Overview, Automation, and Benefits
Oracle Cloud Project Financials provides an intuitive project tracking process that will allow greater control over your projects and produce better results with a synchronized project financial management system. Organizations that are already live on Cloud or considering Oracle Cloud’s automation are oftentimes seeking a highly automated and streamlined project costing solution to effectively capture and account for their project costs.
This type of solution prepares project managers and project team members alike to achieve full financial control over their projects and allows them to focus on other important goals, instead of burdening them with administrative tasks such as managing multiple spreadsheets and tracking projects through disconnected tools. Below, we will dive into the key highlights and benefits of streamlining project financial management processes in Oracle Cloud.
Providing Efficient and Consistent Project Plan Development
The project plan is the key that determines project tasks, timeline, and resources. Project administrators and project managers can collaboratively work with one another or individually to develop a project plan using simple drag and drop capabilities to create tasks and subtasks within a plan.
A project-based organization can even free up more time for their project team personnel by setting up project templates for users to create a project from. Within a template, many important project details such as critical tasks and resources can be pre-defined and ready to be selected by end-users. This feature in Oracle Project Financials is used popularly as it offers a rapid, standardized, accurate project plan creation process across the entire organization.
Simplifying and Transforming Project Budgeting and Forecasting
Budgeting and forecasting have critical roles in a successful project, however, these tasks can be challenging as a project often requires several changes and adjustments within its timeline. The simplified and intelligent project budget and forecast tools allow users to quickly generate different budget and forecast versions from a project plan. Depending on business needs, users also have the ability to adjust quantities and labor cost rate by mass changes or individual tasks and resources using this streamlined tool.
Managing and Initiating Early Corrective Action
How can we ensure that a project is on track from a financial perspective? This could be one of the most frequently asked questions by project managers and project executives regardless of industry. To provide specific answers for these types of questions, Oracle Project Financials offers automatic project roll-up functionalities for real-time visibility.
Project managers can compare project progress across different time periods at the project, task, or resource level. The application offers many key performance indicators (KPIs) and comprehensive reporting measurements allowing project managers to identify potential issues at an earlier phase of the project. Finally, project managers can evaluate the immediate impact of current and remaining work estimates on their forecast and proactively take corrective actions to ensure successful mitigation.
Streamlining the Project Cost Capture Process
Project accountants can easily capture and manage costs for projects whether they are costs from purchase requisitions, purchase orders, expense reports, supplier invoices, or costs imported from other applications that are configured to meet business needs. This flexibility supports important requirements such as the ability to capture billable or capitalized costs.
Moreover, with this one-stop project costing process, project managers have full visibility to view planned project cost versus actual accounted project costs, further allowing for a better understanding of the project financial status.
To learn more about Oracle Project Financial Management, view additional Oracle documentation here.
Reach out to [email protected] to schedule a Cloud Optimization Assessment with Elire’s Strategic Advisory Services team to review your current state and recommend options to improve your processes and procedures. Learn more about Elire’s Oracle Cloud ERP Services here.