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Oracle Financials - Atifusman - 05-10-2004
Oracle Financials
Todayâs business environment is full of unprecedented opportunitiesâto penetrate new markets, implement new business models, exploit new technologies. More than ever before, finance organizations are spearheading the efforts to turn these opportunities into successes.
Oracle Corporation develops and markets integrated lines of software products for data base management, applications development, and decision support and office automation. Like Oracle 11i.
It is the one of the very best ERP (Enterprise Resource Planning) system for companies have more than one office in different countries. One of the major advantages is that you can log in from anywhere you want to log in. It provides reporting facility to the System Administrator to view the entered data. The tasks are assigned to different person, that is why the chance of mistakes are reduced.
Introduction
Oracle 11i
The Software consists of five modules
1. Accounts Payable
2. Accounts Receivable
3. General Ledger
4. Fix Assets
5. Cash Management
Financial year consists of periods
These might be Quarters, Months, Weeks, or Days. Depends on the type of transactions in your Organization.
The above picture is showing the links between the modules. The arrows direction represents the flow of data or movement of data.
Global Financial Management
Geographic boundaries must be ignored when pursuing business opportunities, but global business practices must be understood and supported. Todayâs finance organizations must not only support global expansion, but promote it. Every country presents unique requirements. Oracle Financials help address these challenges with a solution thatâs flexible enough to support each country and region where you do business, today and in the future.
Global Information Management
Success in operating around the world requires more than statutory compliance and support for common local business practices. True global financial management focuses on helping you manage your business on a global basis. This includes global access to information, real-time consolidation of your business information, and distributed access to data. In short, our goal is to allow you to buy, sell, employ, manufacture, and source anywhere in the world based on your needs. Oracle is committed to your global success.
Enterprise Decision Support
The difference between managed finance and strategic finance is the ability to transform data into decision-making information. Finding opportunities and quickly identifying problems can mean the difference between a businessâ success and failure. Oracle Financials maximize your decision-making capabilities by ensuring that the right business information reaches the right people, at the right time.
Sophisticated, High-Volume Reporting Capabilities
Sophisticated reporting tools are useless if they are unable to scale as your business grows. Oracleâs operational and financial reporting tools include proven, high-volume reporting capabilities, interchangeable report components, desktop extensibility for customizing standard reports, and powerful server-based processing. You can integrate written documents, graphics, and financial reports in an elegant automated monthly reporting package thatâs used by key personnel at specific times each month.
Business Processes Supported by Oracle Financials
Oracle Financials enable you to address four critical areas facing most financial organizations today building a worldwide best practices environment, implementing effective global financial management, improving your enterprise decision support, and ensuring rapid continuous improvement. Success in todayâs complex business environment demands a complete global finance system to streamline business operations.
Financial Planning
The heart of successful financial planning is the ability to analyze budget and actual amounts, yet traditional finance systems donât have robust budgeting capabilities. But, our systems arenât traditional. With Oracle General Ledger and Oracle Financial Analyzer, you can perform powerful top-down, bottom-up, and distributed budgeting and forecasting at both the corporate and departmental level.
Financial Analysis
Financial analysis requires information not only for executives, but for anyone who wants to make better decisions on a daily basis. With Oracle Financial Analyzer, all authorized people in your organization can find the data they need, drill down as necessary, and see the results in seconds, without waiting for help from MIS or even corporate accounting. The analysis can be as sophisticated as you want because our online analytical processing (OLAP) tools support full multidimensional analysis far surpassing conventional reporting tools.
Financial Consolidation
Oracle Applications are flexible and easily accommodate the frequent changes commonplace in organizations today. You can use the Account Hierarchy Editor, a powerful drag-and-drop tool, to graphically restructure your organization. Whatever organization you setup, you can automatically consolidate your different business entities, regardless of differences in currencies, calendars, or charts of accounts.
Expenditure Management
Todayâs competitive world demands operational efficiency with strong management controls. Tight integration between Oracle Purchasing, Oracle Payables, and Oracle Assets⢠eliminates paperwork and redundant data entry; all related data is automatically routed through the system. Use automatic purchase order creation, evaluated receipt settlement, automatic tax withholding, and automated invoice and payment processing to improve your operational efficiency. Maintain management controls through multilevel payment holds and 2-,3-, or 4-way matching.
Cash Management
Oracle Cash Management is integrated with Oracle Receivables, Oracle Payables, and Oracle General Ledger to provide a comprehensive solution for multinational, multicurrency bank reconciliation and cash management. Our integrated cash forecasting capability can help you obtain accurate, timely information on your enterpriseâs cash situation so you can better forecast where cash will be going and more efficiently manage your cash projections.
Asset Management
Maintain an accurate property and equipment inventory and ensure you always choose the best accounting and tax strategies for your asset base using Oracle Assets. Reduce overall operating expenses with careful administration of equipment leases.
Oracle General Ledger enables global data management; it is a comprehensive financial management solution that dramatically enhances financial controls, data collection, information access, and financial reporting throughout your enterprise. Oracle General Ledger is a module of Oracle Applications, an integrated suite of business solutions designed to support continuous process improvement for enterprises competing in time-critical markets.
Central Repository
Oracle General Ledger is the central repository of accounting information, receiving transactions from both Oracle and non-Oracle sub-ledgers.
Calculation of Taxes
Oracle Payables provides you with the means to easily record, review, account and report on the taxes you pay to your suppliers and employees. You can also record taxes that you do not pay directly to suppliers, for example intra-EU VAT taxes and United States use taxes. In addition, Oracle Payables gives you the flexibility to withhold tax in accordance with tax regulations from around the world.
Automatic Tax Calculation
With automatic tax calculation, Oracle Payables automatically creates tax distributions to record your tax charges. You can choose to perform this calculation based on the total invoice amount or for individual distribution lines, for those cases when some items on an invoice are taxable and others are not. Oracle Payables also performs automatic tax calculation for expense reports.
A student of ICMAP.