ERP Financials - A Functional Overview

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Oracle Cloud Financials Functional Overview

Readme Oracle Cloud Financials Deliver decisive insights into your company’s financial position and profitability with a comprehensive global solution designed for organizations of every size and industry. Use Oracle Financials Cloud to help fulfill your finance team’s and company’s goals.

Please find in this document an overview of all products within Oracle Financials Cloud with links to more specific information on Oracle.com.

A great source for a comprehensive overview.

Comprehensive documentation including videos in the Oracle Help Centre Oracle’s cloud applications are documented with detailed descriptions, videos, tutorials, and checklists in our Oracle Help Centre.

You will find a link to the respective section in each chapter of this document.

In-depth documentation of all aspects in video, checklist, tutorials and more.

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Table of contents

Readme ............................................................................................................................................................................. 2

Oracle Cloud Financials ................................................................................................................................ 2

Comprehensive documentation including videos in the Oracle Help Centre .............................. 2

Introduction ...................................................................................................................................................................... 5

Cloud Financials use cases .......................................................................................................................... 5

Close Subledger ............................................................................................................................................. 11

Pro-Forma Close Ledgers ........................................................................................................................... 13

Reconcile Accounts ..................................................................................................................................... 14

Close Ledgers ................................................................................................................................................ 14

Consolidate Subsidiaries ............................................................................................................................ 16

Key Business benefits ................................................................................................................................. 16

Accounts Payable ......................................................................................................................................... 18

Manage Supplier Invoices .......................................................................................................................... 18

Manage Audits, Disputes and Approvals ............................................................................................. 20

Manage Prepayments and Discounts ..................................................................................................... 21

Settle Liabilities ............................................................................................................................................... 21

Review Daily Activity .................................................................................................................................... 22

Budgetary Control ........................................................................................................................................ 23

Key Business benefits ................................................................................................................................ 24

Schedule Payables Close .......................................................................................................................... 24

Acquire Assets ............................................................................................................................................... 27

Recognize and Register .............................................................................................................................. 27

Lease Accounting ......................................................................................................................................... 29

Assign Depreciation and Amortization ................................................................................................. 30

De-recognition and Disposal ................................................................................................................... 30

Manage Asset Insights ............................................................................................................................... 30

Key Business benefits .................................................................................................................................. 31

Create and Manage Transactions ........................................................................................................... 33

Send Invoices ................................................................................................................................................ 33

Address Billing Issues ................................................................................................................................ 34

Process Payments ....................................................................................................................................... 34

Self-service customer activities ............................................................................................................... 34

Customer and Supplier Balance Netting .............................................................................................. 34

Manage Adjustments .................................................................................................................................. 35

Post Receivables Activities ......................................................................................................................... 35

Schedule Receivables Close ...................................................................................................................... 35

Credit Management ..................................................................................................................................... 36

Key Business benefits ................................................................................................................................. 36

Generate Customer Statements .............................................................................................................. 38

Apply Collection Strategies ........................................................................................................................ 39

Manage Collection Activities ..................................................................................................................... 39

Benchmark with Industry Metrics ........................................................................................................... 40

Manage Settlement .................................................................................................................................... 40

Monitor Outstanding Receivables ........................................................................................................... 41

Key Business benefits ................................................................................................................................. 41

Review Activities .......................................................................................................................................... 43

Bank Validation ............................................................................................................................................ 44

Initiate Interbank Activities ........................................................................................................................ 44

Cash Position ................................................................................................................................................ 45

Cash Forecasting ......................................................................................................................................... 46

Key Business benefits ................................................................................................................................ 46

Define Expense Policies and Validate Items Based on the Policies ............................................. 48

Process Expense Reports ......................................................................................................................... 49

Expense Assistant ....................................................................................................................................... 50

Process Credit Card Feeds ....................................................................................................................... 50

Manage Cash Advances ............................................................................................................................. 51

Manage Employee Travel .......................................................................................................................... 51

Analyse and Audit ........................................................................................................................................ 52

Key Business benefits ................................................................................................................................. 52

Add Business Value with additional features and modules ............................................................................ 62

Risk Management Cloud ............................................................................................................................ 62

Advanced Access Control .......................................................................................................................... 63

Advanced Financial Control ..................................................................................................................... 66

Financial Reporting Compliance ............................................................................................................. 68

Key Business benefits ................................................................................................................................ 70

Introduction

Oracle Financials Cloud empowers modern, adaptable finance with increased productivity and improved business decisions. Oracle Financials Cloud is a broad, complete solution delivering extensive support for global companies in a variety of industries, and continuous innovation in key technologies such as machine learning, intelligent automation, and analytics, deployed in the cloud to achieve more, faster, with fewer resources.

Cloud Financials use cases Explore how you would use our products on a daily basis in these product tours that showcase key features and benefits. Click the links below to view Financials product tours.

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05 Flexible Co-exist with legacy where it makes sense.

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Reimagining Finance at Oracle: Lessons Learned Oracle Vice President of Finance Systems Alex SanJuan shares insights on Global Finance and Accounting organization's cloud transformation and lessons learned along the journey to ERP

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Oracle General Ledger

Oracle Financials Cloud is a comprehensive financial management solution that provides highly automated financial processing, effective management control, and real-time visibility to financial results. In Oracle General Ledger, you can define as many ledgers as required to account independently for multiple entities, and also can setup and maintain multiple divisions, sub-divisions, departments and organisations in-line with the Enterprise structure.

The key features of the solution include a flexible chart of accounts and reporting structure, simultaneous accounting for multiple reporting requirements, compliance with multiple legislative, industry or geographic requirements, spreadsheet integration for journals, budgets, reporting, and currency rates, tight internal controls and access to legal entity and ledger data, multi-ledger financial reporting for real-time, enterprise- wide visibility, robust drilldowns to underlying transactions, professional quality reporting, one-touch multi- ledger processing and automated month-end close processing.

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The chart of accounts is made up of a series of user defined segments (up to 30 segments). Within each of these segments you can define hierarchies. Oracle Financials Cloud provides a tree management feature which will help easily organise chart of accounts data into multidimensional, date effective hierarchies. Hierarchies enable the creation of groups and rollups which facilitate organisational reporting and enquiry. Users can define multiple levels of hierarchies within each segment in the chart of accounts, these hierarchies can then be grouped into different versions for reporting purposes.

Oracle’s unique reporting platform natively built on top of a multidimensional data model will allow you to report and analyse financial results in real-time and make better decisions faster. The embedded multi- dimensional cube represents a major benefit of the Financials Cloud General Ledger.

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Technical Architecture Essbase Cube

The cube is automatically created as part of the system configuration based on key elements of the financial reporting structure, and it is updated as transactions are posted. Balances are pre-aggregated at every possible summarization level and are simultaneously refreshed, making reports, online queries, and multi- dimensional analysis extremely fast. This architecture allows for pivot and drilldowns to any level as well as unlimited hierarchies for comparison and roll up.

In Oracle Financials Cloud, you can easily handle intercompany transactions with real time visibility of pending activity and native collaboration for resolving disputes by using the embedded intercompany engine which provides automatic inter and intra company balancing as well as intercompany transaction processing where an intercompany transaction must be approved/accepted by both companies before they can be processed further. Different intercompany transaction types can be defined and configured to generate journals or invoices and associated VAT if applicable. Approval by both entities before posting is permitted prevents one-sided entries and simplifies the reconciliation and elimination process.

Additionally, Oracle Financials Cloud provides you with an out of the box reporting to reconcile the intercompany transactions including the Intercompany Reconciliation Infolet, which can speed up intercompany reconciliations by identifying variances between amounts due to providers and from receivers, identifies the trading partners with the most significant differences and links to the detail report to view unposted transactions and open items.

Reconciliation Infolets

Close Subledger Oracle Financials Cloud supports real-time processing as well as automatic batch processing for accounting subledger transactions to General Ledger module, based on the rules defined in Subledger Accounting engine (SLA). Users can create accounting online for any subledger transaction at the time of entry or could schedule the Create Accounting process to run periodically as per the user defined frequency to process in background a batch of transactions that meet the posting criteria and create the corresponding accounting entries in General Ledger. Oracle SLA engine is reducing the burden on accounting staff by automating numerous accounting processes and helps accountants to focus more on strategic issues.

The solution offers a fully digital workflow and approval system, alerting users when they need to review and approve transactions based on the workflow rules. Journal Approval Workflows are based on your business needs and can be driven based on virtually any field or attribute within the transactions.

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Before closing the General Ledger, there are a series of dependencies between the Oracle Financials Cloud application modules which ensures that the modules are closed as it is required by the business flow. Close

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Monitor observes enterprise-wide close status while you can interact on and finalize outstanding subledger transactions and exceptions.

Close Monitor

Researching anomalies in account balances can be cumbersome and time-consuming. When exceptions are identified, it often may be too late to take corrective actions. Account Monitor automatically monitor changes in account balances based on user-defined thresholds. Comparisons show results for the current period and a target or baseline, such as budget or results from a prior period, as well as the percentage change to assess whether the variance is favourable or unfavourable. For additional insight, users can quickly access an expanded view to investigate the root cause of the exception, they can drill down through multiple levels of hierarchies and summarized balances to the underlying transaction.

