at Financial Technnology Year
Please contact them if you have any questions.
Oracle Financial Close and Reporting Cloud from Oracle Financial Services
Automates period-end close processes, financial reporting, account reconciliation, and financial consolidation. Provides workflow automation, task scheduling, real-time dashboards, audit trails, and integration with other Oracle financial applications. Includes advanced analytics and reporting capabilities.
More about Oracle Financial Services
Product analysis by function
Financial Close Automation Systems for Finance and Accounting
Platforms that streamline the period-end financial close process, reducing time and errors in financial statement preparation.
More Financial Close Automation Systems
More Finance and Accounting ...
Core Financial Close Functionality
(14 Yes /14 Known /15 Possible features)
|
Automated Journal Entry Posting Ability to automate and schedule journal entries to various ledgers. |
Described as automating period-end close and journal processes, supporting automation and scheduling of journal entries. | |
|
Account Reconciliation Automation Automatically matches and reconciles account balances across systems. |
Account reconciliation automation is a core advertised capability. | |
|
Intercompany Elimination Automates the process of eliminating intercompany transactions for consolidated reporting. |
Product specifically covers financial consolidation, which includes intercompany elimination. | |
|
Trial Balance Automation Enables real-time automated generation and validation of trial balances. |
Automated trial balance generation and validation supported. | |
|
Sub-ledger to GL Reconciliation Automates and manages reconciliation between sub-ledgers and the general ledger. |
Automated reconciliation between sub-ledgers and general ledger promoted as standard function. | |
|
Accrual Management Automates the accrual calculation and posting for period-end. |
Notes reference accrual management and period-end automation as standard. | |
|
Suspense Account Monitoring Automatically monitors, tracks and resolves suspense account entries. |
Suspense account identification and cleanup available through reconciliation modules. | |
|
Reconciliation Templates Provides customizable templates for different account types and reconciliations. |
Provides templates for reconciliation for different account types. | |
|
Bulk Close Operations Ability to close multiple entities, books, or business units simultaneously. |
Supports bulk closing of entities and business units for large organizations. | |
|
Soft Close Capability Allows interim closing of ledgers before final close for review purposes. |
Soft close for interim review is explicitly supported. | |
|
Number of Supported Ledgers Maximum number of separate general ledgers supported in the platform. |
No information available | |
|
Custom Workflow Support Ability to define and automate multi-step close workflows tailored to organizational needs. |
Workflow automation and customization supported as described. | |
|
Automated Adjustments System identifies and automatically posts adjustment entries as needed. |
System identifies and posts adjustments automatically. | |
|
Close Task Checklists Provides configurable, tracked checklists to ensure all close tasks are completed. |
Configurable task checklists are part of workflow/task management. | |
|
Close Calendar Management Helps manage and visualize close timelines, milestones, and dependencies. |
Close calendars and timeline/task tracking are mentioned in documentation. |
Integration & Data Management
(9 Yes /9 Known /12 Possible features)
|
ERP Integration Direct connectors or APIs for major ERPs (e.g., SAP, Oracle, Microsoft Dynamics). |
API and prebuilt connectors for major ERPs including Oracle. | |
|
Data Import Automation Scheduled or on-demand data imports from multiple source systems. |
Data import automation (scheduled/on-demand) supported. | |
|
Real-Time Data Sync Synchronizes financial data in real-time or near real-time. |
Real-time (or near real-time) sync available as documented. | |
|
Data Validation Rules Customizable controls to validate data integrity during the close process. |
Custom validation rules part of data integration/configuration. | |
|
Data Transformation Tools Features to map, clean, and transform data for compatibility with various systems. |
Data mapping, cleaning, and transformation available for import/export. | |
|
File Format Support Range of supported data file formats (Excel, CSV, XML, etc.). |
No information available | |
|
Integration with Document Management Systems Direct integrations with platforms like SharePoint or Box for supporting documents. |
Integration with common document management (e.g., Oracle Content, SharePoint) supported. | |
|
API Access Availability of RESTful, SOAP or GraphQL APIs for integration and automation. |
RESTful and other API access available. | |
