Oracle Financial Consolidation and Close Cloud vs. OneStream
June 28, 2019

Oracle Financial Consolidation and Close Cloud vs. OneStream

Anonymous | TrustRadius Reviewer
Score 7 out of 10
Vetted Review
Verified User

Modules Used

  • Financial Consolidation and Close Cloud

Overall Satisfaction with Oracle EPM Cloud

Oracle Financial Consolidation and Close Cloud is being considered for several clients and I have supported implementation with one client in particular. This Oracle Financial Consolidation and Close Cloud implementation is more focused on a smaller group of financial reporting users. The main purpose is to perform consolidations and manage closing activities across entities in various countries.

Pros

  • Close management and consolidation in one module.
  • Strides have been made to bring Oracle Financial Consolidation and Close Cloud parity to HFM.
  • Dynamic reporting capabilities.

Cons

  • The fact that it is still a separate tool for planning (ePBCS) drives challenges around baseline data.
  • The set-up for VIE is still arduous and often does not meet all use cases.
  • The cloud pushed monthly updates are a challenge, however, it has become more transparent.
The biggest key is data validation time. If you are implementing a new chart of accounts along with Oracle Financial Consolidation and Close Cloud, you need to multiply the time you think you can perform data validation by 2. The key to managing your project timeline is managing your expectations around data validation as well. For instance, it is recommended you convert 1-3 years vs. 5 years.
  • Decreased the time to run the consolidation processes.
  • Decreased the need for on-premise type IT support (now fully supported in finance).
  • Increased the frequency with which management was getting results.
OneStream is a very young product and young company, however, it offers a singular platform for both budgeting and consolidation. In addition, Onestream is not built on Essbase (a product that is rather old) and therefore has more dynamic capabilities. OneStream does not, however, have many implementations to prove the efficacy of the product.
A less complex consolidation environment is well suited to Oracle Financial Consolidation and Close Cloud. This is especially useful if there is little to no IT support for finance in an organization. A more complex consolidation (JVs, VIEs, partial ownership, etc.) does not yet fall into the capabilities of Oracle Financial Consolidation and Close Cloud.

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