General Accounting Dashboard

The General Accounting dashboard from Oracle Financials Cloud highlights risks and helps in prioritizing activities on the most important concerns. The dashboard pinpoints late period close activities, underperforming lines of business, excessive expenses, unreconciled accounts, unallocated balances and so on. All Infolets replace traditional dashboards to provide a modern and flexible user interface, divide information into consumable chunks with progressive elaboration and disclosure and allows you to get the most important information they need quickly.

General Accounting Infolets Learn how to use Infolets to Identify Issues and Prioritize Tasks.

All infolets provide direct access to related pages and functions where you can address issues:

• Journals and Intercompany Transactions infolets: Evaluate the magnitude of outstanding journals and intercompany transactions.

• Accounts Payable and Accounts Receivables Reconciliation infolets: Accelerate reconciliations by analysing the differences between the ledger balance and sub ledger balances for payables or receivables accounts, and link to the reconciliation report for the transaction details needed to resolve outstanding items.

• Intercompany Reconciliation infolet: Speeds up intercompany reconciliations by identifying variances between amounts due to providers and from receivers. Identifies the trading partners with the most significant differences, and links to the detail report to view unposted transactions and open items.

• Revenues and Expenses infolets: Highlight the organisations with the highest and lowest revenue performance and highest

expenditures and compares actual amounts against target amounts.

• Unallocated Balances infolet: Displays residual amounts from allocation pools and provides insight into remaining account details, balances, and activities.

• Open Sub ledgers infolet: Improves management of the close process by tracking which modules are still open. Users can drill to the Close Monitor for a comprehensive view of the overall close process across the organisational hierarchy.

• Close Calendar infolet: Improves insight into the close process by counting down the number of days until period end.

• Budgetary Control infolets are available for users with the Budget Manager role.

Pro-Forma Close Ledgers Oracle Financials Cloud allows organizations to prepare and review preliminary financial statements and prioritize outstanding transactions based on initial results. The trial balance reports assist in reviewing general ledger balances. You can use these reports as part of reconciliation process to ensure completion of the period close.

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Moreover, within Oracle Financials Cloud you can prevent the closure of a General Ledger accounting period if the accounting period for any of the corresponding subledgers is still open, or if incomplete accounting entries or transactions exist for the period. This ensures an effective period close process by validating all transactions are complete and aren't held up during the close.

Through accounting automation, you can streamline and automate the end-to-end accounting and transaction processes, including Import Daily Rates, Create Accounting, Import Journals and Posting, greatly reducing manual effort and time lag in the accounting function. The data flows through all of the required processing steps with no user intervention, while making it easy to involve the right people at the right time to resolve exceptions. This facilitates continuous availability of accurate and up-to-date financial information.

Oracle Transactional Business Intelligence reporting tool provides embedded analytics and supports online inquiry for most transactions. The selections made are dependent on the columns

that were chosen during the report definition. Trial Balance Report provides the beginning, periodic activity, and ending balances summarized by balancing segment, natural account, and cost centre for the selected ledger, accounting period, and currency. Account Analysis Reports provides the beginning, periodic activity and ending balances for the selected accounts and periods. Drill down on the periodic activity balance provides journal details and transactions details including journal source, category, transaction number, and event class. Cash to General Ledger Reconciliation Report extracts cash management and general ledger accounting and transactional data for reconciling cash management to the general ledger.

You would be able to experience faster performance in the Period Close work area by selecting a source subledger application when viewing outstanding subledger transactions. Also, users can submit some of the subledger accounting processes directly from the Outstanding Subledger Transactions section.

Reconcile Accounts New features such as Oracle Subledger Accounting ensures streamlined accounting processes in multiple currencies and optimized financial reconciliation of subledgers to the general ledger controls.

The trial balance reports will assist you in reviewing general ledger balances. Oracle Financials Cloud provides reconciliation functionality that will allow you to reconcile account balances using reports or by supporting the process using integrated enquiry and analysis tools. The system provides as standard several predefined reconciliation reports such as subledger to general ledger reconciliation, intercompany reconciliation, trial balance, journals, and account analysis reports to reconcile account balances. Users will be able to automatically reconcile key payables and receivables subledger balances to the general ledger, identify and track reconciling items with insightful account analysis reports while including accounts with 0 balances, as well.

Close Ledgers Oracle Financials Cloud provides a feature called Close Monitor will help you to monitor and control period close activities. The Close Monitor provides a live view of the period end status and pushes data to users to

allow them pro-actively monitor transactions that could impact period close. You could use the Close Monitor to manage accounting periods and review information on the period close status for a given accounting period and currency across multiple modules for related ledgers in a hierarchical ledger set based display. The accounting periods for subledgers can be opened or closed independently of the General Ledger to support a staged closing and provide more control over the activities that can be performed during the period close. Modules like Receivables, Payables, Assets and Projects can be closed before General Ledger to allow users to enter adjusting journals in GL while preventing new entries in the subledgers.

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“With Oracle Cloud applications, we don’t just look at HR analytics by themselves. We don’t just look at finance analytics on their own. It’s really: How do you merge the insights from both the finance side and the HCM side? Having an integrated platform is allowing us to do that.”

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Consolidate Subsidiaries Oracle Financials Cloud supports multi-currency feature and complies with International Accounting Standards. Exchange rates are managed via the Currency Rate Manager with options to update daily and historical rates. Using conversion rate type functionality, you will be able to maintain different conversion rates between currencies for the same period. Predefined daily conversion rate types such as: Spot, Corporate, User, and Fixed are seeded in the application, allowing companies to use different rate types for different business needs.

End-users can define additional rate types such as budget rate, month end rate, or consolidation rate if needed. During transactions entry, the conversion rate is provided automatically by the system based on the selected conversion rate type and currency. You will be able to automatically load currency conversion rates into the Daily Rates table using a traditional flat file batch approach, or via the Create Daily Rates standard Excel spreadsheet which integrates as standard with Oracle Financials Cloud.

Month-end revaluations can be performed at currency level, allowing you to specify different unrealized gain/loss accounts for each currency, generating the P&L impact.

With Oracle Financials Cloud you can use the Reporting Only Consolidation Method if all subsidiaries and the corporate ledger do share the same chart of accounts and calendar or use the Balance Transfer Consolidation method if multiple subsidiaries and the corporate ledger do not share the same chart of accounts and calendar.

Reporting Only Consolidation Method allows users to: Group the ledgers in a ledger set, translate balances to the corporate currency for ledgers not

in the corporate currency, create eliminating entries and report using the ledger set and the corporate currency as reporting parameters to view the consolidated balances.

Balance Transfer Consolidation method allows users to: translate balances to the corporate currency for ledgers not in the corporate currency, create a chart of accounts mapping to map subsidiaries account values to the corporate chart of accounts, transfer balances from the subsidiaries to the corporate consolidation ledger using a process that transfers between any source and target ledger pair Create eliminating entries using journal entries or the Calculation Manager in the corporate consolidation ledger and generate a report on the consolidated balances net of eliminations in the corporate consolidation ledger.

General Ledger reports in OTBI (Oracle Transactional Business Intelligence) will provide you with powerful inquiry and reporting features for reporting on consolidated balances and results, while providing an audit trail for robust internal control. The solution can export a report which contains a consolidated summary of the accounts,

Key Business benefits • Embedded multi-dimensional cube

• Self-Monitoring Accounts alert users to exceptions

• Manual and Automatic Posting of accounting transactions

• Optimised processes for complete control

• Social, Mobile Financial Management Tools Integrated into the application

from which it is possible to utilise the solution’s drill down capabilities to investigate transactions which occurred in the parent organisation or subsidiary entities as well as account, journal and subledger details.

The consolidated balances for the actual data can be fed to the Enterprise Performance Management Cloud for budget and forecast reporting from GL through the integrated Data Management feature. The users are then able to drill-through to the ERP GL for deeper insights.

Features at a glance

Innovative Multi-Dimensional Reporting Platform- Analyse account balances by any dimension real-time

Role-based dashboards that push issues and work to users

Visualisation Capabilities- Interact with account balances and view them from different perspectives

Embedded transactional intelligence that guides users’ decisions

Self-Service Reporting- Monitor and address your top concerns with mobile capabilities

Multiple currency handling and exchange rate adjustment

Simultaneous accounting of multiple reporting requirements

Collaborative Close- Improve visibility with a collaborative close process

Infolets and infotiles that present key information at a glance

Accounts Payable The Payables module of the Oracle Financials Cloud is an integral component of the procure-to-pay process. It includes a host of services to help you to efficiently process and pay supplier invoices, such as a supplier portal, supplier invoicing, approvals, payments, reporting on payables balances and reconciliation to the general ledger. The solution eliminates the need for costly third-party solutions that require custom integration by providing extensive functionality to manage electronic invoices as well as a seamless, ready- to-use Intelligent Document Recognition (IDR) imaging solution to support a completely automated invoice processing.

You will be able to undertake a large quantity of daily financial tasks efficiently and in a smooth manner. All this is partly supported by machine learning.

Manage Supplier Invoices Oracle Financials Cloud provides a flexible invoicing processing solution which allows you to process their supplier’s invoices in several ways:

01 electronic invoicing in XML (e.g. PEPPOL UBL format)

02 scanned invoices with embedded intelligent document recognition

03 created through the integrated Oracle Supplier Portal (including “PO Flip” capability)

04 imported from spreadsheets or external applications

05 process manually.

