Crunching Numbers, The Excel Way
Simplifying real-time financial reporting on Oracle Fusion Cloud data with GLSense.
Financial reporting has long since been a cornerstone that keeps organizations pulsing. However, as the pace at which the business realm is growing, evolving, and reinventing itself, finance teams need help to keep up. Technological developments and the rapid shift to cloud-based systems present hurdles, hindering access to real-time data and compromising the efficacy of reports. However, financial reporting for Oracle Fusion Cloud or other cloud-based systems is no longer challenging with the right tools.
Financial Reporting: Why Enterprises Can’t Do Without It
Small or large, public or private, all enterprises need to generate financial reports, either for compliance purposes or internal management and decision-making. It's a continual process that tells the story of an organization's financial health. Financial reporting accounts for all streams of profit or loss and impacts everything from cash flow to dividends, providing information about the results of operations.
To summarize, financial reporting is invaluable for:
Transparency & Accountability: External parties refer to a company's financial history to assess its value and credit when considering investments or loans. Stakeholders also use reports to predict future performance and make decisions accordingly.
Analysis & Strategic Planning: Financial reporting is the foundation for analyzing operations, measuring KPIs, and calculating compensation. By reviewing financial data, management can identify areas of strength and weakness and adjust plans accordingly.
Resource Allocation & Risk Management: It assists in determining which projects, departments, or initiatives are generating the best return on investment. Financial reports also assist with identifying potential risks and vulnerabilities within an enterprise.
Compliance & Law: By law, financial reporting is required by most revenue services and satisfies various compliance requirements.
Must Watch: Check out how AirQuery can help with all your reporting needs.
Cloud Solutions: Enterprise Resource Planning with Oracle Fusion Cloud
The future of business is in the cloud, and organizations are rapidly shifting from traditional on-premise data systems to cloud-based systems. Oracle Fusion Cloud has emerged as a leading ERP tool.
A comprehensive suite of resource planning applications, it is designed to connect all critical business processes seamlessly and allows organizations to adapt to emerging business challenges rapidly. It automates manual tasks, reduces employees' time validating data, and leverages machine learning to identify patterns and anomalies.
In a nutshell, what makes Oracle Fusion Cloud stand out is that it offers:
- A unified platform to ensure seamless data flow and integration between different processes, thereby reducing data silos and streamlining operations.
- An intuitive interface that is easy to navigate, allowing employees across the board to access and use the system effectively.
- Flexibility, allowing companies to scale application features and computation power up or down, as required.
- Automation to streamline processes, helping improve overall operational efficiency and efficacy.
- Advanced data security to protect against internet threats and access control.
- Advanced analytics and reporting capabilities that enable organizations to gain deep insights into their performance metrics.
- Economic viability as it does not incur upfront licensing fees and allows businesses to choose software and features on a monthly cost basis.
- Automatic updates and support to help businesses stay competitive.
In Demand: Real-Time Financial Analysis From Oracle Fusion Data
The ability to access real-time data and draw conclusions from it is changing the way enterprises do business. This also extends to financial reporting as more organizations embrace the power of real-time data.
This, in turn, has a significant impact on performance. Increased financial visibility allows organizations to make informed decisions faster, propelling them forward and allowing them to mitigate potential risks.
Real-time financial reporting and analytics allow organizations to:
- Understand how their business performs from a granular and global perspective.
- Detect fraudulent behavior or errors quicker and reduce damage.
- Increase the accuracy of trend predictions and forecasts, enabling realistic goals to be set.
- Get the advantage of up-to-date data and reports accurately reflecting the organization’s position.
- Better strategize and make more informed decisions. As well as stay agile and adjust strategies in response to changes.
On Trend: What’s in Demand from Financial Reporting
Now that we’ve understood the pivotal role real-time financial reporting for Oracle Fusion plays for organizations, let’s examine some of the newest trends in the financial reporting sphere.
- Self-Service Analytics: Empowering business users to create ad-hoc financial reports using intuitive self-service analytics tools. Thus reducing reliance on IT departments and enabling faster decision-making.
- Integrated Reporting: In addition to traditional financial data, integrated reports combine non-financial data, offering a wide picture of the organization’s performance.
