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Finit - Breaking Through the Cloud Part II: FCCS, Closing in on Full Parity with HFM
- 1. Closing in on Full Parity with FCCS March 9, 2018 Geordan Drummond
- 2. Finit Overview ā¢ Founded in 2002 ā¢ 90+ employees in 20+ states ā¢ Mostly CPAs, MBAs ā¢ Gold Level Oracle Partner ā¢ 300+ Clients ā all CPM / EPM Focused ā¢ 1,000+ CPM / EPM projects ā¢ 150+ HFM projects ā¢ Managed largest roll-out of HFM in North America ā¢ 175+ FDM projects ā¢ World Leader in FDM implementations and custom solutions ā¢ 100+ Planning / Essbase projects ā¢ 40+ OneStream Clients (Market Leader) ā¢ #1 Implementer of OneStream ā¢ Platinum Partner
- 3. The Finit Family Fully aligned with our clients, not just bottom line $ No debt or external ownership Work with Finit employees, no subcontractors Compensation based on CLIENT SATISFACTION PRIVATELY OWNED CLIENT SATISFACTION NO SUBCONTRACTORS DEBT FREE
- 4. Finit Customer Success Our values, culture, and approach to becoming a trusted advisor to our customers has led to 100% customer success for every Finit client (300+) and for every Finit project (1,000+)
- 6. Questions
- 7. Upcoming Cloud Webinars ā¢ Friday, March 23 ā Breaking Through the Cloud: Intro to Planning in the Cloud ā¢ Presented by Chuck Usher
- 8. About the Presenter Geordan Drummond ([email protected]) Experience ā¢ Oracle Certified Implementation Specialist ā FCCS ā¢ Oracle Cloud Certified Specialist ā EPRCS ā¢ Oracle Cloud Certified Specialist ā PBCS ā¢ 9 years experience as a Financial Close Product Manager ā¢ 8 years experience as Financial Systems Analyst Certification/Education Master of Business Administration ā Temple University Bachelor of Business Administration ā University of Notre Dame Professional Summary Geordan is based in Philadelphia, PA and has worked in all facets of the software industry for over 20 years. He has hands-on experience with all the close-related Oracle products, both cloud and on premises. Geordan has also worked with the Oracle Product Management team on enhancements and new product functionality.
- 9. Oracle EPM On-Prem/Cloud Product Equivalents HFM FCCS EPRCS FCM Suite CM SDM ARM FDMEE Disc Mgmt DRM HP HSF OBIEE ARCS Data Mgmt Data Mgmt TRCS Fin Rptg Fin Rptg Mgmt Rptg Disc Mgmt PBCS / EPBCS OAC EDMCS Data Mgmt PCMCS Fin Rptg Close Mgmt Supp DataData Mgmt Close Mgmt Supp Data BICS Data Mgmt Close Mgmt Supp Data HTP Essbase HPCM
- 10. FCCS ā Financial Consolidation and Close Overview ā¢ Main Features ā¢ Consolidation application based on PBCS platform ā¢ Out of the box content ā¢ Seeded dimensions ā¢ Business rules ā¢ Consolidation / Eliminations ā¢ Translation / Overrides ā¢ Rollforwards / Cash Flow ā¢ CTA ā¢ Forms ā¢ Dashboards ā¢ Close Management ā¢ Supplemental Data Management ā¢ Data Management ā¢ Financial Reporting
- 11. The Close Process SL/GL Close Consolidation Internal Reporting External Reporting Close Management Core Consolidation / Reporting Supplemental Data Data Management
- 12. What is your parity criteria?
