Enterprise Resource Planning Cloud

Enterprise Resource Planning Cloud (ERP)

Financials is the nerve centre of all enterprises and Oracle Financials suite provides a set of applications and services to help organisations manage their financial processes and data. Financials help to streamline financial operations, improve decision-making, and enhance overall financial management. The entire ‘Record 2 Report’ (R2R) transaction flows recorded in various Applications eventually flow into ‘General Ledger’ by way of journal entries impacting various account balances and analysis thereof in multiple dimensions, providing a capability to get deeper insights into the entire gamut of the operations.

InspireXT specialises in implementing Oracle Applications and offers a compelling proposition to deliver business benefits and operational efficiencies.

Oracle Financials enables organisations to provide robust, reliable, flexible, and world-class financial transactional flows and processes for ensuring data integrity and completeness of all financial transactions/data. In addition, the multi-dimensional balances cube and user-friendly Financial Reporting platform provide unparalleled analytical and reporting capabilities.

In addition, ‘Enterprise Performance Management (EPM) Applications help to model and plan across finance, HR, supply chain, and sales, streamline the financial close process, and drive better decisions, including corporate consolidations for global enterprises.

Key applications and features

Accounts receivable

Can manage customer invoices, collections, and revenue recognition by streamlining the order-to-cash process and improving cash flow. Besides, the application also helps in applying the remittances received from Customers to related Invoices through algorithm-based rules.

Accounts payable

Helps businesses to manage vendor invoices, payments, and expenses efficiently. Can enable automated invoice processing, track payment approvals, and optimise cash flow.

Fixed assets

Helps organisations to track and manage their fixed assets, including acquisitions, depreciation, and disposals.

Cash management

Provides direct visibility into expected cash needs and forecasted cash receipts. Can quickly analyse enterprise-wide cash requirements and currency exposures, ensuring liquidity and optimal use of cash resources. In addition, cash forecasting and cash positioning provide solutions for efficient liquidity management. The application also provides transaction matching and transaction matching and reconciliation with bank statements at desired intervals.

General ledger

Helps organisations maintain their financial data, including charts of accounts, journal entries, and ledger balances. It supports multiple currencies and provides tools for financial reporting and analysis. General ledger is the repository of all accounting entries from multiple and sub ledger applications and external sources.

Revenue management

Revenue Management is a centralised, automated revenue management application that helps to address requirements of ASC 606 and IFRS 15 accounting standards.

Project costing and billing

Project Costing provides a single, up-to-date view of all project costs by streamlining the collection of raw costs from multiple enterprise applications, seamlessly applying overhead costs, and creating accurate and timely accounting entries. Project billing provides the ability to define revenue and invoicing rules for projects, generate revenue, create invoices, and integrate with other Oracle applications to process revenue and invoices. Oracle project billing seamlessly integrates with Oracle receivables to handle all accounts receivable-related activities efficiently.

Joint venture management

It is a complete and integrated solution that enables advanced management of multiple joint ventures to help ensure that financial transactions are distributed to partners according to each partner's share of ownership as defined in the joint operating agreement.

Lease management

Mainly intended for equipment financiers with a full suite of contract balance sheets and reconciliations. Configurable financial lease and loan products to meet unique customer financing requirements and administration thereof.

Risk management and compliance

Helps organisations to manage risks and meet compliance and privacy mandates (SoD, SOX, GDPR, etc.). Oracle Risk Management subscribers can automate analysis, monitoring, and control of ERP security, configurations, and transactions. Uses modern data science and AI techniques to help design secure roles, resolve SoD conflicts, monitor sensitive configurations, and detect suspicious transactions to protect against financial fraud and error.

EPM – Planning

A budgeting and planning solution that provides functionality, including streamlined data entry through web, mobile, and excel interfaces. In addition, business modelling with a calculation engine is provided to handle complex rules and allocations. Helps, organisations to follow a structured ‘Corporate Planning and Budgeting’ process with workflows.

EPM – Account reconciliation

A powerful solution that simplifies business reconciliation with a comprehensive set of tools that enables businesses to automate their financial close processes, lower the chance of errors, and boost overall productivity.

EPM – Financial Consolidation and Close [FCCS]

This application provides enterprises operating in multiple geos with structured, accounting standard-compliant corporate consolidation processes to handle translations, inter-company transaction eliminations, approvals, and reporting.

InspireXT team will work with you to develop a roadmap for implementation that is best suited for you, considering the existing application landscape and business priorities. This roadmap will also consider the best transition to the new application landscape, minimising business risk, ensuring predictability and lower overall cost, and addressing the need for transition steps.

Benefits of financial applications

Contemporary business processes

Provides a platform to follow globally accepted business processes across various applications. At the same time, flexibility is provided to structure controls, and interface data from external sources as appropriate to handle various operating models.

Real-time visibility

Allows for real-time visibility into the entire financials suite with robust drill-down capabilities from account balances to transactions. This way, a foundation is provided for complete data transparency
and audit. With analytical reporting available through OTBI and financial reporting users can analyse the financial data in multiple dimensions to identify any inconsistencies and initiate remediations.

Increased efficiency

It allows for increased efficiency through automation and optimisation. Businesses can streamline processes and reduce manual intervention, resulting in faster delivery times, reduced costs, and improved accuracy.

Assured good governance practices and controls

Improved and consistent data quality, completeness, and integrity help organisations sustain good financial controls and governance. These are the foundational pillars on which investor confidence is built.

Consulting services

Business consulting and advisory

Chart of Accounts restructure
Business acquisitions/disposals
User access – SoX / internal controls
Localisations and regional extensions

Oracle Greenfield Implementation services

Migrate and Modernise

Cloud Migration

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Enterprise Resource Planning Cloud