Oracle’s Cloud ERP Financial Accounting Hub is a powerful tool your organization can take advantage of. Enterprise organizations need to have access to a powerful suite of financial management tools that can provide accurate, relevant, and timely information regarding an organization’s finances. Oracle Cloud ERP Financial Accounting Hub (FAH) is an integrated solution that allows companies to manage their financial data and transactions more efficiently. Companies can gain or regain control over their financials through the unifying financial data from multiple accounting systems and simplifying processes.
The Oracle Accounting Hub is a Cloud-based application that unifies data from different financial systems, giving your finance teams a complete view of all your financial data to increase forecasting accuracy, shorten reporting cycles, and simplify decision-making for your CFO.
What is Oracle Cloud ERP Financial Accounting Hub?
Oracle Cloud ERP’s Financial Accounting Hub application aids organizations in managing their financial data more effectively and enables companies to consolidate financial information from multiple systems and sources, ensuring that the data is both accurate and consistent across the board.
The solution is built on the Oracle Cloud Infrastructure, which provides a secure and scalable platform for financial data management. The Financial Accounting Hub allows companies to streamline their financial processes by automating data collection, validation, as well as transformation. The highly-configurable rules engine in Financial Accounting Hub transforms transaction information from external systems to make detailed, accurate, and auditable accounting entries to meet both statutory and corporate regulatory reporting needs.
The solution also provides powerful reporting and analysis tools, including Revenue and Portability Analysis reports and the ability to visualize things like operating income by line of business and product income, which allow companies to make better financial decisions.
How Does Oracle Cloud ERP Financial Accounting Hub Work?
Oracle Cloud ERP Financial Accounting Hub is designed to integrate with other Oracle ERP solutions, including Oracle Financials Cloud and on-premise solutions for adopting a phased cloud transformation. The solution works by extracting financial data from these systems and then consolidating it into a single source of truth.
Once the data has been extracted, it can then be validated to ensure that it is accurate and complete. Any errors or discrepancies are automatically flagged by the system, and FAH alerts the user so that they can be resolved. The validated data is then transformed into a standard format, which can be used for reporting and analysis.
Oracle Cloud ERP Financial Accounting Hub is a powerful solution for managing enterprise level organization’s financial data and transactions. The solution provides powerful reporting and analysis tools at your disposal, which allow companies to identify trends and patterns in their financial data as well as create visualizations for better reporting and decision-making. In addition, the FAH solution is built on the Oracle Cloud Infrastructure, which provides security as well as scalability for your financial data management platform.
What Are the Benefits of Oracle Cloud ERP Financial Accounting Hub?
The benefits of leveraging Oracle Cloud ERP Financial Accounting Hub include its ability to consolidate and manage financial data into one straightforward picture, allowing CFOs to tell the story of current, past, and future financial matters. This makes it easier for companies to manage their financial processes and reports, as well as make better financial decisions. One key benefit of is the ability to have Oracle Fusion Subledger Accounting perform accounting transformations on external system data, even if there is no accounting to be migrated to Oracle ERP. The ability to incorporate and create accounting entries from external sources in the Oracle Fusion General Ledger is another benefit. What’s more, Oracle Fusion Financial Reporting Center has the ability to report accounting from all sources, both external and internal, as well as create consolidated financial reporting.
What’s Next?
Elire’s team of Cloud and finance experts are available to assist you in maximizing your Oracle Cloud investment and help you take advantage of all Oracle Financial Accounting Hub has to offer. If you’re deciding on a move to Oracle Cloud and still wondering if an implementation partnership can benefit your organization, reach out to [email protected] to get in touch with our team and learn more about how Elire can help. In the meantime, check out our Oracle Cloud Services Page here for more information on all Elire has to offer and download our Cloud informational one sheet.