|
Bulk Data Processing Speed Rate at which the platform can process and import bulk data. |
No information available | |
|
Audit Trail for Data Changes Tracks all changes made to imported or exported data. |
Audit trail is a core, built-in function. | |
|
Manual Data Entry Support Ability for users to manually upload, enter, or amend data as needed. |
Manual upload/entry supported for correction/adjustments. | |
|
Master Data Management Integration Supports connectivity to centralized master data systems. |
No information available |
Controls & Compliance
(10 Yes /10 Known /12 Possible features)
|
Segregation of Duties Ability to enforce separation of roles for critical processes. |
Role-based controls documented for critical processes (segregation of duties). | |
|
SOX Compliance Features Built-in controls and checklists for Sarbanes-Oxley compliance. |
SOX compliance controls and checklists supported. | |
|
Audit Trail Comprehensive logging of user activity and changes to financial data. |
User activity and change audit trails are core. | |
|
Policy Enforcement Ability to enforce close process policies and escalation rules automatically. |
Policy enforcement supported via workflow and escalation features. | |
|
Attestation Processes Enables formal certification/attestation of reconciliations and close tasks. |
Attestation/certifications part of reconciliation close process. | |
|
Approval Workflows Configurable approval flows for journal entries and reconciliations. |
Approval workflows are configurable for journals and reconciliations. | |
|
User Access Controls Granular controls over user roles and access to data/features. |
Granular user access/permissions supported. | |
|
Automated Controls Testing Features for periodic test and verification of key controls. |
No information available | |
|
Compliance Reporting Pre-built and customizable reports for regulatory compliance. |
Prebuilt and custom compliance reports available. | |
|
Change Management Tracking Tracks all changes to process configurations, rules, and templates. |
Tracks changes to process config and templates (audit/change log). | |
|
Retention Policy Management Automates application of document/data retention policies. |
No information available | |
|
Sensitive Data Masking Automatically hides or redacts sensitive financial information. |
Sensitive data masking/redaction for privacy and compliance. |
Process Automation & Orchestration
(9 Yes /9 Known /10 Possible features)
|
Workflow Engine Configurable process flows with automated assignment and hand-offs. |
Configurable workflow/process engine present. | |
|
Task Automation Automates repetitive tasks like reconciliations, reminders, and calculations. |
Task automation is among the chief platform features. | |
|
Exception Handling Automates identification and escalation of exceptions or breaks. |
Exception handling and automated escalation supported. | |
|
Automated Notifications Sends alerts and updates based on process events or deadlines. |
Notifications/alerts configurable for process deadlines/events. | |
|
Parallel Processing Support Allows tasks to be completed in parallel, speeding up the close. |
Parallel close operations supported for entities, tasks. | |
|
Scheduling Tools Configurable schedules for automated run of close activities. |
Scheduling and automation of close activities supported as per documentation. | |
|
Business Rule Automation Ability to define and apply custom business logic for process flows. |
Custom rule logic applicable to close and reporting processes. | |
|
Role-based Task Assignment Automated assignment of tasks to users based on roles, workload, or rules. |
Role-driven and workload-based task assignments available. | |
|
Performance Monitoring Real-time tracking of process progress and blockers. |
Performance/close progress monitoring with real-time dashboards. | |
|
BPMN Support Compatibility with BPMN standard for documenting business processes. |
No information available |
Reporting, Analytics & Visualization
(10 Yes /10 Known /10 Possible features)
|
Standard Financial Reports Pre-built templates for key financial close and reconciliation reports. |
Standard close, reconciliation, and financial reports are prebuilt. | |
|
Custom Report Builder User-friendly interface to create custom reports and visualizations. |
Custom/builder for financial/close reports available. | |
|
KPI Dashboards Live dashboards tracking close metrics (cycle time, open items, bottlenecks, etc). |
Dashboards for close KPIs and process bottlenecks provided. | |
|
Drill-down Capabilities Ability to move from summary data into details and source transactions. |
Drill-down from summary to transactional level supported. | |
|
Variance Analysis Tools Automated tools to identify and analyze variances in financial results. |
Variance analysis built in for financial results review. | |
|
Export Options Range of export formats and direct integration to BI tools. |