Oracle Financials Cloud provides an inbound flow for receiving invoices from suppliers electronically in industry standard XML. Oracle Collaboration Messaging Framework (CMK) is used to set up business to business (B2B) messaging between customer and suppliers. The Intelligent Document Recognition feature offers a fully integrated intelligent invoice recognition solution that provides a seamless user experience, supporting the entire invoice lifecycle from document capture, recognition, and routing to invoice entry, approval, and payment – all based on a unified security model, which enables you to quickly process invoices from entry to payment.

IDR

Regardless of the method of invoice entry, Oracle Financials Cloud delivers comprehensive automated invoice matching and validation functionality.

Manage Audits, Disputes and Approvals Within Oracle Financials Cloud a full audit trail of changes to data is provided as standard and companies can enable the option to track changes to data. In this way, any change can be logged with date, time, name of user who changed data, the old and the new values etc. The Manage Audit Policies task allows you to define what business objects and attributes need to be audited.

The approval workflow tool will support you to ensure strict control, by allowing to specify the rules determining automatic and manual approvals and defining delegated administration policies and notifications.

Moreover, Oracle Financials Cloud currently supports audit history on several key business objects. can you individually configure and enable auditing of each business object.

Document approvals are supported using native tablet and mobile email clients with an optimised user experience for limited screen size. Users can approve, reject, request more information or log comments to qualify their decision as needed. Approval rules can be defined based on business processes and decisions, such as whether approvals should be based on employee supervisory hierarchy, position hierarchy, job levels, or approval groups.

Moreover, role-based dashboards and infolets help professionals to identify areas requiring attention and prioritise actions, with hyperlinks to real-time reports with drilldown capabilities to transactions, interactive workflow notifications and detailed online help functionality.

Payable Infolets

Manage Prepayments and Discounts You will be able to initiate prepayments to suppliers in anticipation of their provision of goods or services, un- apply prepayments if needed and set prepayment options, such as whether to show available prepayments during invoice entry. With Oracle Financials Cloud you can benefit from flexible payment terms and cash discounts. Payment terms are used to create multiple instalments and multiple levels of discounts and can be shared across business units. Users have the option when defining a payment term to specify either percentages or fixed amounts. In addition, with the Adaptive Intelligent Applications (AI) you can pay invoices early in return for real-time discounts thanks to the Payables Early Payment Discount Offers feature. These discount offers are available on a real-time basis on every single day of the payment cycle. The discounts decrease on a sliding scale depending on what the supplier and you have agreed upon for taking discounts. Below are two ways to offer early payment discounts to the suppliers:

• Through dynamic offers (on an ad hoc basis) for single payments.

• Through standing offers for payment process request.

Settle Liabilities Oracle Financials Cloud speeds up the entire procure-to-pay process by setting up common options for Payables and Procurement such as default invoice distribution, automatic offsets, currency conversion, expense accruals, self-billed invoices, etc. You can choose to set automatic payment runs based on the required criteria and frequency, or go for Ad-hoc payments, which are not associated with an invoice or purchase order, to disburse low volume payments for internal use.

The Payments work area offers the facility to completely audit the electronic payments made, and users can extract payment information for Audit purpose using the standard reports such as Payment Audit by Voucher Number Report and Payment Audit by Voucher Number Data Model. Companies can utilise electronic communications with suppliers to improve the timeliness and accuracy of purchase orders, changes and payments.

Payment Work Area

Moreover, Oracle Financials Cloud provides as standard the "Separate Remittance Advice" report which is a predefined disbursement report that can be sent to suppliers by e-mail and lists all the invoices that are paid. You can manually run the report or it can be scheduled to run automatically.

Review Daily Activity Oracle Financials Cloud has a centralised Accounts Payable system which allows accessing multiple entities and ledgers and can post to a single account or multiple accounts depending on the requirements. All the transactions across entities are easily accessible through the Payables dashboard.

You can improve user productivity and management analysis through smart dashboards, work areas, and landing pages, which help users to obtain a holistic view of all invoices and payments that require attention and action, such as invoices scanned, and prepayments grouped by aging intervals, recent invoices, invoices on hold or requiring approval, payments due within one week, etc.

Invoices Work Area

Oracle Financials Cloud provides configurable predefined workflows for invoice approval and holds resolution for invoices with exceptions. Based on the rules defined, the system determines whether approval is required and routes the invoice to the appropriate approver, preventing the payment until the invoice is approved. Users will be able to specify for each supplier site several controls based on which the system will automatically place on hold unmatched invoices and invoices that exceed the matching tolerances allowed. Invoices on hold cannot be paid until the hold is released. Companies can use the Holds Resolution workflow to release the holds and make invoices available for payment.

Budgetary Control Budgetary Control is an integrated solution with advanced budgetary control preparation, validation, inquiry, and reporting. This helps you define and manage budgets and actual costs with better visibility into commitments, obligations and expenditures and comply with legal requirements.

The Budgetary Control orchestrates the spending control process by validating if transactions have sufficient funds and if they are subject to spending control. Budgets are stored so that when a transaction is created, funds check is performed, and when transactions are submitted, or approved funds are reserved. Budgetary control balances are maintained, including budget, funds reserved (commitments, obligations and expenditures) and funds available balances based on the budget calendar and control budget structure. Budget managers can monitor fund balances, review budget exceptions and control periods in which funds consumption occurs. During transaction entry, you can preview funds available and engage budget managers to resolve fund reservation failures. Users can perform real-time inquiry and reporting of funds available, complete with funds consumption analysis across multiple summarisations and formats.

Budgetary Control Dashboard

Schedule Payables Close You can stay on predetermined period close with multiple predefined reports that cover the areas of Invoices, Payments, Payables to Ledger Reconciliation, Period Close, Prepayments, Income Tax and Withholding. Role-based dashboards and reporting capabilities make data access and interpretation easier than ever before. You will report using multiple visualisation methods. Pre-delivered operational reports are enriched with robust and flexible ad hoc query capabilities that access real-time transactional data. Additional reports can be created or configured using reporting tools such as Oracle BI Publisher and Oracle Transactional Business Intelligence.

Oracle Financials Cloud ensures that payables activity is properly and efficiently captured in the system, which allows companies to accurately calculate all their finances, making not only the overall Invoice Processing faster, but General Ledger Reconciliation too. The financial results are completed accurately and efficiently, giving you information and time to investigate any differences and issues.

Payables to Ledger Reconciliation Summary

Moreover, you can leverage the Payables dashboards and work areas to obtain a holistic view of all invoices and payments that require attention and user action.

Key Business benefits • Dramatically reduce invoice processing

costs while making invoice processing faster and reduce data entry errors

• Out of the box invoice imaging solution

• Multiple options to create invoices, including electronic invoices and easily view images throughout the invoice’s lifecycle

• Clear visibility into early pay discounts and direct access to making early payments for improved cash flow management

• Robust validation and flexible routing for exceptions

• Monitor payables processes and identify potential issues to prioritise work

• Eliminate the need for costly third-party solutions

• Minimize data entry with payment processing templates

Figure 11. Payables Dashboard

Features at a glance

Automatic invoice creation, validation and automated supplier payments.

Integrated image processing for supplier invoices

Superior supplier invoices management: use rule-driven routing to automate invoice processing and spreadsheets to speed up manual entry.

Manage rule-driven approvals across any device

Resolve disputes and holds via role-based dashboards

Routing of invoices with exceptions to the appropriate staff.

Role-specific alerts and dashboards.

Payables Landing Page See how to use the Invoices landing page to manage your daily work.

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“With Oracle Cloud ERP, we can now redeploy our bandwidth to more meaningful work, rather than reconciling reams of Excel spreadsheets.”

KP Aldridge Finance Director, Vopak Terminals Australia

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Fixed Assets Oracle Financials Cloud offers you the Assets module which is effectively designed to automate asset lifecycle management and simplify the asset accounting tasks for asset purchase, depreciation, revaluation, transfer and retirement, while reducing manual work and facilitates fixed assets accounting tasks that will help you gain more visibility into the company’s assets.

Assets

Acquire Assets With Oracle Financials Cloud, you will be able to record asset acquisitions through purchases, projects or lease contracts and establish a standardized fixed asset acquisition process to control costs and comply with corporate capital asset acquisition policies.

In Oracle Financials Cloud you can set up an unlimited number of independent asset books to comply with local tax reporting regulations as well as IFRS/GAAP requirements. New or existing assets must first be added to a corporate book and then can be easily copied to all the associated tax books, function which firstly increases the operation efficiency, eliminates the risk of human errors and also helps to maintain multiple accounting and depreciation representations for assets with minimal effort.

Recognize and Register You have available various ways to add acquired asset financial data into the application such as manually, by adding the necessary information directly in the Assets work area, with the use of spreadsheet templates which can easily be downloaded from the assets work area, by mass additions from embedded sources such as the Payables module, Oracle Projects or by creating asset information from external sources.

The user interface experience streamlines the management of assets. The Assets Landing page provides a quick overview of key fixed asset transactions like additions, adjustments, transfers, retirements and depreciation allowing you to focus right away on what needs attention. All of transaction data is conveniently

summarized into infotiles, providing users the option to drill into more details for further analysis and quick actions. The infotiles available for assets push critical information to enable you to take all the necessary actions to resolve exceptions and complete processing of asset data to ensure accuracy prior to period close. In summary, infotiles act like dashboards that alert the business owner in respect with assets key aspects.

