Overall Satisfaction with Oracle Financials
Oracle Financial is used to support the Global Operations of the company and is currently being used extensively across more than 20 countries. All the operations including both Supply Chain (Order Capture, shipping, purchasing, inventory management, etc.) and financials (invoicing, collection, taxation, payments, deduction & settlement, costing, cash management and treasury operations) are performed and tracked leveraging Oracle eBusiness Suite.
- Incorporation of SLA's in Oracle R12 has provided lot of flexibility from accounting perspective. This is definitely helpful in handling the complex accounting requirements and researching the accounting entries.
- eBusiness Tax is pretty much configurable and can be extended to any of new geographies. The product is designed to handle the tax legislation for most of countries by Product, Party and location.
- Payment process manager supports all payment types including ACH, EFT, Check, postive pay etc. Payments can processed simultaneously for multiple operating units easily. Payment templates makes it convenient to process the payments without much hassle.
- AR - Cash receipts across applications.
- System should allow application of a single check payment to various operating units.
- Oracle ipayment application does't provide tokenization feature for credit card payment. This is a very much needed feature and should be available out of the box.
- Oracle eBusiness tax application does't load rates for all service providers. It only support Vertex and Taxware.
- Oracle iPayment does't support level 2-3 information for non P-Card credit card transactions.
- Overall Oracle Financial is core to the company operations. It not only provides the much need visibility to the comapany's latest financial situation but also bring lot of controls around the processes e.g. approval workflows.
- Consolidation and reporting of accounting information make the financial report process very efficient.
- Automatic payments, lockbox processes makes it very convenient and saves a lot in terms of accuracy and much needed resources.
- Support of various GAAP helps the company to perform the Global operations and monitor the activities pretty closely.
- BAAN and TELLY
Oracle financials is much stronger in terms of availability of feature, standardization of processes, automation, scalability and visibility of information. Most of the other software offer very limited features, can't be extended to other geographies easily, and are difficult to customize and maintain. Standard API's provided in Oracle makes it easy to integrate with external system and perform data conversion.
[Oracle Financials is well suited for:]
i) Multiple Accounting representations for the same transactions is very helpful in meeting requirements of different GAAPs.
ii) Configuring the SLA application help in meeting the ever changing accounting requirements.
iii) Powerful integrations in AR including autoinvoice and lockbox.
i) Cash reconciliation process still has the room for improvement.
ii) Oracle treasury application is pretty basic which still require lot of improvements.