Empower Your Financial Data with AirQuery

Financial Reporting for E-Business Suite and Oracle Fusion Cloud ERP

The financial reporting world is where numbers speak louder than words. Financial reporting is the cornerstone of a well-run business and is about creating financial statements and reports that provide information about a company's performance and position. 

Some examples of financial statements are:

• Balance sheets
• Income statements
• Cash flow statements, and
• Statements of changes in equity

Access to financial statements equips stakeholders with a thorough overview of a company's financial soundness, containing facts on assets, liabilities, equity, earnings, costs, and cash flows. The benefits of financial reporting go beyond fulfilling legal requirements and compliance. It enables organizations to recognize trends, handle cash flow, optimize operations, and improve working capital management. In particular, real-time financial reporting permits senior management to estimate and balance existing assets and liabilities without constructing an underutilized surplus. Moreover, financial reporting is a basis for designing budgets, forecasts, and pro-forma scenarios. By leveraging financial reporting, companies can enhance their connections with business partners, suppliers, customers, creditors, and investors, thereby improving their competitiveness and efficiency.

Based on the needs and the stakeholders involved, there are two types of reporting:

• External reporting: External reporting has more rigid requirements as they are used by stakeholders outside the company. These involve investors, trade partners, tax authorities, regulatory agencies, and lenders. 

• Internal reporting: Internal reporting is beneficial for the company's upper management to make informed decisions tailored to their required informational specifications and the organization's business goals. 

Challenges of using legacy systems for financial reporting

Since legacy systems offer businesses the comfort of knowingness, they often prefer to continue working with those systems to carry out financial analysis. But, there are several challenges while relying on legacy systems for carrying out financial reporting and generating crucial insights based on a company's position. 

Legacy systems are sometimes outdated, which might result in security breaches of the company’s important financial data. These systems are vulnerable to cyber attacks since they might not get regular security updates or patches. This may result in the loss of crucial data, theft of information, or fraud and might damper an organization's reputation. 

In today’s world, business needs to change more quickly than ever before. This makes it vital for businesses to stay adaptive and flexible. But legacy systems often cannot adapt to these changing needs, which limits an organization's ability to scale operations since they are incapable of responding to market demands or changing regulations.

Besides, older systems may lack the features that modern financial reporting tools possess, making them less efficient, needing manual efforts, and thus increasing the room for errors. Using legacy systems might be an obstacle to carrying out real-time analysis due to their limited integration capabilities with standard modern reporting tools and applications. 

Maintaining and upgrading these legacy systems is often expensive because they need specialized knowledge and expertise. It might become difficult to hire such professionals and might also increase expenses. Moreover, maintenance-related hardware and software expenses can be higher due to a lack of support from vendors and the need for customized work.  

There can be compliance and regulatory issues since legacy systems might not be updated according to current financial reporting standards or regulatory requirements. They may not be able to keep up with evolving regulations resulting in non-compliance, potential legal issues, fines, and penalties for the organization.  

Oracle E-business suite and Oracle Fusion Cloud ERP Financial Reporting

The advent of the Oracle E-Business Suite and Oracle Fusion Cloud ERP has revolutionized how companies manage their financial reporting. They offer several advantages over legacy systems and are devised to meet industry standards for data security, with regular updates to address potential threats. Oracle e-Business Suite and Oracle Fusion Cloud ERP are highly configurable and can be tailored to meet unique business needs. They deliver a broad range of advanced reporting features, allow integrations with other tools, and provide sophisticated data visualization. This allows companies to simplify their reporting processes and adjust to modifying business requirements.

Oracle E-Business Suite and Oracle Fusion Cloud ERP are modern ERP solutions that are often more affordable than managing legacy systems. They are also designed in a way that makes them adapt to the latest regulatory requirements and standards like SOX, GAAP, and IFRS. Thus they reduce the chances of paying costly fines and penalties for businesses when it comes to meeting regulatory requirements. 

However, with this change comes new challenges that organizations must overcome. Firstly, Oracle Financial Cloud/Oracle Fusion Financials have complex data structures, which sometimes make it difficult for finance teams to access the data they need for reporting purposes. 

Also, The financial reporting process can be time-consuming, especially if finance teams must manually gather data from multiple systems during migration and post-migration to Oracle Cloud ERP.

