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Consolidation of Financial Statements
(Oracle Financial Consolidation Hub, OFCH)
OFCH is a solution that allows companies to monitor financial statement consolidation in real time (“one touch” consolidation) and to prepare consolidated financial statements. This product can be integrated with the Oracle Internal Controls Manager. The main features of this application includes:
- Streamlining of consolidation processes
- Consolidation of data from disparate sources
- Security
- Multidimensional analysis
Streamlining of consolidation processes
The system is based on a unified model of data used for financial statement consolidation. While working, the user can configure transactions to automatically determine intercompany turnover, calculate the minority’s share and recognize changes in shareholding and other transactions required for the consolidation of financial statements.
The system can consolidate financial statements according to different hierarchies and quickly update consolidation hierarchies. Standard detailed reports prepared upon the completion of each stage are prepared during consolidation (“one touch” consolidation).
Consolidation of data from disparate sources
The product is directly integrated with Oracle General Ledger. The system also allows the import of data from other data sources and the input of data in Microsoft Excel format. The user can configure the validation rules for imported data and view the import status online.
Security
Secure data access is ensured by the distribution of user permissions according to their roles and by configuring the access permissions to different consolidated companies.
Multidimensional analysis
The system offers users numerous options for modeling and analysis if integrated with Oracle Enterprise Planning and Budgeting. Using this solution, the company can prepare multidimensional analytical reports. The user can easily analyze data by using the enhanced formatting functionalities including conventional color encoding and various data sorting methods.