional attribute
Exponential growth of organization's enterprise landscape into different geographies and system platforms involve complexities arising out of multiple compliance and regulatory requirements. Each country has its set of local and statutory compliance set which results in organizations creating multiple financial statements. Oracle Fusion SLA has the capability to maintain multiple accounting treatments for same set of transactions which enables the finance department to concurrently adhere to multiple compliance demands. Oracle Fusion SLA meets multiple financial reporting requirements, such as IFRS, U.S. GAAP, and local statutory requirements. Also Oracle Fusion SLA can store data effective rules for accounting events which helps in accommodating to changing accounting rules and standards.
Multidimensional representation of real-time accounting information
Oracle Fusion Application through the supporting reference feature in Oracle Fusion SLA provides the ability to store multiple sources as supporting references for the accounting entries generated for transactions. This feature enables organizations with multi-dimensional reporting which gives flexibility to organizations to track balances by accounts or any other supporting reference defined.
Oracle Fusion SLA gives the capability to synchronize multiple heterogeneous systems under one accounting roof without really modifying the existing landscape. Better tracking of financials, ease and scalability in reporting and the overall reduction in cost and effort utilized with very less dependency on IT achieved through; all this Oracle Fusion SLA has definitely helped Organizations to be ready for the ever changing trends and counter trends in the finance function.
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