Tomorrow is Oracle’s new fiscal year… For the occasion, I’d like to celebrate my top 5 favorite new FCC features released in the Oracle EPM Cloud in the past few months. This new features will help our clients tremendously.
New substitution variables are available to improve performance, both during consolidations and during database refreshes. We have seen consolidation times improve 2 to 5 times, and at one client we had database refresh times improve 20 times.
EPM Automate command to recompute ownership
You have to recompute ownership each time you change a metadata in FCC. So far, this used to be a manual step that was defeating the purpose of trying to automate your maintenance process. Not anymore! This will be a big win for many of our clients.
FCC now has system rules to calculate movements from the closing balance. This is something developers had to code for in HFM and before April 2020 in FCC. This is the beginning and there still are some issues (for example not being able to calculated seeded movements), but this is a step in the right direction to make cash flow automation easier.
Seeded accounts sign changes
This means we can now choose the signing convention we want and not have to enter all amounts as positive numbers. Many clients prefer to use a natural accounting signing convention, and it is now possible.
This will not apply to everyone, but it was possible with HFM and it shows how more sophisticated FCC is becoming: you can now write elimination entries not only on the entity being consolidated, but also on the partner entity. This doesn’t change the consolidated data at the parent level, but change how the Contribution members look like in both children entities.
Fiscal Year 2020 saw a lot of exciting new features, I think there is a lot of momentum and our clients are seeing that as well. I hope 2021 will bring even more new features!