Oracle Financials Cloud Reviews

17 Ratings
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Score 9.2 out of 100

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Reviews (1-4 of 4)

Patrick McCormick | TrustRadius Reviewer
February 27, 2020

Great application, but have a team to support you.

Score 7 out of 10
Vetted Review
Verified User
Review Source
Oracle Financials Cloud is being used across the organization. Its main use is for the tracking and reporting of financial transactions.
  • Ad hoc reporting and search capabilities are leading class and easy to use/understand.
  • Drill back capabilities from the GL to the integrated modules makes research easy for the GL team.
  • Integrated reconciliation features from the submodules to the GL streamlines month-end activity.
  • While smart view and FRS are great tools, having more built-in dashboard capability with direct easy-to-use drilling to transactions would be a great added feature that other ERP packages have.
  • In AP, it takes too many clicks to do the work in both invoicing and payment processing.
  • The intercompany module is limited to how it can be used. You can’t tie transactions to multiple suppliers and multiple addresses/sites.
For mid-sized to large enterprises needing strong controls and having complex accounting needs, Oracle Financials Cloud is a great package. Oracle offers great tools, but you will need an application team to utilize, manage, and deliver them to you. This system cannot be managed by just an accounting team.
Read Patrick McCormick's full review
James McBride, PMP | TrustRadius Reviewer
October 29, 2019

Financials in the Cloud - A journey worth taking

Score 9 out of 10
Vetted Review
Verified User
Review Source
We use Oracle Financials Cloud for all of our accounting functions. The application was put in place due to the age of our previous ERP which was no longer supported by the vendor or receiving any upgrades. The previous application was dependent upon a single support resource and did not have a steady stream of available products for support.
  • The flexibility of different elements to determine accounting for different transactions (SLA).
  • The integration between Time & Labor and the Projects application makes for a seamless process when billing customers for time worked by our resources.
  • The process of upgrading functionality is simple as all updates are performed by Oracle and can be taken generally when your business is ready to use said functionality.
  • The documentation provided for each release needs improvement, it at times is not updated properly when features are added/removed from a release.
  • The consistency of the user interface should be improved across applications. Oracle has focused on the Human Resources experience and the same effort needs to be undertaken for the Finance application.
  • The depth of features in the Expenses module needs to be improved. There are features standard to other products that it does not offer like the ability to enter an expense and mark it non-reimbursable.
Oracle Financials Cloud is well suited for an enterprise that is willing to adopt standard processes designed by Oracle. If you have special business needs or are not willing to update your business process to match what is provided by Oracle I would choose another product. I have found very few business cases that cannot fit into the application, but it requires the business user to be flexible to new ideas.
Read James McBride, PMP's full review
Shiva Krishna | TrustRadius Reviewer
October 20, 2019

Close your books faster with Oracle Financials Cloud

Score 10 out of 10
Vetted Review
Verified User
Review Source
Oracle cloud is an Enterprise-class cloud platform. It has 3 main divisions, which are the platform as a service, database as a service, and software as a service. We leveraged all the three components and they worked well for us. We were using outdated disparate systems for various departments. Some of the systems were heavily customized and at the end of their life cycle based on outdated technology. We wanted to move on to a single platform, streamline our processes, use the latest and greatest technology and save money at the same time. After many deliberations, we chose Oracle Cloud. Oracle Cloud is secure, agile, comes with collaboration tools, inbuilt analytics, and is mobile and tablet friendly.
  • User-friendly, intuitive interface. Comes with dashboards and inbuilt analytics.
  • Comes with inbuilt collaboration tools, which helps in achieving efficiency through inter and intradepartmental collaboration.
  • Helps in closing the books on time with automated reconciliations.
  • Helps with ease of use and streamlined business process.
  • All the features available in the Oracle E-business Suite application are not available yet. Oracle is working hard to bring them in. The sooner the better.
  • The Oracle support needs to improve. More information needs to be provided on Oracle's support website.
  • Oracle needs to give importance to the Oracle community. So that more users use it and more people find help in it.
  • Oracle should disseminate the information freely on various products, issues, etc. The information is not available in an easily accessible way.
  • There is scope for improvement in the user guides. They should be simple with diagrams, pictures, etc. As of now, it is not easy to understand from the documentation.
Oracle Financials Cloud is a great product. It is used in various industries all over the world. It helps in meeting the regulatory requirements in various geographies. It is easily scalable as the companies grow. We are in the construction industry and we use retainage in our projects. We could not figure out a way to make it work as of now. It will be great if the retainage feature is added soon in the Cloud. Allocation in general ledgers is complex as of now. I think, it can be made easier and simpler.
Read Shiva Krishna's full review
Ramon Vazquez | TrustRadius Reviewer
April 09, 2019