Assets Work Area

Oracle Financials Cloud ensures compliance with IFRS 16 and ASC 842 accounting standards for lessees, as well as an automatic creation of lease accounting transactions throughout the lease lifecycle by using a seamless integration with Accounts Payables. You will be able to create asset leases and calculate the lease liability and cost to be capitalized, calculate periodic depreciation expense and interest expense on the lease liability for finance lease assets and periodic lease expense for operating lease assets, generate periodic lease payment invoices, change the lease term and payment schedules, terminate the lease and report and inquire on leased assets.

In addition to the lease functionality available in the Fixed Assets module, Oracle Financials Cloud provides a Lease Accounting module.

Lease Accounting The Lease Accounting module helps you in the creation and maintenance of leases in a single repository and generates amortization schedules according to IFRS16 and ASC842 standards.

Lease Accounting

Lease Accounting helps do the following activities:

Create property and equipment

leases

Capture cash schedules needed for the generation of balances and invoices

Generate balances required as per IFRS16 and ASC842

guidelines

Generate amortization schedules using Daily Compounding Interest

and Daily Amortizations

Lease Accounting provides the ability to capture information such as lease details, assets, payments and options. A lease validation process ensures quality data before activation. The amortization engine calculates the present value of the leases and the amortization of the right-of-use and the lease liability balances according to IFRS16 and ASC842. can view the status of the leases from the Lease Accounting Dashboard.

Lease Accounting Dashboard

Assign Depreciation and Amortization Oracle Financials Cloud provides multiple predefined depreciation methods to choose from such as straight- line, declining balance, sum of year digits, half-year convention etc. and you will be able to define additional depreciation methods according to business requirements.

De-recognition and Disposal With Oracle Financials Cloud you can manage valuations, disposals, de-recognition and retirements in compliance with legal requirements. Oracle Financials Cloud permits the retirement of an asset completely if the entire asset is no longer in service or retirement of only part of an asset if only part of it is no longer in service while automatically backs out any excess depreciation resulting from any prior period retirement. You will also have the option to reinstate retired assets (individual or a range of assets) by undoing the retirement of the asset.

Manage Asset Insights Having valuable insight into company asset is key process which allows users to proactively manage fixed assets via secure, role-based dashboards, centralized monitoring, alerts for all locations. The Asset Inquiry page provides you a direct access to view financial information online.

Asset Inquiry

Standard accounting, operational and registry reports are available for ease of reconciliation and analysis. In addition to the standard asset reports, you can leverage the embedded reporting tools such as Oracle Transactional Business Intelligence (OTBI) and Oracle BI Publisher to enhance existing reports or to create custom asset reports to meet specific reporting requirements.

“Bringing in advanced technology, such as Oracle Financials Cloud, will not only make us more profitable, it will accelerate the business cycle. We can create asset portfolios faster, and we have the data that carriers require at our fingertips. We are a much stronger organisation with Oracle Financials Cloud.”

MICHAEL MCLAUGHLIN CFO, Tower Ventures LLC

Key Business benefits • Comply with IFRS 16 by automating asset

lease management task

• Monitor asset location and transfer assets to new locations and custodians with ease

• Automatically comply with corporate capital asset acquisition policies

• Align fixed asset with legal reporting requirements

• Streamline asset lifecycle operations and manage transaction and period close activities for the asset book

• Gain visibility into your assets worldwide using unified source of assets data

Features at a glance

Carry out asset accounting task such as depreciations/amortisations, disposals, reinstatements, transfers and revaluations

Infotiles and work areas to manage asset task and push critical information to enable users to take action in resolving exceptions

Integrated with other Oracle Financials modules such as Payables and Projects

Asset tracking by location/employee

Report assets using local and international GAAP What-if scenario analysis for asset depreciation

Mass uploads of multiple assets using excel spreadsheets

Complete asset lease management

Receivables Timely, accurate customer billing process ensures healthy cash flow and high customer satisfaction. Adopting modern best practice whit its built-in analytic, and mobile capabilities can radically streamline your invoice to receipt process, offering complete control of managing days sales outstanding.

Accounts Receivable work area streamline daily activities by pinpointing issues with billing or accounts receivable and collections, improving control by highlighting transactions that require attention. Credit Management provides the information and tools to monitor and evaluate the credit worthiness of customers and make informed credit decisions. External credit rating from a Credit insurance company can be incorporated into the evaluation process before an order is approved.

A self-service portal for customers is present to be able to get insight in the open entries and to raise issues. For collections, customer specific strategies can be set, based on individual scoring and best next actions.

You will be able to set business rules to manage the creation of invoices and debit/credit memos based on order fulfilment transactions, use real-time insight and social platform to rapidly resolve billing issues, apply payments to invoices automatically based on configured criteria or receive suggestions from a matching algorithm. Cloud applications provide an easy platform to securely mobilise the customer billing, payment recording and receipt remittance. Leverage Oracle Modern Best Practice to bill customers, handle exceptions, analyse issues, and get paid faster.

Create and Manage Transactions With the Receivables module, users can automatically generate customer invoices, credit and debit memos from sales fulfilment and service consumption transactions based on business rules, as well as review status via role-based dashboards. In addition, users can perform other tasks such as reviewing instalments on transactions with split payment terms, view complete information for a specific transaction, any credits, refunds, adjustments or changes applied to the transaction, and any discounts taken, view all activities that have taken place against a specific invoice, credit memo, or debit memo. Users can instantly drill down to view the details of each activity.

Furthermore, you will be able to split consolidated Receivables and Cash distributions in proportion to the balancing segments of the Chart of Accounts used for accounting a transaction. Having detailed distributions provides better visibility into operations at the segment level, where a segment may represent a fund, a product, or a line of business.

Send Invoices You can send customers discrete invoicing documents or consolidated statements via preferred format and delivery method (mail, e-mail, or e-commerce message) using of a Business Intelligence (BI) Publisher. Users can use the BI Publisher to manage the predefined print templates to Incorporate company branding and messaging prior to printing receivables transactions and balance forward bills. Oracle Financials Cloud provides balance forward billing capabilities which allows sending a consolidated bill to a customer including all open transactions for a period. Balance forward billing could be enabled at the customer account level and customer site level.

Address Billing Issues Oracle Financials Cloud provides instant management of all customer disputes and billing issues with role- based dashboard, allowing users to effectively collaborate on investigations via a secure social platform using the solution. The receivables module also enables users to apply corrections (credit or debit memos), and refunds after required review and approval.

Process Payments You will automatically match receipts to invoices even without remittance advice using configurable rules or scoring engine. Oracle Fusion Cloud delivers a comprehensive set of automatic application and matching rules to enable users to effectively increase the number of receipts automatically applied and minimize the effort to resolve receipts requiring manual application. AutoMatch option allows users to manage the values matched, set match thresholds for matching customer, transaction, and amount references. AutoApply combines the AutoMatch configuration with exception handling rules to automatically apply a higher percentage of receipts.

In addition, the automatic receipt process creates a batch of receipts from selected customer transactions for payment by credit card or bank account transfer. Automatic receipts are beneficial for customers with whom users have predefined agreements. These agreements let users collect payments on time for open debit items by transferring funds from customer bank account or credit card to company bank account on the receipt maturity date. Also, if necessary, the customer can confirm the automatic batch before transferring funds. In addition, users can handle exceptions with help from recommendation algorithm and support industry standards such as PCI.

Furthermore, Oracle Financials Cloud provides the functionality of processing bills receivable. A bill receivable is a separate transaction in Receivables. A bill receivable is a document that a customer formally agrees to pay at some future date (the maturity date).

Self-service customer activities Inefficient billing and collections can cost companies a lot of time and money. Oracle Financials Cloud helps improve customer service with a self-service, mobile-enabled bill presentment solution. Oracle Financials Cloud and allows you to register customers as external users who can log in and access the application to perform the following functions:

• Review accounts • Make online payments

• Print transactions • Dispute transactions (if authorized)

Customer and Supplier Balance Netting Netting agreements can be defined that incorporate the netting business rules (such as transaction selection criteria) to support specific payment practices. The netting process automatically creates the Payables payments and Receivables receipts required to clear a selected number of Payables and Receivables

transactions. The feature allows you to quickly settle both AP and AR transactions for trading partners who are both a customer and supplier. The settlement can be automatically emailed to the trading partner. Furthermore, the internal netting report allows you to keep track of the details of the settlement (such as trading partners, invoices, transactions, settlement date).

Manage Adjustments Users can close receipts and invoices with remaining balances based on company policy and approval limits, by simply running an automatic billing adjustment program, using program parameters to manage adjustment of specific sets of transactions such as remaining amount, due dates, transaction types, customer name or customer account number. This helps create pending and approved adjustments based on you adjustment approval limits and closes the appropriate items.

Post Receivables Activities By simply leveraging the Create Accounting process you will automatically post all approved receivables activities to the general ledger to ensure current account balances. The process uses defined parameters for posting all receivables transactions within a set period.

