Two Top Tips in Selecting the Correct Financial Consolidation and Reporting Tool for your Business
This article looks at what is financial consolidation and reporting and introduces two top tips when selecting a financial consolidation tool to help financial managers to improve their financial consolidation and reporting techniques.
Oracle Hyperion Financial Management is a very strong, user friendly financial consolidation and reporting solution that uses advanced web technology. It provides finance managers and directors the ability to quickly consolidate and report their financial results providing one version of the truth.
Top Tip 1
Top tip 1 when selecting the correct financial consolidation and reporting software for your business
Ensure the solution supports global consolidation features
Many organisations are still using Microsoft Excel to create financial reports and to consolidate financial results, but Excel can be error prone and difficult to manage effectively if, for example, too many people have the same spreadsheet open at the same time. The main problem is spreadsheets are too cumbersome, they are limited in their functionality and they do not address global requirements. Oracle's Hyperion Financial Management does exactly that and it speeds up the consolidation process allowing the results to be analysed by many different dimensions, including customer, location, product, brand, customer etc. It also supports scenario management, so what if? analysis can be performed.
Top Tip 2
Top tip 2 in selecting the correct financial Consolidation and reporting software for your business
Ensure the solution supports global audit trails
Global audit trails are a must for any finance manager. Audit trails are essential because they provide a system where you can trace back the detailed transactions relating to any item in an accounting record.
Oracle's Hyperion Financial Management supports complete global audit trails, workflows, internal review and certifications, thus, reducing the control risk. It also supports document attachment capabilities and an electronic binder, so all related documents can be easily viewed and organised.
Conclusion
This article has looked at what is Hyperion Financial Management and has suggested two top tips on what to look out for when selecting the correct financial consolidation solution to enable you to improve your financial consolidation and reporting results.
That means that with Oracle Hyperion Financial Management software and Brovanture implementation, training and support, you can expect to improve your financial reporting and consolidation, gain confidence in your financial results, reduce your close and reporting cycles by days and gain one version of the truth with an overall reduced cost of ownership. Learn more at: http://brovanture.com/services/products/hyperion-financial-management
Oracle Hyperion Financial Management is a very strong, user friendly financial consolidation and reporting solution that uses advanced web technology. It provides finance managers and directors the ability to quickly consolidate and report their financial results providing one version of the truth.
Top Tip 1
Top tip 1 when selecting the correct financial consolidation and reporting software for your business
Ensure the solution supports global consolidation features
Many organisations are still using Microsoft Excel to create financial reports and to consolidate financial results, but Excel can be error prone and difficult to manage effectively if, for example, too many people have the same spreadsheet open at the same time. The main problem is spreadsheets are too cumbersome, they are limited in their functionality and they do not address global requirements. Oracle's Hyperion Financial Management does exactly that and it speeds up the consolidation process allowing the results to be analysed by many different dimensions, including customer, location, product, brand, customer etc. It also supports scenario management, so what if? analysis can be performed.
Top Tip 2
Top tip 2 in selecting the correct financial Consolidation and reporting software for your business
Ensure the solution supports global audit trails
Global audit trails are a must for any finance manager. Audit trails are essential because they provide a system where you can trace back the detailed transactions relating to any item in an accounting record.
Oracle's Hyperion Financial Management supports complete global audit trails, workflows, internal review and certifications, thus, reducing the control risk. It also supports document attachment capabilities and an electronic binder, so all related documents can be easily viewed and organised.
Conclusion
This article has looked at what is Hyperion Financial Management and has suggested two top tips on what to look out for when selecting the correct financial consolidation solution to enable you to improve your financial consolidation and reporting results.
That means that with Oracle Hyperion Financial Management software and Brovanture implementation, training and support, you can expect to improve your financial reporting and consolidation, gain confidence in your financial results, reduce your close and reporting cycles by days and gain one version of the truth with an overall reduced cost of ownership. Learn more at: http://brovanture.com/services/products/hyperion-financial-management
