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What is Oracle Financial

What is Oracle Financial

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Published by Muneeb Khan

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Published by: Muneeb Khan on Nov 01, 2008
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What is Oracle Financials?
Oracle Financials is a powerful and dynamic Financial Reporting Tool.Oracle Financials has become the choice for blue-chips companies, multi-nationals and multi-sites organisations.This is an E-business Suite, fully integrated and
heavy-duty
application of more than 70 software modules tailored-made for:
Financial management;
Internet procurement;
Business intelligence;
Supply chain management;
Manufacturing;
Project systems;
Human recourses; and
Sales and service management.These products and modules are available for mainframes, minicomputers, personalcomputers, network computers and personal digital assistants, enabling organizations to integratedifferent computers, different operating systems, different networks, and even different databasemanagement systems, into a single, unified computing and information resource.Oracle Financials was developed by the Oracle Corporation, the leading developers andmarketer of integrated line of software products for information and database management,decision support and office automation. Oracle Corporation offers its database, tools andapplication products, along with other consulting, education and support services.Oracle Financials products provide organizations with solutions to a wide range of long-and short-term accounting system issues. Regardless of the size of the business, OracleFinancials can meet accounting management demands with:
Oracle Assets:
Ensures that an organization's property and equipment investment isaccurate and that the correct asset tax accounting strategies are chosen.
Oracle General Ledger:
Offers a complete solution to journal entry, budgeting,allocations, consolidation, and financial reporting needs.
Oracle Inventory:
Helps an organization make better inventory decisions by minimizingstock and maximizing cash flow.
Oracle Order Entry:
Provides organizations with a sophisticated order entry system for managing customer commitments.
Oracle Payables:
Lets an organization process more invoices with fewer staff membersand tighter controls. Helps save money through maximum discounts, bank float, andprevention of duplicate payment.
Oracle Personnel:
Improves the management of employee- related issues by retainingand making available every form of personnel data.
Oracle Purchasing:
Improves buying power, helps negotiate bigger discounts,eliminates paper flow, increases financial controls, and increases productivity.
Oracle Receivables:
. Improves cash flow by letting an organization process morepayments faster, without off-line research. Helps correctly account for cash, reduceoutstanding receivables, and improve collection effectiveness.
Oracle Revenue Accounting
Gives an organization timely and accurate revenue andflexible commissions reporting.
Oracle Sales Analysis:
Allows for better forecasting, planning. and reporting of salesinformation.
What is the most important module in Oracle Financials?
The General Ledger (GL) module is the basis for all other Oracle Financialmodules. All other modules provide information to it. If you implement Oracle Financials, you
 
should switch your current GL system first.GL is relatively easy to implement. You should go livewith it first to give your implementation team a chance to be familiar with Oracle Financials.
Implementation of Oracle Financial
 
This is a summary of the tasks that a typical implementation of an OracleFinancial suite involves:
1.
Project Initiation
- taking instruction from and approval from the client;
2.
Definition of the project's scope and boundary
- in terms of overall structure andcosts;
3.
Feasibility Study
- involving a business plan, organization’s operations andmanagement chart flow;
4.
Requirement Capture / Redefinition
- review of draft implementation report andplanning;
5.
Getting Requirement Specification signed off 
- Implementation report and processesapproved;
6.
Analysis
- Operational and management workflow-enable processes set-up guide anddocumentation;
7.
Design
- Setting the flex fields, segment values, chart of accounts, accounting calendar,currency, etc;
8.
Build and Developed
;
9.
Testing
;
10.
Go live
- competition
11.
Support and advice
- post implementation.
 
Oracle Financial Analyzer 
Oracle
®
Financial Analyzer is a complete application for financial reporting, analysis,budgeting, and planning. Integrating a central source of management data with powerful analyticaltools, Financial Analyzer allows businesses to make, manage, and measure decisions across theenterprise. The system provides businesses with everything they need to control costs, analyzeperformance, evaluate opportunities, and formulate future direction. Oracle Financial Analyzer ispart of the Oracle E-Business Suite, an integrated set of applications, which is designed totransform your business to an
e-business.Distributed Budgeting and Forecasting
Financial Analyzer handles budget and forecast creation, review, modification, and communicationwithin the same system. The product coordinates and streamlines the budgeting process, whether organizations use top-down, bottom-up, or mixed budgeting methodologies. Financial Analyzer can allocatebudget objectives from high levels--such as quarter and division--to lower levels, such as month anddepartment. Users can copy last year's actual into this year's budget and grow certain balances by specifiedpercentages or amounts. Volumes can be entered to drive costs, or marketing expenses to forecast revenues.A number of data collection tools, including spreadsheets and Web browsers, enable controlled acquisition of budget data. Users can store slices of the corporate financial database on personal computers to take their budgets and forecasts on the road. At the close of the budget cycle, the finalized budget is consolidated toprovide enterprise access, and is locked to prohibit additional modification.
 
Create detailed salary and expenditure budgets with built-in functions, like spread, copy, and grow.Comprehensive Reporting and Analysis
The power behind Financial Analyzer is the Express® multidimensional data model, which storesdata in the way that managers think about their business.Financial Analyzer leverages the Express Web Agent to provide instant, secure access tomultidimensional data over corporate intranets and the World Wide Web. Key information may be viewedacross any combination of dimensions--line items, time periods, products, geographical regions, and costcenters. Multidimensional data navigation tools allow users to isolate the source of a variance quickly. Thesetools make it easy to query the financial performance of a profit center by product, channel, and time period.Specialized tools, like Financial Analyzer's Selector, offer querying and exception-based analyses. Withmultidimensional analysis, users can control and analyze financial data, as well as design and save personalreports and graphs, without having to involve IS staff.

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