In today’s interconnected world, organizations are challenged to respond in a timely fashion to complex business issues such as changes due to mergers and acquisitions, frequent regulatory changes, compliance challenges, gaining visibility across multiple entities, and near real-time reporting. The top three financial imperatives for organizations today are: Reduce total cost and delays in financial presentation (Closure, Reporting and Filing) Improve visibility to top management across the presentation cycle Eliminate reliance of offline processes on financial presentation cycle Best in Class M e tr i cs Percentage of new source systems on-boarded Percentage of workdays reduced due to automation Percentage increase in frequency of General Ledger postings Time to resolve, reconcile and close financial processes Improved adoption levels to multi GAAP/IFRS Improved time-to- value in Mergers and Acquisitions Optimized total cost of financial presentation Improved compliance and audit Unified accounting policies and rules Pre-built accounting event model Pre-configured industry reporting attributes Business growth & agility Improved levels of automation Increased efficiency Adherence to compliance such as FAS97 Enabling Accounting Transformation through Oracle Financial Accounting Hub (FAH) • Solutions Overview solutions overview | october 2016 Cognizant’s Solution Framework for FAH
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Enabling Accounting Transformation through Oracle ... · PDF fileTitle: Enabling Accounting Transformation through Oracle Financial Accounting Hub (FAH) Author: Cognizant Technology
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In today’s interconnected world, organizations are challenged to respond in a timely fashion to complex business issues such as changes due to mergers and acquisitions, frequent regulatory changes, compliance challenges, gaining visibility across multiple entities, and near real-time reporting. The top three financial imperatives for organizations today are:
Reduce total cost and delays in financial presentation (Closure, Reporting and Filing)
Improve visibility to top management across the presentation cycle
Eliminate reliance of offline processes on financial presentation cycle
Best inClass
Metrics Percentage of new source
systems on-boarded Percentage of workdays reduced
due to automation Percentage increase in frequency
of General Ledger postings Time to resolve, reconcile and
close financial processes Improved adoption levels to
multi GAAP/IFRS
Improved time-to-value in Mergers and Acquisitions
Optimized total cost of financial presentation
Improved compliance and audit
Unified accounting policies and rules
Pre-built accounting event model
Pre-configured industry reporting attributes
Business growth &agility
Improved levels ofautomation
Increased efficiency
Adherence to compliance such as FAS97
Enabling Accounting Transformation through Oracle Financial Accounting Hub (FAH)
• Solutions Overview
solutions overview | october 2016
Cognizant’s Solution Framework for FAH
Accounting Hub Business Benefits
Improved Time-to-Value
in mergers and
acquisitions
Improved on-boarding of new business entities through a scalable and flexible event model
Acclimatization to change through a configurable solution, eliminating the need to maintain legacy code changes
Acceleratedfinancial
closure andreporting
Improved Time-to-Reconcile through a unified accounting policy and rule repository
Eliminate the need for a thick General Ledger through a flexible reporting attribute structure
Inbuilt capability to hold transactions as a data store enhancing the feed to reporting and analytics
Improvedvisibility to topmanagement
acrosspresentation
lifecycle
Embedded reporting and analytics within the Hub to enhance visibility and reporting across the presentation layer
solutions overview 2
FAH Solution Options
EBS R12& Non EBS
EBS GL
Fusion GL& Analytics
EBS + FAH +Accounting Hub
Reporting on Cloud
A• Accounting Transformation using FAH• Continue with legacy processes• Retain the footprint and landscape
• Reporting Platform with embedded Essbase• Robust Allocations Engine• Centralized Reporting centers to deliver and
access reports
Out-of-the-box synchronization of E-Business Suite setups and balances• Simple one-step configuration• Superior reporting capabilities with Essbase's
multiple dimensional analytical applications• Highly interactive, self-service reporting model
for all user groups
FAH R12
Fusion Accounting Hub
Use of Accounting Hub Reporting on
Cloud Service
B
LegacyApps
C
solutions overview 3
Tools and Accelerators
Sandbox instances with pre-conf igured accounting hub in Oracle EBS R12 and Oracle Fusion Applications
Oracle EBS R12 FAH
On-premise instance
Pre-configured for financial services industry
Ready test-bed for integration with PeopleSoft G e n e ra l L e d g e r m o d e l e d to re p l a ce discontinued Process Integration Pack from Oracle
Oracle Fusion Apps Accounting Hub
Cloud-hosted on Amazon Web Services
Pre-configured for Payroll and Benefits processes
Leveraged as test-bed/proof-of-concept for Cloud-hosted Fusion Accounting Hub solution
Data-loader Templates
Helps ease setup migration from across environments
Application Accounting Definition (AAD) Import and Export Script
For more information on Cognizant's Oracle solutions, contact us: [email protected]
Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process services, dedicated to helping the world's leading companies build stronger businesses. Headquartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology innovation, deep industry and business process expertise, and a global, collaborative workforce that embodies the future of work. With over 100 development and delivery centers worldwide and approximately 244,300 employees as of June 30, 2016, Cognizant is a member of the NASDAQ-100, the S&P 500, the Forbes Global 2000, and the Fortune 500 and is ranked among the top performing and fastest growing companies in the world. Visit us online at or follow us on .www.cognizant.com Twitter: Cognizant
Success Story
Design and Development of FAH based Solution for a Leading Property and Casualty Insurance Provider
Business Need
Design of Event Model
Automated generation of accounting entries
Posting of accounting entries to legacy PeopleSoft General Ledger
Technology Platform
PeopleSoft General Ledger in legacy platform
40+ source systems based on multiple platforms, such as mainframe and custom databases
Application is live on a pass-through based FAH
Solution
Design and development of FAH based solution that consists of multiple source systems across different platforms
Customer Master and Premium Master are maintained in legacy
In addition to premium receipts, customer and policy information were inserted into General Ledger through supporting references which are integrated into the FAH design
Outbound interfaces originating from General Ledger feed over the data to a custom built reconciliation module
Reconciliation process compares the premium actually received with the premium master, performs amortizations and generates exception reports
Benefits
Accounting transformation using FAH as a pass-through layer
Automated solution for creating accounting entries and posting them to legacy PeopleSoft General Ledger
FAH integration with legacy PeopleSoft General Ledger