WHAT is FCCS?
Finit has delivered solutions for the office of finance 20 years, beginning in 2002 with a focus on Oracle EPM. In 2011, we were the first OneStream implementation partner and delivered the first OneStream solution to go live. We no longer offer consulting services for Oracle EPM. However, the functional experience and technical expertise built from this experience form the foundation of our industry-leading OneStream practice.
FCCS stands for Financial Consolidation & Close Cloud Service (one of the C’s is silent). It is Oracle’s latest EPM tool for the cloud and the first one specifically targeting the financial close. Per Oracle product management this is not HFM in the cloud; that is not the stated goal nor the intent of this software application. FCCS was built to:
- Address Management and Legal Entity consolidation needs for a broad spectrum of customers
- Provide significant out of the box functionality with limited need for customization (no scripting)
- Allow out of the box calculations, hierarchies, and reports for quick deployments
- Easily work with built-in task orchestration for management of overall processes
- Provide flexible, robust user-owned reporting
- Be fully integrated with the EPM Cloud suite of tools
WHO can best benefit from FCCS?
Right now, FCCS is an option for small to mid-market customers looking for a consolidation & reporting solutions with a short and easy implementation. Existing Hyperion Enterprise customers will appreciate the transition to FCCS and eliminating the need for data centers, worrying about backups, VMs, and applying patches and staying on the current version as with any cloud service option
WHEN will FCCS be available?
FCCS is available now! It was initially released on 5/12/16 and although it is a new software, it was built on the Oracle PBCS platform that has been around for two years.
FCCS is currently part of Oracle’s Early Adopter Program. The goal of this program is to ensure quick, successful implementations. There are three key benefits to becoming part of this program:
- Access to Product Development: Provides free access to Oracle Product Development resources to ensure a successful implementation.
- Influence the Roadmap: Participant’s feedback will have significant influence on the product roadmap.
- Becoming Oracle Partners: Product development provides best practice guidance to compensate for learning curve associated with a ‘new product’.
Participation in the program is on a first come, first serve basis and has limited availability. Contact your Oracle sales person if you are interested.
WHY might FCCS be the right solution?
FCCS is a cloud-based software that aims for quick implementations with out of the box functionality. Because the software is hosted in the Oracle EPM cloud, there is no concept of versions or patching. Every FCCS customer benefits from having the latest features. There is no worry of backing up data or setting up databases…everything is handled by Oracle’s Cloud team.
Overall, FCCS is quite comprehensive and includes the following:
- Consolidation
- Predefined dimensions with built-in Financial Intelligence
- Flexible application configuration with pre-built forms and reports
- Standard consolidations and eliminations
- Currency translations and FX adjustment calculations
- Built-in KPI ratio analysis
- Custom calculations using member formulas (no more rules file)
- Automated Cash Flow
- Historical Data Overrides
- Data source detail tracking with drill through capability
- Multi-GAAP support
- Journal entry with approval workflow
- Intercompany matching
- Data Audit
- Data load from ERP
- Close Calendar
- Task Management
- Workflow
- All existing Close Manager functionality
- Supplemental Schedules
- Data Collections
- All existing Supplemental Data Manager functionality
- FCCS Dashboards
WHERE can more information about FCCS be found?
Finit is happy to answer any questions you might have about FCCS. Stop by our booth at KScope16, or contact us for more information.
For additional Oracle documentation, please see the following links:
- https://cloud.oracle.com/en_US/fcc-cloud
- https://www.oracle.com/applications/performance-management/solutions/enterprise-performance-mangement-cloud.html
For more detailed information about FCCS including screenshots, please see our blog entry FCCS in Detail.