Financial Close and Consolidation with Oracle Cloud EPM – Part 2
Oracle Cloud EPM FCCS supports end-to-end financial close with features like task management, intercompany eliminations, multi-GAAP reporting, and audit-ready compliance.
Oracle Cloud Project Costing
The American Lebanese Syrian Associated Charities (ALSAC) was founded by Danny Thomas in 1957 to be the fundraising and awareness organization for St. Jude Children’s Research Hospital, and its sole mission is to raise the funds and awareness necessary to operate and maintain the hospital. In the years ahead, an estimated 87% of the funds necessary to sustain and grow St. Jude must be raised by ALSAC from their generous donors.
Elire engaged with ALSAC – St. Jude Children’s Research Hospital beginning in June 2019 after encountering challenges with their initial Oracle Cloud implementation set-up. ALSAC – St. Jude Children’s Research Hospital had just gone live with another implementation partner and were not satisfied with their implementation. Elire and the client then discussed a few different opportunities to collaborate.
The goals of the project included the implementation of an enterprise project costing solution (EPC) which included project budgeting, project control, sub-ledger accounting, as well as improved financial tracking of projects to show the full investment needed for completion. The project also had the goal of improving budgeting and selection of projects through Project Costing.
One of the primary challenges of this project was changes in key stakeholders. Changes to project requirements as well as the key personnel responsible led to challenges in making the tough but necessary decisions that would keep the project moving forwards. With the right personnel and buy-in from leaders, the project team was able to overcome this challenge.
Elire partnered with the project team to develop a full cutover plan that outlined the proper tasks needed before going live. Elire provided training to SMEs and business users, as well as conducted hypercare daily touch points during the User Acceptance Testing timeframe to help answer questions and fix any issues that arose. ALSAC – St. Jude Children’s Research Hospital went live with their enterprise project costing solution which included Oracle Cloud Project Budgeting, Project Control, and Sub-Ledger Accounting, and resulted in improvement to their financial tracking of projects.
The team worked closely with ALSAC – St. Jude Children’s Research Hospital IT team to configure the production environment and validate operational readiness, as well as prepare for production support and delivered training material to the business. This ensured a stable go-live took place on time and within the project budget.
With the implementation of Oracle Cloud Project Costing, project managers now can identify project risks and opportunities months in advance. The improved ability to stick to budgets, track spend, and the real-time project actual cost and forecast accessibility were key benefits ALSAC – St. Jude Children’s Research Hospital saw. The client also saw increased financial reporting capabilities, as well as visibility for project managers and stakeholders. Elire and ALSAC – St. Jude Children’s Research Hospital have continued their relationship and Elire provides managed services support post go-live.
Oracle Cloud EPM FCCS supports end-to-end financial close with features like task management, intercompany eliminations, multi-GAAP reporting, and audit-ready compliance.
Oracle Cloud EPM FCCS streamlines financial consolidation, enhancing accuracy and compliance.
Join Elire’s Jenny Wang for an insightful webinar covering the transformative shift from Task List to Task Manager in Oracle EPM Planning. Discover how centralized
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