Exports to Excel, PDF and integration with BI tools present. | |
|
Real-time Close Progress Tracking Live display of process completion, overdue tasks, and status indicators. |
Live progress tracking for close cycle available. | |
|
Report Scheduling Automated, periodic report generation and distribution. |
Report scheduling and distribution automated. | |
|
User-defined KPIs Flexible creation and monitoring of custom close-related metrics. |
Custom KPIs ability documented. | |
|
Benchmarking & Trend Analysis Uses historical data to benchmark closes and spot long-term trends. |
Historical benchmarking and trend analysis forms part of analytics offering. |
User Experience & Collaboration
(8 Yes /8 Known /10 Possible features)
|
Role-based Dashboards Personalized views for different user types (controllers, accountants, reviewers, etc.) |
Role-specific dashboards and personalized experiences provided. | |
|
In-app Collaboration Features like commenting, notes, and attachments within the close process. |
Threaded comments, attachments, and in-app collaboration features present. | |
|
Mobile Access Responsive web/mobile app interfaces for completing close tasks remotely. |
Mobile-responsive design and mobile interface supported. | |
|
User Training Modules Integrated tutorials, training content, and help guides. |
No information available | |
|
Multi-language Support Availability in multiple languages for global teams. |
Multi-language interface is a built-in feature for global teams. | |
|
Multi-currency Support Compatible with multiple currencies, conversion rates, and reporting requirements. |
Supports multiple currencies and conversion rates. | |
|
Personalized Task Lists Each user sees their own prioritized and assigned tasks. |
Personalized task lists per user via workflow/task assignment. | |
|
Bulk Actions Perform multiple actions (close, approve, assign) at once to speed work. |
Bulk actions (close, approve, assign) available as per documentation. | |
|
Accessibility Compliance Meets standards like WCAG 2.1 for accessible digital experiences. |
Oracle aims for accessibility compliance; recent versions aim for WCAG. | |
|
Integrated Chat/Message System Instant messaging for contextual collaboration within the platform. |
No information available |
Security & Disaster Recovery
(7 Yes /7 Known /10 Possible features)
|
Data Encryption Encrypts data in transit and at rest using industry-standard protocols. |
Data is encrypted in motion and at rest following Oracle standards. | |
|
Multi-factor Authentication Enhances platform access security via MFA/2FA options. |
Multi-factor authentication supported. | |
|
Regular Security Audits Platform undergoes periodic third-party or internal security testing. |
Subject to regular internal and external security audits. | |
|
Disaster Recovery SLA The committed time within which systems are restored after a disaster. |
No information available | |
|
Data Backup Frequency How often the platform conducts full backups. |
No information available | |
|
User Session Management Automatic log-off and session control features. |
Session timeout, logoff, and session control can be configured. | |
|
Security Certifications Possession of industry recognized certifications (e.g., ISO 27001, SOC 2). |
Holds certifications like ISO 27001, SOC 1/2 as Oracle Cloud. | |
|
Granular Permission Settings Detailed controls for access to objects, fields, and actions. |
Granular permissions by object/action/field level available. | |
|
Audit Log Retention Length of time audit logs are retained and accessible. |
No information available | |
|
Single Sign-On Integration Supports SSO via SAML, OAuth, or Active Directory. |
Single sign-on integration (SAML, Azure AD, etc.) fully supported. |
Scalability & Performance
(4 Yes /4 Known /10 Possible features)
|
Concurrent User Capacity Maximum simultaneous users supported without loss of performance. |
No information available | |
|
Supported Entities/Business Units Maximum organizational units/entities handled within a single deployment. |
No information available | |
|
Close Cycle Time Reduction Typical reduction in close time when using the platform. |
No information available | |
|
Data Storage Capacity Maximum financial and supporting data storage available per instance. |
No information available | |
|
Load Balancing Support System remains performant during peak workloads through automated load balancing. |
Load balancing supported at Oracle Cloud infrastructure level. | |
|
Performance Monitoring Tools Built-in analytics for tracking system response and throughput. |
Performance and response analytics built into admin interface. | |
|
Batch Processing Throughput Maximum number of records processed per hour in batch operations. |
No information available | |
|
API Rate Limits Maximum number of API calls per time unit. |
No information available | |
|
