You’ve probably heard it before — Oracle Financial Consolidation and Close Cloud Service (FCCS) is not HFM in the cloud. Fortunately, Oracle EPM Cloud updates occur monthly, and FCCS is only getting better. In this blog post, we’ll show you the current differences between these two consolidation tools so you can answer the question, “to migrate to the cloud? Or not to migrate to the cloud?"
FCCS shares the same platform as PBCS
This means if you’re currently an Oracle Planning and Budgeting Cloud Service (PBCS) customer looking to add FCCS to your stock of EPM Cloud products, the two tools will share the same data store and calculation engine — Essbase. If you’re currently using HFM, its large and complex database won’t be able to come with you to the cloud. Because of this, current HFM customers migrating to FCCS should expect a higher price tag for training and app conversion.
In FCCS, most of the dimensions are predefined. While HFM 22.214.171.124 comes with eight standard dimensions (four custom dimensions in earlier versions), FCCS comes with 11 predefined standard dimensions and two custom dimensions.
The FCCS predefined custom dimensions include:
- Data Source
All of the dimensions in FCCS come with a number of predefined members, most with the prefix FCCS_. You can’t change the names of these members, but you can add aliases to help your users better navigate FCCS. You can also add your own members above or below the existing members.
If you’re an HFM customer, then you know that it does not come with out-of-the-box functionality. FCCS is completely opposite. The tool has several standardized features that come out of the box. These include:
- Entity and account hierarchies
- Journal management
- Auto eliminations
- Currency translations (cash flow, balance sheet, income statements, and rollovers)
Unlike HFM, FCCS includes drillable dashboards. You’re able to better analyze data with either customized or pre-built dashboards. The types of dashboards available include:
- Financial dashboards: Allow you to view data on graphs, charts, and customizable POV selections
- Close overview dashboards: Allow you to view scheduled close tasks and supplemental data
- Compliance dashboards: Allow you to view user tasks by status, including completed, on time, and rejected
Integration with Financial Close Management
Fortunately, FCCS integrates with Hyperion Financial Close Management (FCM). You’ll still be able to use FCCS in conjunction with Close Manager (CM), Account Reconciliation Manager (ARM), Supplemental Data Manager (SDM), and Hyperion Tax Provision (HTP).
Ready to see FCCS for yourself? Take a 5-minute tour of the product: