Select the right tool for your business with this deep dive into solution functionality

 
In Part One of our series, we covered the high-level differences between the close and consolidation tools Hyperion Enterprise, Hyperion Financial Management (HFM), and Financial Consolidation and Close (FCC). Let’s take a closer look at the differences in functionality.

Dive into the Tools Functionality

Hyperion Enterprise has just five dimensions: Account, Entity, Category (scenario and year combined), Period (month and year combined) and View. Because of this, the depth of analysis that can be achieved is limited. You’ve probably heard of peers getting creative with the software to realize some analysis functionality, but it is important to know that the product was not designed for this practicality. The rules are written in a proprietary language with limitations on what can be attained.

With HFM the ability to have unlimited custom dimensions was added allowing for increased analysis functionality and the capability to easily meet SEC segment reporting demands. Additionally, the rules were changed and written in visual basic script which allowed for increased flexibility and agility in writing custom rules.

So now you ask, what’s changed with FCC as far as functionality? To start, FCC has the same functionality as HFM, it just looks and feels differently. Currency translation, intercompany eliminations, journal entries, custom calculations, partial ownership and multiple consolidation methods and even process management continue to exist in FCC.

You will notice that typical uses for custom dimensions in HFM are now pre-built dimensions that come standard with FCC. For example, many HFM applications have an “audit trail” or “data source” dimension. FCC includes one pre-built for the user. Most HFM applications have a dimension to calculate and/or store cash flow/movement information. FCC also has this dimension pre-built. Did you have a custom dimension to handle multiple different GAAP reporting? FCC has a pre-built multi-GAAP dimension that you can enable if needed.

A welcome change with FCC is that it has standard HFM rules pre-built in the system. It isn’t necessary to write rules for balance carry-forward, USD override, net income to the retained earnings, CTA or cash flow. These rules have been written and included in the FCC module.

Since the dimensions and rules come standard and “out-of-the-box” in FCC, many dimensions come with “pre-seeded” members. The chart of accounts has the main SEC reporting line items already built – you just add what you need. The same for the movement dimension. Most of the line items needed for cash flow are also included, just add those that are unique to your application.

Finally, FCC includes Data Management which is the cloud version of Financial Data Management (FDM/FDMEE) as well as Close Manager, the cloud version of Financial Close Manager. Both of these on-premise products are separately purchased and licensed but are included with your FCC (EPM Cloud) subscription. Data Management allows you to easily load your GL data from multiple source ledgers to FCC and Close Manager assists in manage and tracking your close process.

What Financial Consolidation and Close tool is Right for your Business?

For most, the answer is FCC. The cloud-based application is designed from best practices and is continually evolving based on technology advancement and user requirements. The enhancements present themselves as upgradeable new releases from Oracle, resulting in superior longevity of the product.

FCC has inherent features beneficial to users and administrators including the ease of installation, use, and built-in functionality to fit your consolidation and close needs. Together these features make deployment of this application quick and virtually seamless. FCC also allows for easy integration with other Oracle Cloud Suite products such as Planning and Budgeting Cloud (PBC), Account Reconciliation Cloud (ARC), Narrative Reporting and many others.

 
Determining what application is best for your organization can be an overwhelming task. Inspirage has deep experience in implementing Oracle EPM solutions for organizations across all industries of all sizes. Contact us to learn how the Oracle EPM Cloud platform can streamline and optimize your finance organization or learn from one of our customers – LSI Industries – and watch our webinar on-demand.