Oracle Financials Cloud Empowers Australian Retailer David Jones, Australia’s premium department store, selects Oracle Financials Cloud to gain access to the latest technologies, lower costs, improve processes, and transform into a multichannel, omni-channel, future-fit retailer.

Schedule Receivables Close Oracle Financials Cloud enables you to stay on predetermined close schedule, post period close entries and close receivables period by using integrated inquiry, reporting and analysis tools to review and reconcile account balances.

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Credit Management Credit Management provides a comprehensive system for developing and implementing policies and procedures to help users manage credit-related data and make intelligent credit decisions about the customers.

Credit Management

Credit Management is part of the Credit-to- Cash solution for capturing orders, billing customers, processing payments and adjustments and managing all related accounting. The Credit Management solution includes the following processes:

Credit profiles and policies

Credit reviews

Credit review management

Credit management tools

The credit profile contains key information for establishing the creditworthiness of each of the customers, including credit classifications, credit limits, and credit review cycles. You can set up a credit-only profile at the customer, or party, level for enterprises with an extended hierarchy of businesses. You can also create specific profiles for individual customer accounts.

All credit reviews begin with the creation of a credit case folder. The case folder is the central document that a credit analyst uses to review and make decisions about a particular customer credit review. Use the Credit Reviews work area to review and manage credit case folders. Credit analysts can search case folders, view high-level information about their case folders, and take actions such as create a new case folder, reassign a case folder to another analyst, and close case folders.

Credit Management provides tools for developing an analysis of customer creditworthiness and making informed credit decisions.

Key Business benefits • Streamline your Order to Cash process.

• Receivables work area to improve control over receivables operations by highlighting transactions that require attention.

• Manage revenue recognition task.

• Strategy management to ensure effective follow-up on task to help with timely collections from overdue payments.

• Maximises productivity by automatically presenting users with all pending receipt activities in a central location.

The Credit Management tools include:

• Scoring models: Design scoring models to calculate a credit score based on credit data specific to a customer or customer account.

• Data points: Enter and maintain detailed information about customer financial and accounting history to develop a picture of customer creditworthiness.

• Case folder templates: Create case folder templates for different types of credit reviews, and automatically assign a specific template to a case folder during the initial credit review and case folder creation process.

Record and manage customer disputes and adjustments with appropriate approvals.

Automatically matching of receipts to invoices using configurable rules or scoring engine.

Mass upload of multiple transactions using integrated excel spreadsheets.

Collections A truly effective modern collections process improves cash flow and at the same time increases customer satisfaction. Oracle Modern Best Practice can help you achieve both these goals, also helps reducing days outstanding. The analytic and mobile capabilities built into this modern best practice optimise the customer collection process. If collection agencies are used this can be built into the workflow ensuring correct process and handling.

Staying on top of overdue invoices can make or break profitability for many organisations. Oracle Advanced Collections’ metrics provide the ability to measure and view the performance of your collection’s activities at various levels. It uses industry standard formulas to measure and calculate these metrics’ current and historical performance.

Oracle Advanced Collections orchestrates the entire collections process and enables monitoring of the collections lifecycle so collectors can quickly resolve delinquencies and lower days sales outstanding.

Users can rank the severity of customer delinquencies and follow-up collections with a standardised course of action, ensuring rapid and compliant review approvals for dispute resolution. Ultimately, recognise high-risk customers based on industry metrics and address issues before they go to delinquency. It is a strategic process that is key to generating good habits and a payment culture among clients. It can also be a business activity whose primary objective is to generate returns for the company, converting losses into income.

Generate Customer Statements With Oracle Financials Cloud, customer statements can be automatically generated detailing all complete record of their invoice, debit memo, chargeback, receipt, on-account credit, credit memo, and adjustment activity for a specified period. You can use the Balance Forward Billing to consolidate the open transactions belonging to a customer account or customer site into a single bill that is sent on a regular basis, instead of sending a separate invoice for each individual transaction.

A balance forward billing will have assigned cycles to generate balance forward bills on a weekly, monthly, bimonthly, quarterly, yearly, or even daily basis. Users can either create these billing cycles in Oracle Receivables or maintain them in external feeder systems. Consolidated bills can be generated at either the customer account or site level.

You will have the ability to send electronically invoices, statements, and reminders to any customer. Once submitted, the delivery status of the e-mail can be monitored, and e-mails can be resent if necessary. By using Oracle BI Publisher

tool, provided as standard in the application, users can generate various statements output formats (Excel, HTML, PDF, and XML).

Using the standard functionality of Dunning Letters, companies will be able to inform their delinquent customers about their overdue payments.

Apply Collection Strategies Strategy Management allows you to configure tasks that are unique to your business, group tasks into a strategy and apply that strategy based on each customer’s collection score. Scoring is used to risk rank customers. Scoring represents the foundation of collection activities and scoring formulas utilize data points to score customer collectability. Strategies and dunning plans use this score to execute appropriate actions for delinquency and pre-delinquency determinations.

Utilizing strategies can result in higher recovery rates of your outstanding receivables. Tasks are manual or automated and the system can assign them to appropriate agent. The strategy workflow continues until all tasks are completed or until the delinquency is resolved. In addition, you can define and run strategies and strategy tasks for individual transactions.

Once dunning is set up, the collector could use preconfigured dunning letters or to create new ones, assign follow-up dunning call activities to collections agents, to send letters by print, fax, and e-mail to improve customer service and operational efficiency.

Preconfigured dunning letters are available and, if required, support is provided for creation and use of custom dunning letters. A company can configure aged or staged dunning, correspondence settings, dunning template assignments and the timing of the execution.

With Oracle Financials Cloud, you will be able to collect money faster with less effort by applying best practice collection methods at the right time, therefore improving cash flow, increase efficiencies, optimise customer relationships, and instil corporate and fiscal discipline.

Manage Collection Activities The Collection tool allows every collections agent to track a complete history of the interaction with their customers

The Collections Dashboard will allow collectors to easily review customers’ debt online, filter the information using several criteria simultaneously and take actions as necessary. From the Collections Dashboard, collectors will search for delinquent customers or specific customer accounts or sites to review the outstanding debt, see collections work which has been automatically assigned to them for action, along with summary information including the total amount due and a summary aging to help them prioritise those activities.

The Collections Work Area (Dashboard) provides a range of customer information giving improved insight and strengthening customer negotiations. Agents can create or view disputes and adjustments, create case folders to group related

transactions, apply payments and record customer promises to pay. Case folders allow collections activities to be performed against the entire group at one time, increasing collections efficiency by saving time and effort on customers that have many similar invoices that can be grouped. Agents have easy access to essential information including the customer’s collection strategy, dunning letters and other correspondence history and customer contact information and communication preferences.

Collections Work area

Benchmark with Industry Metrics Industry metrics evaluate the health of outstanding receivables, provide insight into the efficiency of collections organizations and help to identify potential problem areas. Metrics include balance and efficiency, sales outstanding and

promise indicators. Collection’s managers can view the metrics across many customers, accounts, bill-to locations and business units and agents can view them for a single customer, account or site.

Manage Settlement Oracle Financials Cloud provides a Dispute functionality which allows collectors to record and request a dispute based on various sections of the customer’s transaction. To create a dispute, the collector has to select the transaction, along with the appropriate section, enter a reason for the dispute, and submit the dispute for processing. The collector can also drill down to invoice line details through integration with Receivables to research the disputed amount. Once the dispute is submitted, it goes through an approval process and if approved, a credit memo is created. Transactions in full dispute could be excluded from the dunning letters sent to customer.

In addition, you will be able to hold customers accountable with Promise-to-Pay Tracking. You will be able to use promise-to-pay when a delinquent customer is unable to make a payment immediately or plans to send payment later.

Furthermore, collections agents can apply customer payments immediately by navigating to the transaction’s details. Once the payment information is captured the customer’s account is updated directly in Receivables.

Optimise Collection Efficiency You can permanently re-assign collectors based on performance metrics and key performance indicators (KPIs) from an enhanced Manager Dashboard. This is helpful when is needed to rebalance the workload or when a collector leaves the organisation. A single customer can be re-assigned or all customers belonging to a specific collector. Also, a temporary backup can be re-assigned in case a primary collector is sick or on vacation.

Monitor Outstanding Receivables Aging methods are periods of time used to group receivables, debit and credit items to achieve an understanding of a customer's delinquency profile. Grouping transactions by buckets of time creates an aging view of the customer. Five aging buckets are provided as standard (current, 30 days, 60 days, 90 days, and over 120 days), but several aging buckets can be defined and made available for selecting when running aging reports. Collections Strategies can be built based on the customer score and assigned accordingly.

Oracle Financials Cloud provides several out-of-the box aging reports that you can use to monitor outstanding customer balances. By leveraging the embedded reporting tools (OTBI and BI Publisher), users can modify existing reports as per their specific needs or create their own customer reports.

Key Business benefits • Prioritised work lists and interactive work statuses to automate work

• Summary and detailed views-transactions, correspondence, payments, disputes, adjustments, notes

• Definable amount tolerances

• Integration with Fusion Receivables for fast processing

• Automatic notification of approved or rejected requests

• Automatic Dunning notice generation and issue to multiple contacts

• Gain real-time access to live data

• Access massive quantities of data intuitively and immediately.

Watch how easy it is to create a Dispute in Oracle Financials Cloud.