Geographic Distribution Support for distributed teams and operations across multiple regions. |
Oracle's global cloud platform supports distributed teams/regions. | |
|
Flexible Deployment Models Options for SaaS, on-premises, or hybrid deployments. |
Available SaaS, on-premises, and hybrid via Oracle Cloud. |
Insurance-Specific Capabilities
(3 Yes /3 Known /10 Possible features)
|
Regulatory Reporting Templates Pre-built templates for statutory, regulatory and NAIC (US) or Solvency II (EU) disclosures. |
Templates for major regulatory regimes (statutory, Solvency II) provided. | |
|
Policy-to-Ledger Reconciliation Automated tools to reconcile policy systems with accounting ledgers. |
No information available | |
|
Claims Reserve Calculations Supports actuarial reserve calculations and integration with actuarial systems. |
No information available | |
|
Investment Accounting Integration Automated feeds from investment management systems to GL/reconciliation. |
No information available | |
|
Multi-GAAP Support Handles US GAAP, IFRS 17, and other insurance accounting standards. |
Multiple GAAP standards supported as a function for multinational clients. | |
|
Reinsurance Agreement Tracking Automated reconciliation for ceded/premium for reinsurance contracts. |
No information available | |
|
Premium Receivable Reconciliation Reconciles policy premium receivables automatically. |
No information available | |
|
Claims Payments Tracking Reconciles actual claims payments against reserves and accounting entries. |
No information available | |
|
Product/Line of Business Segmentation Allows close data and reporting by product or line of business. |
Close and report segmentation by line of business/products included. | |
|
Regulatory Filing Automation System automates the population and e-filing of regulatory reports. |
No information available |
Implementation & Support
(6 Yes /6 Known /10 Possible features)
|
Implementation Time Typical time frame required to deploy and go live. |
No information available | |
|
Onboarding Assistance Dedicated onboarding and migration support. |
Onboarding and migration assistance included via Oracle or partners. | |
|
24/7 Customer Support Support availability around the clock (live chat, call, or ticket). |
24/7 Oracle support coverage standard. | |
|
Knowledge Base Comprehensive self-serve documentation and troubleshooting guides. |
Knowledge base and comprehensive documentation provided online. | |
|
Dedicated Account Manager Provides an assigned point of contact for ongoing support and escalation. |
Dedicated account management for enterprise customers. | |
|
SLAs for Issue Resolution Guaranteed maximum times for critical and non-critical issue resolution. |
No information available | |
|
User Community Forums Active community or user groups for peer support. |
No information available | |
|
Training and Certification Programs Structured courses and certifications for users and admins. |
Oracle University and digital training/certification available. | |
|
Partner Network Ecosystem of third-party implementers and solution partners. |
Extensive global partner network for deployment/support. | |
|
Upgrade/Release Frequency How often platform releases major product enhancements. |
No information available |
Cost & Commercial Terms
(6 Yes /7 Known /10 Possible features)
|
Transparent Pricing Model Clear, published or easy-to-understand pricing (vs. custom quotes only). |
Not as far as we are aware.* Pricing is typically custom/quote-based; not always clear/published. | |
|
Modular Pricing Option to pay only for needed modules or features. |
Oracle solutions are modular (pay for needed functional areas). | |
|
Free Trial Availability Ability to try the software at no initial cost for a limited period. |
Limited free trials available for Oracle Cloud products. | |
|
Per User Licensing Licensing and cost scales with number of users. |
Per user/seat licensing options available. | |
|
Transactional Pricing Option Option for pricing based on volume of transactions processed. |
Volume/transactional pricing available for large organizations. | |
|
Implementation Fees One-off fees for initial setup or configuration. |
No information available | |
|
Ongoing Maintenance Costs Annual/monthly fees for support, updates, and hosting. |
No information available | |
|
Discounts for Multi-year Commitments Reduced pricing available for longer contracts. |
Discounts for multi-year commitments can be negotiated with Oracle. | |
|
Flexible Contract Terms Monthly/annual options; early termination and upgrade/downgrade policies. |
Flexible contract terms (monthly/annual, upgrades) offered. | |
|
Cost Predictability All-in costs clearly outlined with minimal hidden fees. |
No information available |
This data was generated by an AI system. Please check
with the supplier. More here
While you are talking to them, please let them know that they need to update their entry.