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Timely and precise financial reporting helps retailers stay agile amid market shifts. With Oracle Modern Best Practice, you can leverage mobile, social, analytics, and cloud to create financial statements—in days instead of weeks. Quickly review preliminary finances, noting operational efficiency via metrics: EBIT, days payable outstanding, and SG&A as a percentage of sales. Optimize reconciliation cycle performance with approval exceptions and properly qualified reconciliations. Control the close status by monitoring and interacting with your global organization. Review and confirm statutory and management reports for each subsidiary. Modify forecasts and financial plans based on variance explanation, volume, and financial trends. Monitor retail performance, including customer and vendor claims, to easily identify improvement points. Securely socialize the period close and narrative reporting with your extended teams.
Monitor enterprise-wide close status. Interact on and finalize outstanding subledger transactions and exceptions.
Prepare and review preliminary financial statements viewing metrics for EBIT, days payable outstanding, and SG&A as a percentage of sales. Prioritize outstanding transactions based on initial results.
Reconcile subledgers to general ledger, automatically matching transactions to entries.
Automatically route close tasks to task owners. Collaborate to streamline the close for each entity. Monitor close status throughout the organization.
Transform each subsidiary’s results to the corporate chart of accounts. Revalue nonmonetary balances and translate them to the corporate currency. Eliminate intercompany activity and minority interest.
Review consolidated results using the same key performance indicators such as average-cost-per-claim, customer satisfaction, and claims ratio and reports as each subsidiary (where applicable). Enter final adjustments.
Distribute statutory statements to the state insurance agency and all internal interested parties. Incorporate feedback using secure social collaboration.
Modify forecasts and financial plans in light of the results from the just-closed period.