Close & Consolidation
We help automate your financial close process.
In overcoming these challenges, businesses use various tools and software that automate and streamline financial reporting. Among the widely used applications are those related to financial consolidation and reporting. The finance team of organizations take advantage of such apps, especially when generating financial reports.
ARC EPM is the expert in closing, consolidating, and reporting using Oracle Hyperion Financial Management (HFM). The software is used primarily in consolidating financial information so that business owners can have a general view of the business' health through financial reports. What's good about HFM is that it can consolidate all financial information regardless of the forms or currencies of the data.
Approach in Consolidation and Reporting
Design a Unified Global Account Structure
Managing global accounts is something that multinational organizations are apprehensive about. The varying accounting standards, tax regulations, currencies, and languages are among the challenges that arise when coming up with a unified financial report.
Financial Consolidation Systems like HFM furnish businesses with the right set of tools in consolidating and streamlining the whole process. ARC EPM helps its client-partners in designing a unified global account structure. This system will streamline the workflow and task management across all regional entities, ensuring that every part of the financial puzzle is entailed in the financial period.
Reduce the Consolidation Closing Cycle
Having a new consolidation system without an expert helping your organization along the process is more of a disadvantage for your business. ARC EPM will ensure a significant reduction to the consolidation closing cycle. This is done through a collaborative effort of ARC EPM and its client partners on what to add, remove, or change in the system.
For starter, we will identify the reports that should have been created, but no one in your team had the right expertise or enough time to do it. ARC EPM will also examine the processes that are manually performed or done in the organization and assess if HFM can automate some of these processes, if not all. These approaches are proven to reduce the consolidation closing cycle by days or weeks, and produce timely deliverable.
General Ledger Audit Trail
ARC EPM assists organizations in turning HFM into a general ledger audit trail. The software also serves as a consolidated book of record wherein audit trails can be accessed by auditors for data verification purposes.
But in the absence of IT involvement, obtaining information from varied transactional systems using standard ledger-based methodologies can be quite difficult. Organizations deeply acquainted with HFM get to view the consolidated, compatible financial results promptly.
Meet Global Regulatory Requirements
Rapid globalization paved the way for new and emerging markets, and resulted in constantly changing reporting guidelines, requirements, and standards. Moreover, because of economic uncertainties and fraudulent activities, audit and scrutiny of financial reports have become stricter.
While HFM meets global regulatory requirements, such as International Financial Reporting Standards (IFRS) and Generally-Accepted Accounting Principles (GAAP), ARC EPM will ensure that the organization's financial reports are compliant with these standards.
Reduce the Cost of Compliance
The conventional method of risk management via regular audits is definitely becoming outdated. Most businesses perform audit through multiple functions which have dodgy coordination between functions. This may yield a flawed view of risk assessment at an exorbitant price tag. One way on how companies can reduce the cost of compliance is by investing on the right automation tools.
HFM consolidates data from various sources when leveraging FDMEE across the company, which then assures stakeholders that the right population of data for control testing has been identified. ARC EPM will not only guide its client-partners during the implementation stage, but also in keeping track of critical transactions, key risks, and controls. These approaches will drastically reduce the cost of compliance of organizations.
Reduce the cost of compliance and minimize control risks with complete audit trails and controls:
- Robust and detailed Audit trails
- Internal review, certifications, controls, and validations
- Match, and resolve intercompany account differences
- Foreign currency is appropriately calculated in accordance with local GAAP or IFRS principles
- Automate Cash Flow
Get Results On Your Next Project
The CPM/EPM solutions architects at ARC EPM offer complete consultancy and support services to help your organization implement all the functionalities of the platform. Our combined years of real market experience and thorough training allow our professionals to give valuable insight into how your company can use EPM Solutions to improve your business performance.