Oracle rolled out Financial Consolidation and Close Cloud Service ( FCCS ) and brought key parts of Hyperion Financial Management (HFM) and Financial Close onto the Cloud. FCCS was designed to meet the needs of the small to mid-sized company as it standardizes and streamlines the consolidation process using pre-defined industry best practices. For example, companies can leverage out-of-box financial consolidations with a pre-built cash flow, balance sheet, and income statement which accelerate the close schedule and improve ease of use. FCCS includes standardized dimensions that provide significant functionality just like HFM but with a decreased need for configuration or customization, ultimately enabling built-in task orchestration for management of overall processes.
FCCS contains many "pre-fab" system calculations that need to be customized within HFM. The pro for FCCS: Some of these system calculations help facilitate cash flow reporting as well as foreign currency translations. This is especially true if these are done through the use of additional standard dimensions such as the "Movement" dimension. FCCS has a scaled-down version of FDMEE and the "Movement" dimension, one of FCCS' predefined dimensions, which helps automate cash flow reporting using hierarchies and system calculations. FCCS provides system calculations for calculating changes in balance sheet accounts due to foreign currency translations and for calculating the Currency Translation Adjustment (CTA) value.
FCCS has integrated a Financial Close Manager which improves the ability to track and monitor the status of the multiple processes involved during a typical monthly close cycle. FCCS also offers pre-built functionality for multi-GAAP (Generally Accepted Accounting Principles) financial reporting. You can select this option during the initial implementation, and it automatically provides the ability to report on a GAAP basis as well as a non-GAAP basis such as IFRS (International Financial Reporting Standards. FCCS is built on Essbase , a multi-dimensional database structure and as the intended purpose of FCCS is to standardize the consolidation process it does so without the need for heavy technical support.
The popularity of the OneStream software platform is increasing exponentially, as corporations are discovering its superior capabilities for managing the accounting, finance, and business needs of their global business units.
The only way to implement FCCS is through the cloud, yet OneStream offers multiple software deployment options, including cloud, on-premises, and hosted. A deployment choice is not set in stone when using OneStream, making a change later does not require re-implementation, as it does with FCCS.
With OneStream a company can leverage its investment in Hyperion products such as HFM and FCCS when migrating to their new platform. It is easy to convert to OneStream from Oracle Hyperion Enterprise, Oracle Hyperion Financial Management, Oracle Hyperion Financial Data Quality Management , and Oracle Hyperion Planning and Essbase. However, Oracle Hyperion is an outdated software solution for many customers, and it does not integrate well with many other software solutions that are on the market today. Built from the ground up OneStream was designed to ensure that all your business, accounting, and finance needs are unified in one platform. Planning and analytics as well as financial consolidation are part of that platform, and this keeps your business responsive and flexible to changing market conditions. A reduction in the total cost of ownership is possible with OneStream vs. Hyperion given the multiple products required for implementing a complete performance management solution with Oracle and FCCS .
What truly separates the two software solutions is that OneStream removes the need to build, install, integrate, learn, and maintain multiple applications. Utilizing a central data repository and Extensible Metadata OneStream can manage your business processes. The result is elimination in both the cost and the risk of having to manage and upgrade fragmented CPM applications.
OneStream is focused on service while Oracle is a massive corporation with multiple layers of support teams that make it challenging to find solutions to common problems. OneStream highly values each customer and strives to build a relationship with each organization to support their ongoing needs. Additionally, OneStream designed a world-class customer service portal to offer real-time support.
To remain competitive today's businesses need the CPM capabilities that OneStream can provide, and a transition away from Hyperion can provide the following key benefits:
MindStream Analytics is a premier consulting and managed services provider. We help organizations acquire, implement, host, and manage strategic finance solutions designed to grow your business by bringing people, processes, and information together. Our team is made up of business and technical experts with years of experience with Corporate Performance Management, Business Intelligence, and Advanced Analytics.
MindStream Analytics, a OneStream Diamond partner , offers years of experience in the Analytics and Corporate Performance Management area. MindStream offers services ranging from software selection and implementation, to cloud readiness assessments and managed services with our award-winning AppCare solution. With our leadership and team of functional and technical experts, we are dedicated to helping our clients of various sizes and industries improve their financial planning, reporting, data management, and business analytics.
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OneStream aligns to your business needs and changes more quickly and easily than any other product by offering one platform and one model for all financial CPM solutions. OneStream employs Guided Workflows, validations and flexible mapping to deliver data quality confidence for all collections and analysis while reducing risk throughout the entire auditable financial process.