- 13. Product Timeline ā Noteworthy Feature Additions Product introduced in May Smart View write-back Data Management CM/SD standalone Alternate Entity hierarchies 2016 Configurable translations CM/SD improvements Copy/Clear data Integrated process flows Simplified UI dimension editor Configurable calculations CM task integrations to other services 2017 Ownership management Metadata validations Journal Attachments and Auto-Reversing type Extended custom dimensionality Custom consolidations Equity Pickup 2018 + Full listing of changes at: https://cloud.oracle.com/en_US/saas/readiness?offering=fcc
- 14. Dimensionality Comparison FCCS HFM Scenario Scenario Years Year Periods Period View View Entity Entity Account Account Intercompany ICP Consolidation Value Currency Value/Custom Movements Custom ā Rollforwards Data Source Custom ā Data Type Customā¦up to 6 more Customā¦up to 80 or more
- 15. Feature Comparison ā Calculations and Processing Feature FCCS HFM Standard Eliminations Yes Yes Ownership Management Yes ā but no shares Yes Custom Calculations Yes ā Calc Manager or Member Formulas Yes ā Calc Manager or VBScript On-Demand Calculations No ā technically feasible but not available now Yes ā launchable from form or consolidation Custom Translations Yes ā guided process or Calc Manager Yes ā Calc Manager or VBScript Custom Consolidations Not yet ā coming later in 2018 Yes Equity Pickup Not yet ā coming later in 2018 Yes Org by Period Yes ā via PCON (does not filter metadata in POV) Yes ā via Active (filters metadata in POV too) Member Lists No ā but there are Smart Lists and filters in FR Yes Process Management Yes ā Approval Units (enhancements coming) Yes Phased Submissions No Yes Automation Yes ā EPM Automate / Close Management Yes ā Task Flows
- 16. Feature Comparison ā Reporting and Admin Feature FCCS HFM Metadata Management Yes ā Web and Smart View Yes ā Web (EPMA) and Client Intercompany Matching Report Yes Yes Migrations / Copies Yes ā LCM Yes ā LCM, Import App, App Copy Structured Reporting Yes ā FR or MR (via EPRCS) Yes ā FR MS Office Add-In Yes ā Smart View Yes ā Smart View Dashboarding Yes ā Integrated No ā OFMA or OBIEE Journals Yes Yes Journals in Smart View No Yes Dimension Security Yes ā directly applied to hierarchy Yes ā via classes Role Security Yes ā limited (13) Yes ā extensive (60) Close Management Yes ā Integrated No ā requires FCM suite license Supplemental Data Yes ā Integrated No ā requires FCM suite license
- 17. Metadata Management FCCS: ā¢ Editing in web or Smart View, attributes on a hierarchical basis ā¢ Attribute drop-downs, fills, validations HFM: ā¢ Client, EPMA, or flat file ā attributes either one member at a time or for all members in a flat list ā¢ Copy/paste/type attributes
- 18. Custom Translation FCCS: ā¢ Create rules using guided UI or Calc Manager HFM: ā¢ Create rules using VBScript
- 19. Audit Trails FCCS: ā¢ Audit Information in one place HFM: ā¢ Task Audit, Data Audit, Shared Services, Metadata Diff log, EPMAā¦
- 21. Additional FCCS features ā¢ Forms ā¢ āStart Expandedā for hierarchies ā¢ Validation rules ā¢ Business rule execution options ā¢ Journal attachments upon submission ā¢ Copy / Clear data includes journal details and not just base data
- 22. Additional FCCS features ā¢ User Defined Attributes more extensible than UD fields (not limited to 3) ā¢ Dashboards go beyond FR or Grid/Form charts ā and easy to design/update ā¢ Activity Reports - usage tracking ā¢ All reports are in one place (FR, I/C, Journal) ā¢ All forms are in one place (Data, Supplemental) ā¢ Customization of Navigation Flows ā¢ Unified Business Processes (with other services)
- 23. Wishful thinking ā¢ It would be great to have more than one thing open at a time, e.g. forms ā¢ Tabbed interface introduced in HFM 11.1.2.2 allowed for this ā¢ Ability to add Dimension Management card ā¢ Right now buried under Application / Dimensions / Edit ā¢ Drill into descendants of shared members ā¢ This is a Planning/Essbase limitation ā¢ Logging of Business Rule changes ā¢ Only execution/deployment is currently logged
- 24. Evaluation Considerations ā¢ Revisit your requirements ā take a fresh look ā¢ Review what you are doing in your application today ā¢ See what you might gain from additional functionality ā¢ Determine how much data and functionality from your existing application is essential to retain ā¢ Match your revised requirements with the functionality available ā¢ Proof of Concept (POC) approach may assist you in your evaluation process
- 25. Implementation Steps ā¢ Confirm requirements ā¢ Design phase consists of determining: ā¢ Out of box functionality to leverage ā¢ Equivalent HFM functionality ā¢ Additional functionality ā¢ Custom functionality to build ā¢ Remap, convert, and tie out data ā¢ Some integration elements (e.g. mapping) can be reused ā¢ Reconciliation time can be lessened by porting over fewer time periods
- 26. Questions?
- 27. Thank you for Attending! Todayās Presenters: Geordan Drummond [email protected] Copy of the slides or Recording: Email us for a copy of the slides or a link to the recording [email protected] Past webinars: www.finit.com/webinars Follow us on Twitter for updates: @Finit_Solutions