Financials in the Cloud - A journey worth taking
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

Overall Satisfaction with Oracle Financials Cloud

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.
  • We have gained substantial time savings due to retirement of our old ERP servers. As well as a significant reduction in backup cost and server replacement.
  • Due to the complexity of our business model we had to add 2 resources in our billing department over our previous system. This was offset by the reduction of support staff as maintenance of this complexity was shifted between teams.
  • We have significantly reduced our cost to market of new features as they are developed by Oracle. We do not have to write our own code and implement/maintain in order to receive new features and annual updates.
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.

Oracle Financials Cloud Feature Ratings

Accounts payable
9
Accounts receivable
9
Cash management
8
Bank reconciliation
8
Expense management
8
Time tracking
8
Fixed asset management
9
Multi-currency support
9
Multi-division support
9
Regulations compliance
9
Electronic tax filing
Not Rated
Self-service portal
8
Global Financial Support
9
Primary and Secondary Ledgers
9
Intercompany Accounting
9
Localizations
Not Rated
Journals and Reconciliations
8
Enterprise Accounting
9
Configurable Accounting
9
Centralized Rules Framework
Not Rated
Standardized Processes
8
Inventory tracking
Not Rated
Automatic reordering
Not Rated
Location management
Not Rated
Manufacturing module
Not Rated
Pricing
Not Rated
Order entry
Not Rated
Credit card processing
Not Rated
Cost of goods sold
Not Rated
Order Orchestration
Not Rated
End-to-end order visibility
Not Rated
Order exception Resolution
Not Rated
Pay calculation
8
Benefit plan administration
8
Direct deposit files
9
Salary revision and increment management
9
Reimbursement management
8
Dashboards
8
Standard reports
7
Custom reports
8
API for custom integration
8
Plug-ins
8
Role-based user permissions
9
Single sign-on capability
9