Oracle Hyperion Financial Management
Oracle Hyperion Financial Management (HFM) is a comprehensive, Web-based application that delivers global financial consolidation, reporting and analysis in a single, highly scalable software solution. HFM utilizes today’s most advanced technology, yet is built to be owned and maintained by the enterprise’s finance team.
HFM has financial controls, workflow and best-practices built into the platform to support:
In addition to the powerful features provided “out of the box”, HFM is also highly configurable to support the complex elimination and allocation requirements specific to your organization.
HFM is a finance-owned, IT-supported system that allows your organization to quickly make changes as conditions warrant but tracks those changes to provide transparency and visibility for auditability.
Accounting Consolidation Issues
- Consolidation in financial accounting is a technique that summarizes a group of companies’ financial statements into one. Consolidation offers the benefit of viewing the whole group’s financial information together to see how all companies are doing combined
- Increasingly, global organizations need to integrate data from multiple transactional systems, transition to new international financial reporting standards, and improve their transparency and regulatory compliance procedures
- Organizations with multiple entities or a significant international presence often have foreign currency impacts which further complicates an already complex consolidation process
- Companies use a variety of tools (spreadsheets, emails, pivots and queries) to identify and summarize this multiple entity and currency activity, creating a very complicated process
- Oracle Hyperion Financial Management is comprehensive, Web-based application that delivers global financial consolidation, reporting and analysis in a single, highly scalable software solution
- HFM is Finance-owned, IT-supported system that allows your organization to quickly make changes as conditions warrant but tracks those changes to provide transparency and visibility for auditability
- Consolidation tools such as Oracle Hyperion Financial Management (HFM) and Financial Data Quality Management (FDM) enable to system to automatically perform the currency translations and mappings from different general ledgers into consolidated financials
- Smart View add-in with Microsoft Office which allows users to forecast or budget in Microsoft Excel, an environment comfortable to most finance users
- Fast calculation performance – most calculations are performed in 4 seconds or less
- Ensures that all data is integrated and validated prior to review by management.
- Automates and improves the timing and efficiency of the month end close.
- Increases dimensionality, including enhanced foreign currency and Intercompany process which eliminates much of the manual matching in the reconciliation process.
- Reduces consolidation and reporting cycles by days—or even weeks—simply by eliminating redundant data entry and the need to check and double-check actual results.
- Creates control questions to manage sections 302 and 404 of Sarbanes Oxley Act
- Reduces costs of SEC, US GAAP and International Financial Reporting Standards (IFRS) and SOX Compliance, including lower internal and external audit fees, as well as legal and printing fees
Why Choose Oracle Hyperion Financial Management
- The Financial Close Process by days or even weeks
- Consolidation and Acquisition Accounting best practices
- Turnaround time for providing Financial Results to Chief Decision Makers
- ROI with quick implementation time and numerous out of the box features.
- Visibility into subsidiary operating results
- Ability to analyze and gauge results through improved performance metrics
- Audit and external compliance costs through improved transparency and auditability
- Manual Controls, processing times and data reconciliation
- Errors, data entry, control risk, reporting times, departmental overload
- Intercompany accounting and reconciliation process
- Foreign currency transactions and translation process
- Financial Consolidation and reporting features
RapidApp Oracle Hyperion Financial Management Implementation
BizTech can help your organization dramatically reduce its consolidation, closing and reporting cycle with Hyperion Financial Management.
- Our consultants combine extensive Oracle Hyperion implementation experience with real world accounting and finance back grounds to provide the best solution to your consolidation and reporting process.
- Our approach utilizes pre-built, customizable templates (models, forms, reports and business logic) reducing development cycles and project cost.
- Our Rapid App offering of Hyperion HFM will offer the “basics” for firms who need this solution to generate consolidated financials quickly and accurately. Additional functionality can be implemented later upon further discovery or as your business needs change.