- Automated Solutions for On-demand Reporting: Using automated solutions to record and report financial transactions has simplified on-demand financial reporting. AI-based finance and accounting software solutions enable users to generate and share financial reports in real-time.
- Data Visualization: Data visualization tools allow ad hoc reports to utilize interactive charts, graphs, dashboards, and infographics that help users quickly understand complex financial data and trends.
Oracle Fusion Cloud & Excel Financial Reporting
Real-time financial reporting on Oracle Fusion Cloud data is essential for enterprises. But is it as simple as that? Not exactly. While organizations are ready to jump to cloud-based systems, their finance departments aren’t equipped to handle the change and struggle with accessing real-time financial data in software like Excel, which they are familiar with.
The issues that Oracle Fusion financial reports face with Excel include:
Restrictions On Database Access: Oracle Fusion Cloud Applications restrict access to databases. This limits the scope of data extraction only to the fields and attributes that OTBI provides. BI Publisher is another option but requires significant technical expertise.
Data Security & Access Control: Directly connecting Excel to the cloud system potentially exposes data to risks. On the other hand, restricting access to data is another challenge when pulling data directly from Excel.
Data Silos In A Hybrid Environment: Extracting data isolated between different systems is challenging, especially for enterprises with a hybrid environment. It requires a lot of manual intervention and manipulation of data that could compromise accuracy.
Structure: Oracle Fusion Cloud stores data in a structured manner using specific data types. Excel may not support these structures, and data integration and transformation might be required. This could potentially lead to loss and/ or misinterpretation of data.
Step Up Your Oracle Cloud Financial Reporting with AirQuery GL Sense
As mentioned, the right tools can help an enterprise overcome any challenge. In this case, that solution uses GLSense for Oracle Fusion Cloud, allowing users real-time access to Oracle Cloud Financial reporting directly via Excel.
AirQuery is a reporting and analytics tool allowing GL data access with in-built data governance capabilities. It easily enables financial reporting in MS Excel, allowing users to draw insights on demand.
Why Choose AirQuery GLSense?
AirQuery GLSense helps enterprises simplify and automate Oracle Cloud financial reporting in Excel without the help of IT. Moreover, it reduces the complexity of the process, cuts down time spent on reporting, and provides accurate and timely information.
Purpose-built Analytics Solution for GL Data From Within Excel
It offers a 360-degree view of General Ledger data while allowing users to get into the details at the sub-ledger level straight from MS Excel.
GL Balance Cube for Different Perspectives
Seamlessly integrating data from multiple sources into a cube provides a comprehensive, holistic, real-time view of financial data. Organizations can analyze and interpret this data from various perspectives and gain business insights.
Financial Statements & Reports
Create and generate various FSG Reports and statements such as Trial Balance reports, Balance sheets, or financial statements straight from the Cloud or On-premise ERPs such as Oracle Fusion Cloud, E-Business Suite, NetSuite, etc.
Excel Add-in
AirQuery GLSense is an add-in that ensures data is retrieved from the General Ledger without compromising data governance and security while leveraging the features of Excel - like displaying data across multiple sheets in customized formats, carrying out complex calculations with pivot tables, and drilling down to individual transactional levels.
It is a lightweight add-in that enables finance teams to access data from anywhere on a computer.
Run and schedule Financial Reports from Within the Excel
With AirQuery GLSense, finance users can create financial statements and share financial reports as Excel workbooks.
Unified Financial Reporting & Analysis
AirQuery GLSense empowers you to consolidate data stored in multiple sources and eliminate the need for different tools, saving time and resources for finance teams. It also breaks data silos and creates a single source of truth (SSOT).
Real-Time Ad-hoc Reporting
Enterprises can harness the power of real-time data from ERP systems, enhancing decision-making and agility in financial reporting.
A Simple Solution
AirQuery GLSense is a simple solution for finance teams struggling to migrate to the Oracle Fusion Cloud ERP system. It streamlines real-time financial reporting processes, ensuring data accuracy, and empowers users to focus on meaningful analysis and decision-making.
Is AirQuery GLSense the right tool for your organization? Get a demo and find out!
