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Accounting Center of Excellence with Oracle Financials

Globalization has become inevitable in the current economic scenario. Organizations need to think and act globally to remain competitive. They need to lower cost and improve performance by Business consolidation, Realize economies of scale, Establish shared service center etc. Centralizing and consolidating accounting functions like invoicing, collections, period close at a central placeon behalf of global entities within a organization is ACE (Accunting Center of Excellence) . It is different from Shared Service center in the sense that it would be a cost center which would drive the common accounting and finance activities for all the entities within an organization.
How does Oracle Apps support establishing your ACE?

Oracle Financials suite in R12 allows you to be both locally and corporate compliant while increasing efficiencies by supporting to run your Accounting Center of Excellence (ACE). The core components of the Oracle R12 architecture that support establishing ACE for your organization are:

Accounting: Sub Ledger Accounting engine and Financial Accounting Hub can help define and consolidate the accounting rules at a central place

Centralize Transactions: Multi Org Acces Control (MOAC) functionality can help process sub ledger transactions for multiple units from a single responsibility

Centralize Period Close and Consolidation: Ledger Sets and Data Access Set functionality in General ledger helps process period end processes like Revaluation and Consolidation from a single responsibility while maintaining security

Centralize Accounting Set Ups : Definition Access Set functionality in General Ledger allows to secure your key set ups like Allocations, Report definitions at a centralized place by assigning them to a set of responsibilities

Benefits of ACE using Oracle R12

Centralized accounting policies
Scalable accounting system
Improved Efficiency
Reduced Costs
Frees senior finance executive to focus on strategic financial goals
Provides timely and accurate financial information and
Improved internal controls

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