22nd Century and your Oracle Cloud Journey
Many organizations have relied on heavily customized on-premise ERP systems, spreadsheet based period-end close activities and manual activities to track period-end close activities. TSCTI’s Financial Close Management Solution, built with Oracle Cloud Technologies, addresses these challenges by streamlining the accounting period-end close processes for accountants and providing executives with a high-level overview on critical activities with centralized documentation repository. The solution includes a close dashboard that offers a comprehensive visualization of the period-end close statuses across modules like General Ledger, Procurement, Cost Management, Project Portfolio Management, Accounts Payable, Travel and Expenses, Payroll, Cash Management, Accounts Receivable, Fixed Assets and participating Third-Party systems in period-end close activities. This solution promotes the reinforcement learning for expedited period-end close assurance for CFOs and Comptrollers for financial reporting excellence.
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.