Benefits of Oracle Cloud System

Score 9 out of 10
Vetted Review
Verified User
Review Source
We use it across the organization and we also use it for every legal entity that we manage. This means we have a centralized product for use with all our companies and central reporting. It is currently being used for accounting, finance, purchasing, inventory, and fixed assets.
  • Ease of managing the same aspects for different companies. Having them all in the same system makes it easy for the same person to deal with many companies at the same time.
  • Our PO approval process workflow has helped different departments manage their purchases and make sure that the ones who are able to approve look at everything. It gives the ability to approve via email without having to go into the system and is great for people that only approve but do not use the application.
  • The accounts payables department who deals with a high volume of invoices from suppliers for all our locations has made their work easier by using the integrator provided by Oracle. It makes the data entry process less intensive and helps them upload large quantities of invoices in an easier way.
  • The payment approval process does not have the ability to do parallel approvals for payment and that is something that we currently use in another system we have for check printing.
  • The app interface could benefit from standardization between different modules as they look or work different sometimes in different places.
  • It is slower than a traditional fat client when doing intensive data entry processes.
I believe it is well suited for mid-size companies and up. It works great for companies that centrally manage various companies or legal entities since Oracle has the capability of managing all of them from the same place.

If the company is small then it might be too pricey for them and they may not take full advantage of some of the capabilities. Maybe, in that case, they should look elsewhere.
Read Ramon Vazquez's full review

Feature Scorecard Summary

Pay calculation (2)
8.0
Benefit plan administration (2)
8.5
Direct deposit files (2)
9.0
Salary revision and increment management (2)
8.5
Reimbursement management (2)
8.5
API for custom integration (4)
8.4
Plug-ins (4)
7.8
Single sign-on capability (3)
9.1
Role-based user permissions (4)
8.6
Dashboards (4)
8.1
Standard reports (4)
8.1
Custom reports (4)
8.4
Accounts payable (4)
8.7
Accounts receivable (4)
8.5
Cash management (4)
8.2
Bank reconciliation (4)
8.4
Expense management (3)
8.2
Time tracking (2)
8.5
Fixed asset management (4)
8.9
Multi-currency support (3)
8.8
Multi-division support (3)
8.8
Regulations compliance (3)
8.6
Electronic tax filing (1)
8
Self-service portal (2)
9.0
Global Financial Support (3)
8.6
Primary and Secondary Ledgers (4)
9.1
Intercompany Accounting (4)
8.7
Localizations (3)
9.2
Journals and Reconciliations (4)
8.8
Enterprise Accounting (4)
9.1
Configurable Accounting (4)
9.1
Centralized Rules Framework (3)
9.2
Standardized Processes (4)
8.8
Inventory tracking (2)
9.5
Automatic reordering (2)
9.0
Location management (2)
8.5
Manufacturing module (1)
8
Pricing (1)
10
Order entry (1)
10
Credit card processing (1)
10
Cost of goods sold (1)
10
Order Orchestration (1)
10
End-to-end order visibility (1)
10
Order exception Resolution (1)
10

About Oracle Financials Cloud

Oracle Financials Cloud is a suite of financial applications within the broader E-Business Suite. It provides core accounting functionality, as well as self-service, mobile-accessible, multidimensional reporting. Financials Cloud also enables invoicing and payment tracking, and it centralizes accounting processes and data from across an organization. The application suite is built on a common financial platform, enabling integration with 3rd-party and legacy applications and data formats. It is designed to handle global enterprises with country-specific payment formats and reports.


Categories:  Accounting

Oracle Financials Cloud Technical Details

Operating Systems: Unspecified
Mobile Application:No