Designed for creating, connecting, storing, and reporting many different types of finance transactions, a financial management system ultimately has one core purpose: counting money.
Quite simply, without some kind of accounting software, an organization would not survive. At the most basic level, every organization needs systems to manage the flow of money in and out of the business. But a truly effective financial management system can do more: optimize profitability, measure cash flow, determine tax obligations, ensure compliance, and maintain long-term enterprise sustainability.
Financial management software includes the tools and processes that manage and govern income, expenses, and assets. An overarching goal for any financial management solution is to not only maintain an organization’s daily business, but to maximize profits and continuously protect financial data from fraud and theft.
Today’s organizations need more than a digital version of tactical bookkeeping with spreadsheets. Beyond just recording transactions, financial management software should help finance teams maintain their fiduciary stewardship, reducing accounting errors, shortening invoicing cycles, complying with ever-changing tax laws and regulatory requirements, and optimizing daily, monthly, and yearly cash flow.
National and international accounting standards set rules for private and public enterprises. With set rules, definitions, and processes, these standards normalize financial information. But these standards change frequently. In the last few years, new standards have come into effect, including IFRS 15 and ASC 606. A financial management system should be able to handle the latest accounting standards, with the flexibility to adapt to new changes as they are adopted.
Financial software should do more than just basic accounting; it should be able to help organizations to: Reduce records redundancy, deliver better budgeting, forecasting, and planning, enable a thorough and properly categorized expense management, provide seamless integration into banking systems, enable more accurate audits, and keep detailed tracking records of all assets and liabilities.
The accounting, finance, and audit activities must also offer comprehensive systems security with absolute data integrity integrated across the entire financial management solution.
For larger companies, financial management software is part of an enterprise resource planning (ERP) system that connects financial and other data across inter-company, inter-plant, or inter-division boundaries. Consolidating financial data aligns corporate processes and reduces complexity.
As companies grow, their systems and processes increase as well. Which means that their financial management software must have the ability to rapidly and easily scale to handle growth—across markets, geographies, and products.
As money is tracked and managed across the enterprise, financial management systems should help protect critical data against theft, fraud, and other criminal mischief. When financial management solutions include risk and compliance management, companies can leverage these capabilities beyond audit trails and error checks to include the segregation of duties and mapping of roles to responsibilities across the enterprise.
Robust, real-time reporting for prebuilt and ad-hoc reports, along with prebuilt integrations into Oracle EPM Cloud applications. With more agile and accurate reporting, companies can move beyond disconnected spreadsheets and fragmented reports to respond faster and align planning across the enterprise.
Embassy-grade security through an Oracle owned, designed, and managed global infrastructure, utilizing state-of-the-art data centers built with Oracle’s industry-leading database. By leveraging this infrastructure, Oracle financial management solutions fully support requirements for in-country data residency.
Oracle’s cloud solutions deliver high-volume, high-velocity scalability. During testing, complex sets of financial transactions were clocked at over 360 million transactions per hour.
Oracle delivers the most comprehensive financial solutions available, with applications for core accounting and finance, expense management, risk management, compliance, direct and indirect procurement, and project portfolio management (PPM).
Backed with modern design paradigms and social tooling, Oracle delivers a modern user experience that helps maximize productivity and encourage collaboration.
Eliminate data silos, capture better business insight, and build consistent workflows throughout the enterprise with prebuilt, native integrations to all common business functions including: human resources (HCM), supply chain management (SCM), manufacturing, sales force automation (CRM), and services support.
Covering more than 180 business processes, Oracle Modern Best Practice improves financial agility. Oracle financial management software is aligned with these game-changing processes to help organizations to accelerate productivity, reduce close times, discover real-time insights.