As famously said, “Learning how to think really means learning how to exercise some control over how and what you think”
Today, after receiving new target of streamlining FCCS
support for one of our clients and try to finally achieve managed service contract
instead of staff augmented one, I started thinking about some basics and here
is the highlight.
What is FCCS?
Oracle Financial Consolidation and Close Cloud Service ensures that processes are: dependable and
correct, timely and transparent, streamlined and efficient and, compliant and auditable.
and Consolidation : Cash flow, Balance sheet, Income statement, Rollovers,
Call-to-Actions, and more are automatically calculated. Leverage multi-GAAP
driven with full currency support, inter-company eliminations, equity
eliminations, adjustments, and applications detailed data tracking.
and Workflow : Provide enterprise level collaboration with dynamic,
data-driven approval orchestration. Ensure audit compliance for tasks like
Journal Adjustment with enforced segregation of duties, powerful scheduling
capabilities, role and data access rights
: Built-in connectivity to core source systems, such as ERP and others, for
consolidation and close needs.
Practice Consolidation Out-of-the-Box : Pre-configured consolidation model
making it easy to meet global reporting requirements like IFRS and GAAP,
helping drive significant cost and time savings
Experience : Provide real-time insight and access to data with interactive
process and financial dashboards
Reporting : Financial consolidation data with pre-built cash flow, balance
sheet, and income statement lets you report with confidence.
FCCS Consolidation and Reporting Process
As FCCS support is all on my mind at the moment, here are high level steps.
· Daily Health Check report of EPM stack to EPM stakeholders before business hours begin.
The report will include all detailed tasks required like availability of FCCS environments, application status, backup status, any nightly schedule update etc.
We can start with the report we understand from initial requirement and it will then mature over next few days.
· Application and System monitoring (Depending upon the support band, it can be 24/7 or 16/7 or 8/7 or 16/5 or 8/5)
· All activities from above table for Corporate Activity and Joint Activity will be managed by FCCS support team under appropriate tickets and correct band SLA.
· Troubleshooting in any of activities listed in above table.
· Application and System backups apart from ones provided by Oracle.