Close your books faster with Oracle Financials Cloud
Shiva Krishna | TrustRadius Reviewer
Updated October 20, 2019

Close your books faster with Oracle Financials Cloud

Score 10 out of 10
Vetted Review
Verified User
Review Source

Software Version

Oracle Financials Cloud

Overall Satisfaction with Oracle Financials Cloud

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 We were using outdated disparate systems for various departments. Some of the systems were heavily customized and at the end of their life cycle based on outdated technology.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.
  • By retiring old disparate systems, we saved a lot of money.
  • We saved money in integrations as Oracle has a well integrated suite of applications in all modules.
  • Our users were happy as the system has the latest and modern look and feel.
We evaluated various systems like Workday, Salesforce, Basware, etc. We were already using Oracle E-Business Suite, hence we are familiar with Oracle and worked well with them, hence we chose Oracle cloud.
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.

Oracle Cloud ERP Feature Ratings

Accounts payable
10
Accounts receivable
10
Global Financial Support
10
Primary and Secondary Ledgers
10
Intercompany Accounting
10
Localizations
10
Journals and Reconciliations
10
Enterprise Accounting
10
Configurable Accounting
10
Centralized Rules Framework
10
Standardized Processes
10
Inventory tracking
10
Automatic reordering
10
Location management
9
Manufacturing module
8
Pricing
10
Order entry
10
Credit card processing
10
Cost of goods sold
10
Order Orchestration
10
End-to-end order visibility
10
Order exception Resolution
10
Pay calculation
8
Benefit plan administration
9
Direct deposit files
9
Salary revision and increment management
8
Reimbursement management
9
Dashboards
10
Standard reports
10
Custom reports
10
API for custom integration
10
Plug-ins
9
Role-based user permissions
10
Single sign-on capability
10

Using Oracle Financials Cloud

120 - Oracle financials is leveraged by Finance, Payables, Receivables, Treasury,Procurement and Projects teams. It saves lots of time for the finance team, as they could track all the project costs and project revenue and run profitability metrics on each project. Oracle Financials cloud comes with robust reporting and inbuilt analytics. Each project manager can run their own reports and ensure that all the costs and revenue related to a project are reported and entered in the system. As a projects driven organization, we found Oracle Financials cloud well integrated with all other modules.
4 - People with good understanding of Enterprise software, business and finance knowledge will be a good fit for the role. As people work in teams, good interpersonal skills, written and oral communication skills are important. People with knowledge in finance processes, back office functions, period close, procure to pay, order to cash, record to report business processes are a good fit. As the technology is always evolving, curious and adaptable people who want to learn continuously will be more successful.
  • We want to track each projects profitability and margin. with this software we were able to achieve it.
  • We wanted suppliers to enter the invoices themselves, with cloud supplier portal we could do it.
  • We wanted a secure, mobile and tablet friendly software which our project managers could access on the field. Oracle cloud fits the bill.
  • We wanted a software which is tightly integrated with other modules. Oracle offers applications in all possible areas which are seamlessly integrated.
  • Oracle cloud offers inbuilt analytics and the user interface is intuitive.
  • Before we are storing supplier master in a different tool. With oracle cloud, we stopped using the other tool and we are leveraging oracle cloud as a repository of our master data. If a duplicate supplier is entered, oracle immediately flags it up, which is a great feature.
  • Before oracle cloud we did not know many innovative features like self billing. we are leveraging it now.
  • We like the self service reporting in Oracle Transactional business intelligence. Our finance users are pulling out their own reports now.
  • We wish to leverage invoice scanning feature by using optical character recognition.
  • We wish to scale up Oracle cloud to our acquired companies.
  • we wish to leverage other modules like supplier lifecycle management, Oracle sourcing, Oracle project contracts, hyperion etc
Oracle Financials cloud has intuitive user interface. It comes with collaboration tools like Oracle social network. It has most features and constantly innovating and coming out with new features. It is scalable and many resources are available in the market who specialize in this product. Oracle has built a good ecosystem of users, communities around the product. Oracle applications users group is a good starting point to learn about best practices and learn how other companies are leveraging the product.
Oracle has built the product ground up using the latest technology. The product has the best features of all the companies oracle acquired in the last 10 years. Oracle has the highest portfolio of products in the market. You name a module, oracle has it. All these modules are tightly integrated and spread sheet friendly.

Evaluating Oracle Financials Cloud and Competitors

Yes - We replaced our old ERP tool with Oracle cloud. The old ERP tool is outdated and we customized it to the point, where it cannot be upgraded. We acquired many companies over the time and we wanted a scalable, reliable solution, hence we chose oracle cloud.
We have disparate systems tied up with outdated interfaces, we chose to get rid of those outdated systems and move on to a single coherent platform.
  • Price
  • Product Features
  • Product Usability
  • Product Reputation
  • Prior Experience with the Product
  • Vendor Reputation
  • Existing Relationship with the Vendor
  • Positive Sales Experience with the Vendor
  • Analyst Reports
  • Third-party Reviews
Oracle offered the best features we wanted in the product. We already have a relationship with Oracle and we were happy with them. Oracle is constantly innovating and will be around for quite some time. We did explore products from some startups, however we were not sure whether they will be around after 5 years.Oracle is doing a good job in disseminating industry leading best practices.
We would talk to some old customers in a similar industry who were using the product. we will read and research third party reviews. We will hire an independent consultant to do demos. We will get access to a test system and play around and test our use cases before making a decision.