Features at a glance

Automated delinquency identification and assignment

Interactive work prioritisation

Detailed customer account information Unique Customers ranking with configurable scoring

Integrated customer payment processing Streamlined dispute and adjustment management

In-built business intelligence

Real-time access to transactional data

Comprehensive Dunning

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Cash Management Oracle Financials Cloud offers a cash management solution that allows users to effectively manage company liquidity and control of cash. It also offers insight into expected cash flow from operational activities, whilst analysing company-wide cash requirements. To ensure optimal use of financial resources, the solution ensures businesses are able to effectively report cash forecast information from multiple sources and help manage cash requirements. Oracle Financials Clous provides a dashboard with cash management infolets in order for you to easily review and drill down to activity in the application.

Cash Management Infolets

Review Activities Oracle Financials Cloud enables you to quickly analyse cash requirements at any point in time. Also, you can view highlighted differences and variances to plan cash flow decisions such as investing and borrowing activities in a timely manner via secure, role-based dashboards. The work area leverages a multidimensional Essbase Cube which facilities the analysis of bank account balances, bank statement lines and transactions affecting cash positions.

Cash Balances Page

Bank Validation Oracle Financials Cloud uses a Bank Account model that will allow you to define and maintain as many banks, branches, and bank accounts as required. You will be able to define and keep track of all bank accounts in one place and explicitly grant account access to multiple business units, functions and users, therefore eliminating redundant duplicate bank account setup under different business units when these business units share the same bank account.

The solution offers daily interfaces with banks featuring automatic comparisons records, automatic adjustment of fees and minor differences to align daily balances. The electronic bank statement process transfers bank statements from the SFTP server and imports them into the Cash Management module. Following bank statement file are supported out-of-the-box: BAI2, SWIFT MT940, EDIFACT FINSTA, and ISO200022 CAMT053. Oracle Financials Cloud provides comprehensive bank reconciliation capabilities enabling companies to expedite bank reconciliations, manage an unlimited number of bank accounts, maintain accurate cash balances, identify, and resolve exceptions.

Initiate Interbank Activities You can execute global cash management, optimise balances across domestic and vostro and nostro accounts, and review account positions in real time. You can manage fund transfers between two internal bank accounts, perform ad-hoc payments, maintain notional and physical cash pools using REST services and use the cash levelling proposals in the cash positioning to initiate bank transfers from the subsidiary account to the concentration account for zero balancing. You can also initiate the bank transfers from concentration account to subsidiary accounts for maintaining the target balances.

Cash Position Cash positioning is the planning tool to view the daily cash position. You can project its cash needs and evaluate the company’s liquidity position. The daily cash positions are based on actual cash flows from data sources such as bank statements and external transactions.

Cash Position

Cash Management - Prepare a Cash Position Prepare and review a cash position for one or more bank accounts.

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Cash Forecasting The Cash Management module offers Cash Positioning and Forecasting functionalities in order to provide solutions to accurately report cash balances and generate forecasts. This enables managers to make cash flows decisions such as investing and borrowing in a timely manner. You will be able to perform cash forecast, adjust the data by adding manual transactions and check the cash flow forecast for the following 5 days by reviewing the infolet or directly from the Cash Management work area.

5 Days Cash Forecast

In addition, you will have the flexibility to create detailed cash position and forecast reports by using SmartView and financial reports to meet reporting requirements.

Key Business benefits • Use role-specific dashboards to highlight

transaction flags and instantly monitor exceptions

• Streamlined and automated bank reconciliation process

• Manage company liquidity and control of cash

Features at a glance

Optimise balances across accounts using zero balance scheme

Interface with banks to automatically process transactions records and any additional fees to align balances

Role based dashboards to run cash forecasts Real-time review bank positions. Automated bank reconciliation

Cash Management - Create a Cash Forecast using Smart View See how create and view a cash forecast for bank accounts

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Expense Management The mobile and analytic capabilities built into modern best practice have led to quicker expenses reimbursement and tighter fraud controls. You gain greater control of expense claim processing. Easily approve or reject expenses by monitoring and interacting with the entire organisation. Take advantage of the cloud for an easy platform to securely mobilise the online submission and approval of expense reports.

Define Expense Policies and Validate Items Based on the Policies Oracle Expenses Cloud is a complete, end-to-end solution for digital expense management giving employees easy data entry options, and financial managers detailed spend information and policy-driven control. Oracle Financials Cloud allows companies to configure corporate expense policies, templates, approval rules and audit processes.

If there is a policy violation, the employee will receive a message and must either change the value or enter a justification for the existing one. Depending on the company policy, the system can prevent the submission of the expense report if there are policy violations during submission. The module Expenses of Oracle Financials Cloud provides a series of alerts to the approvers for all expense reports submitted with policy violations and they will be able to approve or reject the expense claim, or to require additional information from the employee.

Moreover, the mobile application validates meal and accommodation expenses, the most common expenses types, for policy violations and displays the warning and error messages on the View screen if the expenses exceed these rate limits and applicable warning tolerances. Based on the expense policy configuration, the mobile application may require users to enter a justification.

Policy Violation Message on View Expenses Screen

Process Expense Reports Today’s users expect their corporate ERP systems to reflect the prevalence of digital technology in their personal lives. To accommodate the increasing reliance on mobile devices, Oracle offers expense capture, submission and approval while on the go.

Oracle Mobile Expenses, part of Oracle Financials Cloud, is a comprehensive solution supporting mobile entry for both iPhone and Android devices, leveraging common smartphone features such as photo capture for automated expense entry of receipts, voice capture to record expenses, GPS route tracking to calculate mileage, and multi- currency and location-based support using GPS location. Other innovative features use contacts and calendar to select attendees for meals or other expenses while capturing the receipt on the spot and downloading credit card transactions. From smartphone users can easily sync with the Expenses module of Oracle Financials Cloud for expense reporting.

Integrated Mobile Expenses Application

Expense Assistant The Oracle Expense Assistant is a skill that lets you create and manage your expenses using a conversational experience. It uses conversational channels such as native SMS, Slack, or Microsoft Teams on your mobile device to guide you through common expense tasks. As you interact with the assistant, it directly communicates with the Oracle Expenses web application to perform the tasks.

Here are the different expense tasks that you can perform using the Expense Assistant:

• Creating an expense and submitting it for manager approval

• Modifying an expense

• Checking the status of expense reports.

You can also capture the number of attendees in the meals and entertainment expenses that exceed the limit specified by the company policy. Auditors can view the cost per attendee when auditing the expense.

You can sign into the Expenses web application to review the results of tasks that you performed with the help of the Expense Assistant, or to perform interactions that are more detailed.

Expenses Assistant

Process Credit Card Feeds Oracle Financials Cloud ensures secure and automated availability of credit card transactions for expense reporting, enabling timely approval of reports and payments. Employees can enter and submit expense reports quickly and easily using integrated corporate card transactions along with cash expenses. Pre- populating reports with card transactions makes expense entry faster, increases data accuracy and reduces opportunities for fraud.

Manage Cash Advances Employees benefit of self-service submission of expense reports and processing of cash advance requests, being able to actively monitor and follow-up on overdue cash advance balances with automated notifications. The Travel and Expenses work area provides a clear overview of the status of their expense items, reports, cash advances, trips, and items that require action. This information is summarized into five Infotiles that deliver clear, accurate and actionable information when they need it. Items requiring action are highlighted in red, guiding users to take immediate action and make effective decisions.

The cash advance process begins when an employee requests a cash advance in Oracle Financials Cloud and submits it to their manager for approval. If the manager approves it, the system sends it to the expense auditor for approval. If the expense auditor approves it, he specifies a due date by which the cash advance must be applied to the employee's expense report. After the mandatory approvals, the cash advance requested amount is deposited into the employee's primary bank account.

Companies can configure descriptive flex-fields for expense reports and cash advances to capture additional travel and expense details that are specific to their business.

Manage Employee Travel Integration with GetThere enables direct access to travel booking sites, rules-based reservations, automated itinerary downloads and automated creation of expense reports.

GetThere Work Area

The Expenses work area provides users with a clear overview of the status of expense items, reports, cash advances, trips, and items that require action. This information is summarised into five infotiles. All items that require action are highlighted in red for clarity. Each infotile has a corresponding detailed view, which is displayed below the tile.

Analyse and Audit Shift from reactive to proactive management by setting policies, automating approvals and audits and analysing expense trends. This approach helps to establish enterprise-wide policies for travel expenses and automates the review of reports for compliance that are industry best practices.

Additional spend controls based on expense categories, such as accommodation, meals, and miscellaneous expenses, further enforce company policies by automatically highlighting them in approval notifications. Then, these expense reports are automatically selected for audit. Mining expense report and policy violations helps identify gaps in the travel policy and potential areas of fraud. Moreover, the integration of the spend authorization with the budgetary control feature, enables users to reserve funds when they submit an authorization for anticipated expenses. When spend authorization is enabled for the business unit, control budgets are associated with each expense type that users want to reserve funds for.

Oracle Financials Cloud provides complete flexibility in how you want to view expenses. You can view them by management hierarchy, expense category, or policy violation type and frequency. Embedded analytics give users immediate visibility to the top spenders in the organization, complete with drill downs so you can review detailed expense receipts and expense policy violations. Spend Analysis reporting gives real-time ad-hoc reporting across expense categories, merchants, and locations, and analysis of employee expense across cost centres, employees and associated supervisory hierarchies.

