Manage FCCS (Financial Consolidation and Close Cloud Service) Support

 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 provides an end to end solution for both effectively and efficiently managing the consolidation and close process.
Oracle Financial Consolidation and Close Cloud Service ensures that processes are: dependable and
correct, timely and transparent, streamlined and efficient and, compliant and auditable.

 FCCS features

Ø  Close 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.

Ø  Process 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

Ø  Integration : Built-in connectivity to core source systems, such as ERP and others, for consolidation and close needs.

Ø  Best 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

Ø  User Experience : Provide real-time insight and access to data with interactive process and financial dashboards

Ø  Transparent 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.

 I guess the activities chart and list of support activities will enhance gradually as project proceeds further.