The company’s finance team streamlines and improves accounting and reporting processes using Oracle Cloud ERP.
“Using a thin general ledger and global chart of accounts on Oracle Cloud ERP helps us streamline and automate our accounting process and reporting, while empowering Oracle with faster and more accurate financial information.”
Oracle Finance Systems is the internal organization that runs all accounting and financial analytics for Oracle, reporting to Oracle’s chief financial officer.
Oracle Finance Systems aimed to deploy a thin general ledger (GL) in conjunction with a global chart of accounts to reduce the cost and complexity of accounting, stop the proliferation of segment values, and minimize customizations.
A thin GL would require less maintenance, enable a quicker close, and reduce the team’s overall footprint within the organization. It would also deliver better cost and profitability information.
Using a thin GL, Oracle Finance Systems would establish best practices and gain consistency in reporting while supporting legal and statutory requirements.
We’ve realized a wealth of efficiency and accuracy benefits through our implementation of thin general ledger and a global chart of accounts.
Why Oracle chose Oracle Cloud ERP
To address its challenges, the Oracle Finance team needed a secure, robust, and cloud-based thin general ledger and a global chart of accounts. Moving to Oracle Cloud Enterprise Resource Planning (ERP) would reduce the cost and complexity of accounting, enable reporting consistency, and provide accurate cost and profitability data. Oracle Cloud ERP would also require less maintenance and internal resources.
Additionally, by standardizing on one platform and reducing customizations, Oracle Finance Systems could more easily establish best practices while supporting legal and statutory requirements.
Moving to a cloud-based general ledger and a global chart of accounts made Oracle the only company in the S&P 500 that’s capable of reporting earnings to the Securities and Exchange Commission in only 10 days.
Using Oracle Cloud ERP for its thin GL with a global chart of accounts enables Oracle Finance Systems to reduce costs, overhead time, and the number of general ledger customizations. This has led to a boost in overall agility, with the team able to quickly apply changes to accounting segments and easily adapt them to Oracle’s finance modeling.
Also, the Oracle Finance team delivers better and more consistent reporting and has significantly accelerated accounting closes. Now, Oracle is the only company in the Standard and Poor’s (S&P) 500 index that reports earnings within 10 days to the Securities and Exchange Commission.
Because of Oracle Cloud’s elasticity, the team has achieved one of the company’s key goals: future-proofing the business. By configuring global chart of accounts segments with a static structure in Oracle Cloud ERP, the team can support legal requirements while eliminating the redundancies of its previous general ledger. The team also adheres to design standardization, with each segment optimally supporting financial reporting.
Oracle Finance Systems also extended segments to financial planning and analysis systems, providing the team with detailed analytics and reporting. The agile structure easily maps to reporting requirements and accurately reflects intercompany transactions between Oracle and its subsidiaries. It also complies with International Financial Reporting Standards.
About the customer
Oracle offers integrated suites of applications and secure, autonomous infrastructure in the Oracle Cloud. The company operates in 175 countries, serves 430,000 customers, and drives US$40 billion yearly revenue.