Managers, other approvers, and auditors can view the difference in the booked versus actual expense, as well as any booking policy violations with justifications. This helps approvers and auditors monitor travel costs and ensure that employees are compliant with corporate travel policies.

Financials Cloud Introducing the Expenses Work Area

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Key Business benefits • Quick expense entry using mobile apps,

GetThere integration or offline spreadsheets

• Greater accuracy and compliance with corporate card integration

• Meet global and corporate requirements with configurable policies

• Simplified expense process definition

• Improve Employee Productivity

• Define Polices in Compliance with Corporate Policy and Local Regulations

• Increased visibility of errors and fraud with sophisticated audit management.

Features at a glance

Integration with established payment processes and applications

Seamless integration with GetThere and corporate credit cards

Support for global Per Diem requirements Automated support for accounting and project allocations

Embedded transactional intelligence that guides approvers’ decisions

Out-of-the box imaging integration

Mobile entry for expenses

Tax Engine

Oracle Financials Cloud provides a centralised, global solution for managing transactions-based tax requirements across the application. Oracle Financials Cloud automates transaction tax calculation, tax determination and tax reporting functions across business documents, such as sales invoices, purchase requisitions, purchase orders and supplier invoices.

Global Tax Management

Oracle Financials Cloud:

With Oracle Financials Cloud, you can model taxes according to specific needs of the following local and international tax requirements:

• Both simple and complex country-specific tax legislation

• Cross-border transactions, including exports and Intra-European Community transactions

• Intercompany transactions

• Local compliance requirements for recording and reporting

• Continual changes to tax legislation, such as:

- New taxes

- Local law changes

- Special tax rates

- Special exceptions for products and customers.

Tax Architecture Summary

Tax Architecture

Ensures control over manual intervention

and update

Uniformly delivers tax services to all Oracle

Financials Cloud application business flows through one

application interface

Provides a single integration point for

third-party tax products and services

Is configurable and scalable for adding and maintaining country- specific tax content

The Tax Architecture of Oracle Financials Cloud has a centralized data model that provides a single source of truth for transaction and withholding tax information. It consists of 5 tiers:

• Tax Configuration – Foundation Represents the tax data that organisations set up for each tax regime and tax that it is subject to. Each tax within a tax regime comprises a certain number of elements including tax statuses, tax jurisdictions, tax rates, and if applicable tax recovery rates.

• Tax Determining Factors Identifies the factors that participate in determining the tax on an individual transaction. Tax determining factors can be classified into the parties involved in a transaction, the products transacted, the places involved in the transaction and the process or kind of transactions that take place. Tax determining factors are the building blocks for tax rules.

• Tax Configuration – Advanced Consists of the defaults and tax rules used to determine and calculate tax on transaction. Users can create tax rules by translating the tax regulations of a tax authority into determining factors and tax conditions.

• Services Consists of calculating tax amounts, determining appropriate tax recovery amounts, exporting and importing designated tax setups and integrating with 3rd party vendor products for transaction tax data upload, calculation and reporting considerations.

• Tax Management Maintains all of the tax information pertaining to each transaction for use in tax reporting.

The configuration repository contains all of the tax setup that users can share across multiple legal entities and multiple business units.

The tax record repository stores the transaction and withholding tax events and attributes for the country- specific reporting requirements.

You can quickly configure transaction taxes according to local and international tax requirements by leveraging the Rapid Implementation spreadsheets which can be downloaded directly from the system. The Tax Configuration workbook and the Tax Implementation workbook are enhanced to streamline the organisation of the data as well as to include additional information required for configuring tax.

Companies can generate reports with comprehensive transaction information to create tax reports required by tax authorities and meet the internal reporting needs of the organization. Oracle Financials Cloud provides legal, business and reconciliation reports for tax activity associated with buying and selling goods and services through the Payables and Receivables modules of Oracle Financials Cloud. You can:

• produce reports and returns to meet tax reporting requirements for specific countries and those required for reconciliation and audit of tax calculated on transactions

• generate registers with comprehensive information of transactions with tax impact, which can be used as a basis for creating tax reports required by tax authorities and meeting the internal reporting needs of the organisation.

Integration with comprehensive transaction tax management solutions provided by tax partners is currently available for tax content, tax calculation and tax reporting. You can leverage the partner transaction tax solutions independently or together based on different transaction tax requirements across market segments and industries.

Oracle Financials Cloud Reporting

Oracle Financials Cloud provides predefined analyses, dashboards, and reports that help you meet financial and business intelligence requirements. With the many reporting tools, you can run, view, and build user- defined or real-time analytics and reports.

Tend to Your Questions Worth Answering, from Any Device

Reports can run on a defined schedule or an ad-hoc basis from self-service whenever required. You can also set up other automated tasks, for example to deliver results to specific recipients, destinations (including folder, e-mail or printer) or send report outputs as notifications.

Oracle Financials Cloud pre aggregates balances at every possible summarization level across each dimension of the chart of accounts and accounting periods for multiple date effective hierarchies, which accelerates reporting and inquiry. Standard layouts are provided within the application, but users can also create custom layouts, based on the specific needs.

The solution offers personalised insights, while reports and analytics are refreshed immediately when an entry is made, without having to run a process or program, because the balances are recalculated and aggregated in real time.

Different reporting requirements exist in a finance organization. The Chief Financial Officer needs professional-quality financial statements, financial analysts analyze ledger balances, and other users perform real-time transactional queries.

Covering all reporting needs

Oracle Fusion Financials delivers a state-of-the-art reporting platform that's built on top of an analytic data model. The reports work off the same data source and support drilldowns to real-time source transactions. The queries and reports are accurate and up to the minute, providing multidimensional analysis without the need for a separate data warehouse. Oracle has many tools to meet these reporting needs. Some of your reporting needs and the tools used in the reporting solution are listed below.

CFO

Boardroom ready

Accounting Manager

Interactive

reports

Financial Analyst

Ad hoc analysis

Financial Reporting Centre (FRC) tool embedded in Oracle Financials Cloud Solution delivers boardroom- quality management reports based on live general ledger balances and hierarchies. In addition to high quality, formatted reports including graphs and charts, Financial Reporting Centre also supports detailed and interactive analysis within the report through slicing-and-dicing, expansions and drilldowns, allowing managers and executives to review strategic financial highlights and trends but with the added capability to investigate the details for a comprehensive understanding of financial performance. The advantage of Oracle Financial Reporting is that it is based on real-time multi- dimensional account balances in the GL Essbase cube, so users can analyse information rapidly based on pre- aggregated summary balances at every level of the accounting hierarchy.

FRC- View Analytics and Reports Learn how to find analytics and reports, and how to make the most of the viewing features.

FR Studio supports powerful formulas and calculations, advanced formatting, embedded charts, multi- dimensional analysis, summary / detail expansions, drilldown, and run-time points of view (reporting filters) to create production-quality, highly formatted reports. Both live reports - based on real-time accounting data - and snapshots - at a fixed point in time - can be analysed and viewed in multiple output formats, such as HTML, PDF, Excel and other MS Office products.

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Define a Basic Financial Reporting Report Using Financial Reporting Web Studio Learn how to add a grid to a financial reporting report, select the point of view dimensions for the grid, and how to select the account dimension members for revenue and expenses.

Account Groups and Sunburst: Account groups are used to monitor key accounts in General Ledger. When a user creates an account group, it becomes visible in the Financial Reporting Center with the Sunburst visualization tool. The Sunburst visualization tool lets you interact with your account balances across various business dimensions to view balances from different perspectives. Account groups are used only in General Ledger.

Smart View Reports: Smart View is a multidimensional pivot analysis tool combined with full Excel functionality. Smart View enables you to interactively analyze your balances and define reports using a familiar spreadsheet environment. These queries are mainly for users in General Ledger. To share Smart View queries, users can email them to other users, or they can upload the queries to the Financial Reporting Center where users can download them to a local drive for use. The Financial Reporting Center is only a place for users to upload and download Smart View queries.

Oracle Transactional Business Intelligence (OTBI) is designed for operational users who want to create their own custom queries, reports, dashboards, charts and graphs to aid daily decision-making. Layouts can be saved to the BI Catalog for re-use and the output can be viewed directly within Oracle Cloud or downloaded to a spreadsheet which can then be re-used or amended. Dashboards put all the information, functions, and actions that a business user must have to do their job in one place and are built off of Oracle Transactional Business Intelligence objects like analyses and reports. These reports can be run by users in General Ledger, Payables, Receivables, Cash Management, Intercompany, and so on.

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Oracle BI Publisher

Oracle BI Publisher is a reporting solution to author, manage, and deliver all your reports and documents easier and faster than traditional reporting tools. Use your web browser or familiar desktop tools to create everything from pixel-perfect customer facing documents to interactive management reports against practically any data source. View reports online or schedule them and deliver tens of thousands of documents per hour with minimal impact to transactional systems.

BI publisher is a powerful tool that separates data, layout and translation allowing creating many reports from one single extraction. BI Publisher uses XML as input source and is able to apply any template that defines the output layout. Output files can be Word, Excel, PDF, HTML or PowerPoint and can be sent via emails or SFTP.

