Everyone in the industry is talking about EPM Cloud, yet it can be hard to break through the noise and get quick answers. If you have questions about Oracle’s Financial Consolidation and Close Cloud Service (FCCS), read on for answers to common questions we hear about FCCS.
Is FCCS HFM in the Cloud?
There are still many differences between HFM and FCCS. If you’re a current HFM user, you probably won’t be able to completely replace HFM, yet. Oracle is working to close the gaps between the two applications, with FCCS updated automatically every month.
FCCS is an out-of-the-box consolidation solution with 11 predefined system dimensions and two custom dimensions, while HFM has unlimited custom dimensions. FCCS also has standardized features, such as entity and account hierarchies, as well as calculations and reports. In FCCS, you won’t be able to create customized rule files using VB script like you would in HFM, but you can create member formulas in FCCS.
What features are included in FCCS?
FCCS customers currently get the following functionality:
- Robust consolidation features
- Intercompany Eliminations – Includes default Intercompany Eliminations
- Journals with Workflow – Includes journal capabilities with configurable workflow
- Currency Translation – Default currency translation uses PVA method for Flow activities and VAL method for Balance activities
- Built-in Foreign Exchange/Currency Translation Adjustment Calculations – Automatic calculation of Foreign Exchange on Opening Balance and Movements for each balance sheet account, along with automated Currency Translation Adjustment calculation
- Automated Cash Flow Reporting – The movement dimension provides automated cash flow reporting through hierarchies and system calculations that require no further rules
- Multi-GAAP Reporting – Prebuilt functionality includes reporting for Local GAAP and IFRS with the ability to add additional GAAPs for reporting'
- Detailed Data Source Tracking – Using a dimension for tracking sources of data, including Data
- Data management capabilities for integration with source systems
- Workflow support for the close process
- Audit controls for all activities
- Reporting, monitoring, and analysis via web and Microsoft Office
How can I integrate FCCS with my existing cloud or on-premises ERP systems?
Data and metadata can be integrated into FCCS using data management capabilities within the cloud offering. This includes seamless loads of data and metadata and also capabilities to drill back to the source information.
How are upgrades and patches handled?
Each customer chooses a 1-hour window for daily system maintenance and patching. Patches are made automatically during this window, if needed. When available, upgrades are provided at the same time. Customers are provided with advance notice of an upcoming upgrade so they have time to prepare. Critical patch fixes are done on the environment as needed. Typical updates are done once a month, and software enhancements are done approximately once every quarter.
How fast can FCCS be deployed?
Going to the cloud eliminates the need for on-premises hardware, operating systems, databases, and other technology. Like the other applications available in Oracle’s suite of EPM cloud products, FCCS can be deployed in weeks versus months for on-premises applications.