Blog | Mar 3, 2014
A Peek into Oracle Fusion Financials
As a next generation application, Oracle Fusion is based on functionality acquired from its predecessors such as: Oracle E-Business Suite, Oracle Siebel CRM and Oracle PeopleSoft Enterprise among others. Oracle Fusion Financials is a complete financial management solution and a component of the Oracle Fusion Applications suite. It is comprised of a broad set of capabilities including general ledger, accounts payable, accounts receivable, fixed assets and cash management.
As a complete and an integrated financial management solution, it is capable of automated financial processing, effective management control and real-time visibility into financial results. It ensures that the end user has all the information needed to make informed decisions, meet financial compliance regulations and improve the overall financial health of the organization.
Oracle Fusion General Ledger (GL)
The GL is integrated with Essbase cubes to leverage dimension based reporting functionality. For example, at the time users create their chart of accounts, an Oracle Essbase cube is created. If a cost center is added or a date-effective hierarchy is modified, Fusion General Ledger automatically creates or modifies the corresponding cube hierarchy in Essbase.
In addition to a standard Chart of Accounts structure in 11i/R12, multiple Chart of Accounts Structure Instances can be created under one chart of accounts. The chart of accounts instances share the same configuration of segments as the main chart of account. However, at the chart of accounts instance level, you can override the default value set assignments for your segments.
Fusion GL supports tracking financial results at a finer level of granularity than a single balancing segment. In addition to the required primary balancing segment for the chart of accounts, two additional segments of the chart of accounts can be optionally qualified as the second and the third balancing segments.
Oracle Fusion Payables
Fusion Payables offers a fully integrated invoice imaging solution that provides a seamless user experience, supporting the entire invoice life cycle from scanning, recognition, routing, invoice entry, approval and finally payment.
A simple flow of activities includes:
- Invoices arriving in mailroom
- Scanning the invoices using Oracle Document Capture
- Scanned images sent to the Oracle Forms Recognition server
- Invoice images sent to Oracle Imaging and the Process Management for storage and routing to accounts payable
Oracle Fusion Payables provides configurable predefined invoice approval rules as well as the ability to add rules using the Approval Management extensions (AMX) of Oracle SOA Suite and Oracle Human Workflow. The Oracle Business Process Management (BPM) Work List Application provides an interface to administer rules.
Oracle Fusion Assets
Oracle Fusion Assets provides the flexibility to manage assets from a single location “Assets Dashboard”, such as monitoring incoming asset source lines from multiple systems (Fusion Projects, Payables, and third-party systems), monitoring asset books, running depreciation and closing periods.
Now additions and retirements of assets can be done in draft mode. One can quickly add assets with limited information and save them as a draft to keep track of all assets, eliminating paper. Likewise one can add retirements with minimal information until complete information is available to track retirements.
With time technology has significantly changed and has impacted the way people work. Users today are more tech savvy and looking for advanced features. To meet these expectations, Oracle Fusion Financials is a complete, comprehensive, and integrated package of applications that has improved the way people work, access information, and make decisions.