BI Mobile Apps: Oracle Business Intelligence Mobile App Designer is an application that enables you to create multitouch information-driven applications with rich interaction, rich visualization, and rich media, for mobile devices such as iPhone, iPad, Android phone, tablet, and more. These reports can be run by users in General Ledger, Payables, Receivables, Cash Management, Intercompany, and so on.

Royal London Group thrives amid change using Oracle Cloud “We set out with the objective of delivering twice as much, twice as often, in half the time. With Oracle, we’re now delivering that.” Martin Lewis, Finance Chief Operating Officer, Royal London Group

NGL Energy optimizes performance management in Oracle Cloud

“With Oracle Cloud, we’ve consolidated many legacy accounting systems, improved our processes, and accelerated our reporting. We have higher-quality, consistent information available on a timely basis to make better business decisions”

Robert W. (“Trey”) Karlovich III EVP and CFO, NGL Energy Partners

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More details on Oracle Financials Cloud Reporting Capabilities – Oracle Help Center

Add Business Value with additional features and modules Risk Management Cloud Oracle Risk Management Cloud is a modern, comprehensive risk solution for CFOs, CIOs, and Auditors that helps customers to monitor and prevent suspicious ERP transactions and inappropriate and to manage compliance requirements access via data science and sophisticated analytics. Oracle Risk Management Cloud is a module within Oracle ERP Cloud to manage risks and meet compliance and privacy mandates (SOD, SOX, GDPR, etc.). Risk Cloud Subscribers can automate analysis, monitoring and control of ERP security, configurations, and transactions.

Oracle Risk Management Cloud offers a complete solution for organisations of all sizes—from financial reporting compliance to advanced financial controls that minimise cash leakage, improve the bottom line, and sustain a fast period close.

There is a three-tier approach to our module. The first tier is Advanced Financial Controls Cloud Service (AFC) which will protect against fraud, error and policy violations of financial transaction

The second tier Advance Access Controls Cloud Service (AAC) helps to detect SOD and remediation as per global regulation.

Third Tier Financial Reporting Compliance (FRC), which you can use to document all the risk, control, issues, plans assessment of controls and certify compliance.

Intelligent risk management with Oracle Cloud ERP Companies that proactively manage their risk are the ones that make daring moves with confidence. Do you have access to the real-time data needed to make critical, risk-aware decisions? Make your next big move with Oracle Cloud ERP.

Advanced Access Control Advanced Access Controls (AAC) Cloud Service enables continuous monitoring of all access policies in Oracle ERP, potential violations, insider threats and fraud. It automates security analysis to ensure segregation of duties, and compliance with access policies. Organizations can easily upgrade their existing processes by deploying a pre-built library of best practice access controls, or graphically author new controls to suit their changing needs. They can manage all their application access risks, using access controls and compensating monitoring controls with a secure solution embedded within the Oracle ERP Cloud.

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Advanced Access Control helps organizations:

• Prevent fraud – by restricting privileges so that no user is able to perform end-to-end financial transactions independently

• Accelerate secure deployment of Cloud ERP Applications - by designing roles that are free of SoD conflicts and Identify users with conflicting privileges

• Ensure compliance with audit requirements and mandates (such as SOX) – by auditing access privileges.

• Protect information assets from insider threats – by limiting and monitoring access to sensitive data and super-user privileges.

Advanced Access Control offers a deep SOD analysis. Enforcing SOD compliance requires a detailed analysis of all functions and data that are accessible to each other. Oracle Risk Management Cloud is powered by an AI-driven analytical engine that scans thousands of access path and access privileges for each user. It is the only solution that fully describes a user’s access at the most granular level.

Oracle Risk Management Cloud provides a library of ready-to-use controls for high-risk business processes, for example, AP, AR, GL, Payroll, Compensation, etc. and an intuitive workbench to visualize conflicts and simulate remediation.

After go-live, organizations can continuously monitor access policies throughout their ERP life cycle: while on-boarding new users, changing role assignments, or designing new roles. Using the graphical workbench, they can easily update access controls to keep up with changing processes & role definitions.

Inter-role vs Intra-role violations

Features at a glance

Continuously monitor access policies Pre-built Best Practice Controls for Segregation of Duties

Graphical Workbench for users to author and configure controls

6,000+ ERP Cloud access entitlements & access points to configure controls

Remediation of access conflicts supported by visualisation & simulation

Integration with Financial Reporting Compliance Cloud Service

Embedded dashboard with analytics and reporting

Advanced Financial Control Advanced Financial Controls (AFC) Cloud Service enables continuous monitoring of all expense and payables transactions in Oracle ERP Cloud, for potential cash leakage, violation of internal policies, process inefficiency, and fraud.

It replaces inefficient manual audit and sampling practices with automated controls to identify and remediate incidents. Organizations can deploy best-practice controls to upgrade their processes or graphically author custom controls to suit their needs. They can eliminate ad hoc data scripts and disjoint processes that are inefficient and vulnerable to data leaks, replacing them with a secure solution embedded within the Oracle ERP Cloud.

Advanced Financial Controls (AFC) Cloud Service defines the logic for detecting unwanted transactions and/or risky configurations within your organization’s payable or expense business processes. A Transaction Model is used to test and validate a control design to ensure the control is designed effectively before deployment. Results displayed by the transaction model are temporary because they are replaced each time the model is run.

Transaction Control:

• A Control is created by deploying a transaction model.

• A Control adopts the model’s risk logic and result attributes and has additional attributes to specify result type and incident assignees

• Results generated by the control analysis are called incidents, which are dispositioned by incident assignees.

• Unlike Model results, a control’s results (incidents) are permanent records in the system (records of control violations).

Advanced Financial Control helps organizations:

• Prevent Cash Leakage – by identifying missed opportunities due to inefficient processes, inadvertent human errors, and wilful fraud

• Improve Governance – by continuously monitoring for violations. For example, an employee who disguises purchases greater than her approval level by submitting several smaller requisitions within her approval level is identified and stopped, deterring future attempts at similar or worse rogue behaviour.

• Detect Potential Issues Early – by auditing transactions before commitment. Organizations can save millions in losses and wasted recovery resources.

• Optimize Business Processes – by identifying groups of exceptions due to issues such as unclear policies or inadequate training and addressing them.

• Defend Against Insider Threats – such as abuse of super-user privileges or violation of segregation of duties.

Features at a glance

Continuously monitor financial transactions Pre-built Best Practice Controls for Payables and Expenses Processes

Graphical Workbench for business users to author and configure controls

1,300+ Financials / ERP Cloud transaction attributes available to configure controls

Role-based remediation of transaction incidents supported by worklists, notifications

Integration with Financial Reporting Compliance Cloud Service

Embedded dashboard with analytics and reporting

Financial Reporting Compliance Financial Reporting Compliance (FRC) is a cloud service that streamlines internal assessments and automates labour-intensive tasks required to complete external certifications for SOX or similar mandates. Integrated with Oracle ERP Cloud, this service protects sensitive data by replacing the use of unsecure spreadsheets, emails and documents.

Financial Reporting Compliance helps organization in:

• Keep risk-control matrices, hierarchies, and test instructions current

• Scope controls to be assessed for each cycle

• Plan, schedule, and complete control evaluations on time

• Remediate deficiencies and resolve issues quickly

• Improve visibility to internal and external stakeholders

• Complete control certifications such as SOX Sections 302 and 404.

Reporting Compliance (FRC) helps companies deploy a robust compliance (SOX, etc.) process quickly. When implemented along with ERP Cloud, it enables optimization of control procedures within and outside financial processes. Besides lowering IT implementation costs this approach results in a more robust ERP implementation as well as a faster, more cost-effective SOX process for the long term. Through automation, this service delivers immediate benefits to the finance control owners, compliance, audit and IT staff.

Furthermore, Financial Reporting Compliance helps companies achieve strategic benefits:

Improve security and collaboration Oracle FRC is built on the same platform as Oracle ERP Cloud with shared security, user provisioning, user interface, and collaboration tools. This protects sensitive data in a central repository and simplifies communication between process owners, compliance staff, internal and external audit.

Increased confidence in financial reports Bolster external and internal confidence in the financials with strong, reliable internal controls over financial reporting. Demonstrate that controls are enforced, known risks are controlled, and emerging risks are mitigated.

Lower long-term costs Reduce compliance effort and errors by eliminating labour-intensive manual steps with transparent, automated, and repeatable processes. Free up resources to focus on more strategic objectives.

Empower decision making Delegate risk and control assessments to process owners who are in the best position to make material improvements to the financial reporting process. Empower business process owners to manage their own controls and ensure accountability, freeing up auditors and executives to focus on key risks and oversight.

Risk Cloud Advantages Build trust and confidence with integrated security, audit & fraud monitoring. Use built-in data science to strengthen financial controls and streamline audit. Automate labor- intensive application security monitoring, audit and compliance tasks.

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Oracle Cloud ERP to transform business with simultaneously mitigating risk

Key Business benefits • Reduce compliance costs by eliminating labour intensive tasks

• Optimise controls in your ERP Cloud implementation by deploying FRC concurrently

• Improve security and collaboration by replacing unsecure spreadsheets, emails and documents

• Strengthen internal controls by delegating to process owners

• Demonstrate controls are enforced, known risks are controlled, and emerging risks are mitigated

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ERP Financials - A Functional Overview

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