Manual tracking of the close process using Excel and emails is one of the reasons companies still experience issues in their close process from an accuracy, transparency, complexity, and comprehensiveness perspective.
By standardizing and embedding controls in period-end close processes, organizations are able to eliminate labor-intensive, non-value adding activities and streamline decentralized and disjointed workflows that lengthen cycle times, increase the risk of control failure, and threaten the integrity of financial statements.
The Oracle Financial Close Manager module of FCCS is built for centralized, web-based management of period-end close activities across the extended financial close cycle. It helps to manage all financial close cycle tasks, including ledger and sub ledger close, data loading and mapping, financial consolidation, account reconciliation, tax/treasury, and internal and external reporting processes.
Learning objectives for this session will include:
1. Close Manager components (set up calendar, security, periods, years, custom attributes, alert types, integrations)
2. Define tasks for a close process—set up task types
3. Define dashboard views (calendar, task list, Gantt chart)
4. Create/update templates (and validate) with repeatable close tasks
5. Set up/update schedule by pulling from a template
6. Workflow process
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