Oracle Financials Cloud Implementation

Clean up the data from your old systems before you load it into Oracle cloud.
Establish ground rules around master data, so that duplicate records will not be created.
Involve and engage the business users from the start of the project.
Yes - Software evaluation
Demos
Requirement gathering
Conversions
Use case Testing
System integration with other software
System Integration testing > Unit testing > Cutover

Change management was a big part of the implementation and was well-handled - Need to involve business users from the beginning.
Business users need to work with implementation team, hand in hand.
To reduce the work load of business users, some temps may be hired, so that business users can spend more time on the project.
The sponsor of the project should be from the top management.
  • while converting data, we missed some data for various reasons. After go live we found out and we fixed it over a weekend.
  • The taxes for some transactions were set up incorrectly, we figured it and fixed it.

Oracle Financials Cloud Training

  • Online training
  • in-person training
The inperson trainings from Oracle University are effective. The trainers have vast experience and teached thousands of students. In person training will make people sit in a class and do the exercises. One can also learn from other students, who come with different background, industry etc. In person training will be an immersive experience and helps learn more in a short period of time.
We bought online training subscription from Oracle University. The subscription allowed our team to learn the nuts and bolts of the application.The subscription model helps access to all the modules as opposed to buying training for one module. We also leveraged guided learning subscription from Oracle. Guided learning is a state of the art learning application from Oracle. It resides within the application and guides the users on each and every step. This is learning by doing and is very effective.
Once you buy guided learning, oracle keeps updating it with the release of new functionality in the quarterly upgrades.

Configuring Oracle Financials Cloud

The product is built for the cloud, ground up. All the configurations are available at a single place called Functional Set up Manager. Oracle has also simplied the configuration to the best possible extent. Oracle created many white papers and how to documentation which are widely available online, so that one can refer these when in doubt.
Configuration can be exported easily from one instance to another, saving time and effort. Rapid implementation spreadsheets are a god send. Chart of accounts, lookup, flexfields, list of values can be uploaded with a spread sheet, via prebuilt rapid implementation spreadsheets.

Here are my recommendations on configuring the application
a) Get your users trained on the application, so that they will understand the nitty gritty of the application.
b) Hire experienced people who implemented the application, atleast couple of times before.
c) Involve the business users right from the begining, so that business users work hand in hand with implementation team and give continuous feedback.
d) Make an effort to migrate cleansed data.




Some - we have done small customizations to the interface - We personalized the user interface whereever possible. Personalization is easy and effective. Some examples of personalization are uploading our company logo, making fields mandatory where required, hiding fields where not required, renaming the fields where it makes sense etc. Descriptive flex fields are available in almost all pages, to capture additional data.
Approvals are flexible and can be routed in different ways. Subledger accounting rules are available where, accounting rules can be defined to satisfy various accounting conventions.In summary, with personalizations, descriptive flexfields, subledger accounting rules, Business process management worklist most business situations can be handled without extensive customizations.
No - we have not done any custom code
We integrated various applications with the Oracle Financials cloud. Some of them are Thomson Reuters One Source tax engine, Transcepta eInvoicing, concur expenses etc. We used webservices to integrate these applications. Standard Application program interfaces are also available in the oracle cloud market place for these third party applications. We used Oracle Supplier network and B2B configuration to exchange cXML purchase orders and invoices.

Oracle Financials Cloud Support

In the recent years oracle has improved on support. The support staff is more customer friendly than before. There is still scope for improvement, however it is much better than before.
Now the support staff do care for the success of the customer.
ProsCons
Good followup
Knowledgeable team
Problems get solved
Kept well informed
No escalation required
Support understands my problem
Support cares about my success
Quick Initial Response
None
No - Instead of paying for premium support, i would hire my own oracle staff, that way i will be in complete control. The best thing with oracle is, there is abundant supply of people available who are experts in the product.
An oracle engineer offered me workarounds and alternative solutions.That was helpful. Oracle is also engaging with customers and doing frequent webcasts on topics of interest. This way information is disseminated to all customers.
Oracle has lots of features, however the trouble is many customers do not know about it. Oracle has to do more in disseminating the information.

Using Oracle Financials Cloud

The software is the best in the market. It is secure, scalable, user friendly, proven and was around for a long time and will be around for times to come.
ProsCons
Like to use
Relatively simple
Technical support not required
Well integrated
Consistent
Quick to learn
Convenient
Feel confident using
Familiar
None
  • The dashboards on the landing page are god send. It gives all the important metrics at one place.
  • The approval notifications shows up on the landing page. They can be approved or rejected with a single click.
  • The collaboration tool is great. All the communication, attachments are saved for audit trail.
  • Allocations in general ledger are difficult.
  • we would like to have alerts which were available in Oracle E Business Suite.
Yes - People on the field can leverage the mobile interface. Using mobile interface, requisitions, purchase orders, invoices, projects can be approved. Expense reports can be submitted. Collaboration can happen using Oracle social network.

