Overall Satisfaction with Oracle Financials
Oracle Financials is being used by the Finance department for the preparation of financial statements and accounts payable. We use it for the preparation of the financial statements for the RESP plans that we manage as well as for the corporate entities. Through some recent customizations, the investment accounting group is also using it to summarize all of the investment transactions received from our custodian.
- Oracle is able to be highly customized to do whatever is required. For example, in our case we were able to receive detailed information from our investment custodian and summarize it in the manner we desired for inclusion in the G/L.
- For a smaller organization such as the one I was with, Oracle was overkill. It has so much potential functionality that a smaller organization will not be able to use it as it as it was designed to be applied. I usually described it as buying the power and functionality of a Boeing 747 when all you need is to drive through the city.
- Customization is difficult and requires hiring experienced consultants or highly trained staff.to complete.
- Having Oracle as our financial package didn't add any particular value to our organization. Given the cost of implementation and customization it was overall negative versus using a simpler system.
Oracle Financials was selected prior to my joining the company and was selected because we were using an Oracle database for our back office transaction processing.
Oracle is well suited to large organizations where integration with manufacturing/logistics would be beneficial or multi-national organizations where consolidation could be performed within one platform. Our organization purchased it because we were using an Oracle database to manage our client base and Oracle allowed for an easy integration of the information from the database to our financials, but we were only using it for the preparation of the financials and another simpler system could have achieved the same result for us