When implementing Oracle Cloud Financials and General Ledger, a lot of the design decisions can be influenced by the information available on the public domain about the organisations. Analysis of such information can help the consultants to design the strawman organisation structure and the GL chart of accounts in Oracle Cloud ERP. Any Oracle ERP implementation is very challenging and demanding for the consulting team as well as the stakeholders from the other party. And rightly so- such a change requires not only a shift in workplace culture, but also a shift in the outlook of the people involved. In any implementation the business requirements play the key role and therefore, having a clarity about the requirements is the foremost important step in the implementation process.
Getting the requirements streamlined as per the best business/industry practice is the skill that both the business owners and consulting team need to have considering the time, effort, and resources involved in the implementation process. It is not a hidden fact that businesses today are very dynamic, customers today are more demanding, and the legislature requirements are more tightening. Thus, the pressure on the consultants and business advisors has increased many times not only to provide effective consulting solutions but also to understand the more complex business scenarios, and legislative requirements which the businesses are entering into.
Technological dependency in a competitive eco-system
In such a competitive eco-system the company’s dependency on technology has increased beyond words. In order to survive in the competitive eco-system, companies are thinking years ahead of their time in order to make themselves relevant in future. Technology as a tool helps them in visualising and adapting to the competitive ecosystem.
This blog discusses how an annual report that almost every company prepares can be linked to an Oracle Cloud ERP implementation to make the implementation smoother and more effective both for the business owners and business consultants.
Let us take case studies as a mode to best understand this practice. The extracts of annual reports of the following two companies can be taken into consideration:
- Apple Inc (an American multinational giant)
- MothersonSumi Systems Limited (an Indian automobile giant)
From the images above, the consulting team as well as business stakeholders can configure a myriad of different things by referring to the company’s annual report. This has the potential to make the bulky task of finance module configuration a lot easier as the annual report has a great depth of information imbedded within it that can be successfully utilized in the implementation process.
The areas which can be configured in Oracle Cloud ERP in reference to an annual report are:
– Business Units/ Operating Units
– Primary Ledgers
– Accounting Periods
– First open period
– Hierarchy of accounts to be published for reporting of Balance sheet and Profit/Loss Statement
– Certain segments of Chart of Accounts
Author: Somya Das is a Senior Consultant at Fusion Practices
Some of the images are referenced from the public domain websites stated above and are the copyright of those respective organisations.
Click here to read our blog on Regulatory Reporting in the ever-evolving Banking sector