Achieving Financial Management Excellence with HFM
The financial close can be a burdensome and time-consuming process because it is usually hindered by manually attempting to combine spreadsheets or by utilizing IT resources to combine ledgers. Regulatory compliance complicates this process more by requiring multiple versions of the same financial reports.
The only way that compliance costs, resource utilization, and cycle times can be reduced is by being as efficient and as accurate as possible, but achieving this is often a mystery to many organizations.
Oracle Hyperion Financial Management often reduces consolidation and reporting cycles by a matter of days and even weeks by just eliminating repeated data entry and the necessity to manually double-check actual results.
Benefits of Oracle Hyperion Fiancial Management
- With Hyperion Financial Management, finance organizations spend most of its time as a strategic partner to the business instead of crunching the data it has.
- HFM automates and improves month end close’s timing and efficiency, making translation of foreign currency and consolidation easier.
- HFM is easy to integrate with other Hyperion products, as well as with whatever you use in your present infrastructure.
- While HFM is a Web software application, it also has “Smart View,” a Microsoft Office extension, that enables you to forecast and budget within Microsoft Excel itself.
Hyperion Financial Management Implementation Process
Considerably reduce your consolidation, closing and reporting cycle with a Hyperion Financial Management implementation. Sonora consultants combine real-world accounting and financial backgrounds with considerable Oracle Hyperion implementation experience to help you discover the best solution to your specific consolidation and reporting process.
We reduce your project cost and development cycles via our pre-built, customizable templates (including reports, forms, models, and business logic). We rapidly implement the new processes to provide your organization with a new enterprise financial management system that reduces time spent on the close so that valuable information can be provided as quickly as possible to the decision makers in your business.
Valuable internal resources are used to handle the processes related to the budget and your business plan. This usually includes offline data entry, manual development and consolidation of numerous spreadsheets, and many email messages, costing you time and money.
When you attempt to change mid-cycle, it will often stir up a panic within the business environment, leading to further inaccuracies. Furthermore, such changes take so much time that the company is already executing the old method, resulting in plans and forecasts being outdated. Thus, critical budgeting and forecasting processes need to be done efficiently, but this is a constant challenge for many businesses.