Oracle Hyperion Financial Management (HFM) is an on-premise application with financial consolidation and reporting capabilities designed for finance teams. Oracle Financial Consolidation Cloud Service (FCCS) is the cloud version of HFM. FCCS is a native cloud product with similar functionalities to HFM and is expected to be at parity with HFM in 2017. Oracle claims FCCS to be the first cloud application to manage all financial close cycle tasks, including ledger and subledger close, data loading and mapping, financial consolidation, account reconciliation, tax/treasury and internal and external reporting processes.
Oracle has been building up FCCS for the past few years. First introduced in 2015, FCCS included only a part of the features available in the on-premises version. Our team recently attended Oracle’s product demo webinars to see the latest updates on FCCS. Oracle has added lots of features in this year’s release, including:
- Additional custom dimensions;
- Currency as its own dimension;
- Pre-seeded dimension members prefixed with FCCS_, which cannot be changed or deleted; and
- Standard calculation scripts that use the “FCCS_” prefixed members.
Industry experts say FCCS will deliver confidence in the completeness and accuracy of data and improve the security, consistency, and quality of financial reporting. The cloud application has a strong compliance framework, including transparent calculations, segregation of duties, and auditing. Also included is direct, easy-to-manage integration with source systems. Users have secure access to the latest financial information from anywhere, anytime, that removes the dependency on finance teams to generate reports and analysis.