Oracle Financials Cloud Reliability

The product is used by big corporations like General Electric, Emerson, Hilton,HSBC, Cummins, British Telecom etc. It can handle millons of transactions in multiple currencies, business units, ledgers, geographies, regulatory environments, tax regimes etc. Oracle has the widest cloud footprint in software as a service applications. Some of the applications like revenue management cloud service for subscription based busineses are also available.
The application is used by big banks like HSBC is a testament to its reliability. I did not hear or experience any outages.Oracle is in the hosting business since long. In its previous avatar, it used to be called as Oracle on demand. So oracle has enough experience and expertise in hosting and managing customers applications in their datacenters.
Oracle is the only major company which has platform as a service, database as a service and software as a service product offerings on the cloud.Hence customers can rely on Oracle as many major fortune 500 companies do.
The performance of the application is good. Incase of any issues, one has to work with Oracle support. We enabled auditing on certain tables and experienced performance issues. We immediately raised with Oracle support and they helped in improving the performance.One has to proactively work with oracle support to identify the issues.

Integrating Oracle Financials Cloud

Integrations are complex. There are several nuances involved in integrations. All the integrations need to be thoroughly tested and pros and cons need to be weighed. One needs to remember, all the cloud software come with quarterly updates. There can be instances where the architecture, objects may change in future, this may break the integrations.
  • Integrated SAP Concur with Oracle Financials cloud. There are many prebuilt webservices available and the integration is seamless.
  • Integrated Thomson Reuters One Source Tax engine. Onesource has built webservices and application programming interfaces, the integration works well.
  • Integrated Workday with Oracle Financials cloud. All employee information flows into Oracle cloud.
The integration is seamless. As there are common integrations and many enterprises have already did this, many webservices and application programming interfaces are available. Lost of documentation and case studies are also available.
  • we are planning to integrate salesforce CRM with Oracle financials cloud in future.
  • We are planning to integrate third party Invoice automation software called Trancepta with Oracle financials cloud.
  • We use a software associated with a bank for our payments. It is in our pipeline to integrate it with our Oracle cloud payables.
Yes, oracle has built partnerships with various vendors and they provide oracle certified integration tools. These can be leveraged to achieve the integrations. Another tool called Blackline reconciliations is in our pipeline to integrate with Oracle cloud. This software is used for automatic reconciliations in general ledger.
  • File import/export
  • Single Signon
  • API (e.g. SOAP or REST)
Oracle 3 types of file import/export, they are called FBDi ( file based data import ), ADi ( Application development import ) and Business Intelligence Publisher import/export. All these tools are spreadsheet friendly and the final file can be converted into a comma seperated file with a click of the mouse and interfaced.Apart from these SOAP and REST services are also available.
Oracle has done a good job in giving tools and objects for seamless integration. However unless there is a strong reason, i would minimize integrations to the best possible extent. Oracle comes with the biggest suite of applications, i would try to use the applications from Oracle stable itself. As these applications are tightly integrated with Oracle and Oracle will take care of these integrations in future updates too.

Relationship with Oracle

Oracle has a new focus on Cloud. The sales team made themselves available to answer all the questions and give demos of the product. Oracle is also eager to learn about our business processes and make improvements in its products to cater to the gaps specific to our industry.The overall experience with Oracle sales is great.
Oracle has customer success managers dedicated to each project and they are immersed in the projects. We have weekly calls with these oracle representatives and we could raise our issues with them. Oracle support has also improved a lot. There is a renewed focus on customer service. The support staff are doing their best to provide the solution in the least possible time.
We negotiated the yearly fees for the cloud software.We bought the bundled application with various modules, we negotiated the discounts. On some modules we got a discount for the first year. Oracle is flexible and easy to work with. As they have a suite of applications to offer, there are various levers available for both parties to negotiate upon.
Try to buy as many Oracle modules/applications as possible. This way the integration costs are minimal, support effort is minimal and you are dealing with only one vendor. Further this give a lever to negotiate the pricing as much as possible. Oracle has lots of tools to offer, hence one get a good deal.

Upgrading Oracle Financials Cloud

Yes - Oracle publishes the Release Content Document well in advance. One has read through it, to assess any impact on the integrations. There is time available to test all the new features in test instance. Some enhancements come with opt in feature, where the customer has the option to choose whether they would like to use or not.
  • There are several enhancements in the new cloud upgrade. The features available for withholding tax are enhanced. We use withholding tax a lot and this has helped us.
  • One time payments feature is made available in the recent release. This helps us in processing refunds faster. We could upload list of people via a spreadsheet and process payments.
  • There are several enhancements in pipeline which are going to help us and we look forward to leverage them.
  • We would leverage the new functionality wherever applicable.
  • There is always scope for improvement. As oracle releases the enhancements and makes things simpler, we will utilize them to the best possible extent.
  • Oracle is coming with a new User interface as per presentations in the Oracle Open world. I will look forward to it. As user interface is the key.