22nd Century and Your Oracle Cloud Journey
Many organizations have relied on heavily customized on-premise ERP systems, manual processes, and spreadsheet-based tracking for period-end close activities. TSCTI’s Financial Close Extension, powered by Oracle Cloud Technologies, solves these challenges by automating and streamlining accounting period-end close processes. This solution enables accountants to work more efficiently while offering executives a real-time, high-level overview of critical activities via a centralized documentation repository. The solution features a close dashboard that provides detailed visualizations of period-end close statuses across key modules including General Ledger, Procurement, Cost Management, Project Portfolio Management, Accounts Payable, Travel and Expenses, Payroll, Cash Management, Accounts Receivable, Fixed Assets, and relevant third-party systems. By incorporating reinforcement learning, the solution accelerates period-end close processes, enabling CFOs and Comptrollers to achieve greater financial reporting accuracy and efficiency.
Financial Close Extension
- Real-Time Status Tracking – Gain complete visibility into the financial close process.
- Automated Workflows – Streamline and accelerate close tasks with intelligent automation.
- Audit Readiness – Ensure compliance with built-in controls and audit trails.
- Enhanced Collaboration – Facilitate seamless coordination across finance teams.
- Reduced Time Pressure – Optimize processes to minimize delays and workload stress.
- Industry-Specific Expertise – Leverage deep domain knowledge for tailored financial close solutions.
Efficient Task Management
Provides a detailed task list, monitors dependencies, tracks key dates and links to related processes, ensuring a smooth and coordinated close. AI capabilities can help automate the close process, including monitoring task status, recommending new rules, and automatically starting close processes.
Advanced Reconciliation Tools
Includes a rules-based reconciliation tool for comprehensive management of financial close activities, covering general ledger and sub-ledger reconciliations. Leverage AI capabilities to use transaction matching and auto reconciliation capabilities to reduce the time spent on reconciliation.
Centralized Repository
Centralizes all close artifacts in one location, facilitating robust governance and compliance.
Seamless Integration
Augments native Oracle Fusion ERP functions with a configurable close dashboard that manages all tasks related to monthly, quarterly, and annual closing processes.
Automated Workflows
A centralized platform can automate tasks, reminders, and approvals, reducing manual effort and minimizing the risk of errors.
Real-time Status Tracking
Management can have the ability to see the progress of the financial close, identifying bottlenecks and ensuring a timely close.
Enhanced Collaboration
Teams can communicate, share files, and work together seamlessly within a single platform, improving efficiency and productivity.
Audit Readiness
With all period close data and activities in one place, maintaining audit trails and ensuring compliance becomes much easier, and will give auditors the ability to see the detailed steps of the close process.