Oracle Modern Best Practice—Close to Reports

Reduce Your Close Time by 80%
Reduce Your Close Time by 80%

Learn how customers have achieved significant reductions in close times with Oracle's cloud-based financial applications.

Period Close to Financial Reports

Re-imagining your business core with Oracle Modern Best Practice means closing financial periods in days—or even less. Check out the click thru demo here and the process steps below to see how this digital business process for Finance uses transaction efficiency, analytics, secure social networking and world class reporting to reduce time-to-close to a minimum—finalizing outstanding and exceptions with a near perfect audit trail.

  • The morning before period close, the CFO opens her tablet to review activities and sees an unexpected income shortfall.

  • She notices that the Japan division hasn't closed.

  • Seeing the division’s open status caused the shortfall, the CFO contacts the local team using a secure private network.

  • The CFO receives reassurance that the contract issue is resolved. After booking, period close is back on track. Intrigued? See the process steps below or take a quick tour.



Close Subledger
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Close Subledger

Monitor enterprise-wide close status. Interact on and finalize outstanding subledger transactions and exceptions.


Pro-Forma Close Ledgers
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Pro-Forma Close Ledgers

Prepare and review preliminary financial statements. Prioritize outstanding transactions based on initial results.


Reconcile Accounts
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Reconcile Accounts

Reconcile subledgers to general ledger, automatically matching transactions to entries.


Close Ledgers
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Close Ledgers

Route close tasks to task owners automatically. Collaborate to streamline the close for each entity. Monitor enterprise-wide close status.


Consolidate Subsidiaries
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Consolidate Subsidiaries

Transform each subsidiary’s results to the corporate chart of accounts. Revalue non-monetary balances and translate to the corporate currency. Eliminate intercompany activitiy and minority interest..


Review and Confirm Financial and Management Reports
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Review and Confirm Financial and Management Reports

Review consolidated results using the same reports as each subsidiary where applicable. Enter final adjustments.


Publish and Securely Share Financial Statements
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Publish and Securely Share Financial Statements

Distribute financial statements to all interested parties, leveraging collaboration to incorporate feedback.


Update Financial Forecast
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Update Financial Forecast

Modify forecasts and financial plans in light of the results from the just closed period.