Oracle EPM Planning
Planning, Budgeting, & Forecasting
Financial planning, also known as connected enterprise planning, allows businesses to model strategic direction and take actions to optimize financial and business performance. This approach is forward looking and used to help finance guide the business to achieve its strategy. Financial planning encompasses long-range plans, scenario modeling, annual budgeting and forecasting, ad-hoc reporting, and analysis.
Finance uses financial planning to communicate the overall company strategy and goals to the lines of business and operations such as sales marketing, production, human resources, and other operation activities.
Over the past few years, financial planning has evolved from a periodic activity into a continuous process that takes into account historical performance, adjusting drivers along the way to make sure a company stays on target to achieve its financial goals. To accommodate this change, financial planning applications need to align with other systems, such as HCM, ERP, supply chain, and operations, to build plans for a connected view of the whole organization.
A budget requires analyzing and comparing actual verses expected financial performance to determine how to allocate expenditures for the organization.
Elements of most company’s budgets include the following:
- Expense budgets
- Capital expenditure budgets
- Detailed revenue budgets
- Cash-flow budgets
- Detailed manufacturing budgets
Forecasts or forecasting refers to a process where adjustments are made periodically or continuously based on performance against budget targets. This is a process of modeling and implementing financial and operational adjustments to align better with the allocated targets. This process is also referred to as rolling forecasts, which take place on a continuous basis.
Oracle EPM Financial Consolidation & Close
For many organizations managing the financial consolidation and close process is a burden that takes time and resources that could better be used for analysis and decision-making.
Financial Consolidation and Close is a purpose-built business process available in the Oracle Fusion Cloud EPM for both effectively and efficiently managing the consolidation and close, end to end. No matter what the size of company, organizations can have 100% confidence in their financial consolidation, close and reporting processes. Financial Consolidation and Close helps ensure that processes are: dependable and correct, timely and transparent, streamlined and efficient and, compliant and auditable.