Another challenge is the limited data migration when organizations move from Oracle E-Business Suite to Oracle Cloud ERP. Organizations often migrate balances to the new ERP system, leaving the sub-ledger details and drill-down information behind. This can result in only a summary-level understanding of the financial data. For instance, when comparing the expenditure of the past two financial years, the new ERP system may only display the absolute expense for each year but might not deliver a detailed breakdown. Not having a complete picture can leave an organization grappling with information on where to improve. 

Overcome the challenges with AirQuery

To resolve the above-mentioned challenges, businesses should ensure that they have an effective data migration strategy in place. This may include creating a detailed plan for migrating sub-ledger information and establishing a process for accessing the data in the legacy system when required. Additionally, organizations must ensure that their financial reporting systems are integrated with their legacy systems, allowing seamless access to all the necessary data. That's where AirQuery enters the picture. 

When integrated with Oracle Finance Cloud and Oracle E-Business Suite and other data sources, AirQuery can improve financial reporting capabilities, providing a single source of truth for all financial data. Imagine having all your financial information in one place, easily, timely, accessible, and accurate, with no more manual labor or mistakes. That's the kind of magic AirQuery can bring to your business with its integration and automation capabilities.

Financial data at your fingertips with AirQuery 

AirQuery is a powerful data management platform that helps you leverage the full potential of a company's ERP systems. It integrates with a wide range of leading financial applications, including Oracle EBS, Oracle Cloud ERP (Fusion), NetSuite, and many more, enabling users to extend their current financial reporting capabilities. AirQuery offers a comprehensive, intuitive solution for finance users that streamlines your reconciliation and close processes. 

With AirQuery, you can easily access and analyze data from your general ledger and sub-ledgers in a unified view. For example, you need to review all transactions related to your accounts payable. You can quickly and effortlessly search for all transactions under this category, view the supporting components and compare them to your general ledger. This helps you recognize any disparities or irregularities that may need further examination.

AirQuery's flexible reporting capabilities allow you to customize and generate reports on demand. You can export your reports in various formats, such as PDF, Excel, or CSV, and share them with stakeholders or use them for further analysis. Whether you need to run a balance sheet, an income statement, or any other financial report, AirQuery has you covered.

GL Sense- An alternative to GL Wand 

One of the key benefits of GL sense is its capability to connect to a wider range of data sources, including non-Oracle systems, flat files, and web services, which allows users to integrate data from several sources into a single report or dashboard. 

It is also flexible when it comes to data extraction and analysis from multiple sources like Oracle E-Business Suite and Oracle Cloud ERP in comparison to GL Wand. This gives users greater control over the information they need to extract, allowing them to construct more complex reports. 

With AirQuery's advanced collaboration and sharing features, users can schedule reports and dashboards for automatic delivery to colleagues and can also embed reports in other applications. 

Empower Your Finance Team with Real-Time Account Analysis

With GL Sense, finance teams can easily perform real-time account analysis, enabling them to audit financial transactions and ensure accuracy during period-end reconciliations. AirQuery provides deep insight into your Oracle Financials Cloud data and streamlines the reporting process, making it easier for finance teams to make informed financial decisions.

For example, a finance manager can quickly pull up a report on the performance of their sales department, including details on revenue, expenses, and profit margins. They can also drill down into specific GL accounts to better understand the financial transactions driving these numbers. This information can identify improvement areas, make data-driven decisions, and ensure that the company's finances are in good shape.

With AirQuery, finance teams can access real-time financial information directly from within the Oracle Finance Cloud, saving them time and reducing the need to reach the IT team for every reporting requirement. Whether they need to generate reports, analyze financial data, or perform ad hoc account analysis, AirQuery has them covered.

Accelerate Your Closing Period

GL Sense speeds up your period closing process by seamlessly accessing your company's financial data without the need for manual data entry, thereby reducing the risk of errors. By connecting to key financial systems such as Oracle Finance Cloud, AirQuery provides a complete view of your month-end, quarter-end, or year-end data, allowing you to build financial statements quickly and easily with accuracy and reliability. With automatically populated live data, you can concentrate on studying your finances and making educated business decisions rather than spending time on manual data entry and reconciliation.

Go beyond the surface and drill down to the details.

You can easily drill down to the details of your financial data with AirQuery without any hassle. Whether you need to comprehend the movement of your accounts payable or receivable, fixed assets, inventory, purchasing, or any other sub-ledger, AirQuery makes getting the data you need easy.

With pre-built drill-down reports, you can get answers to your business questions in no time without extensive manual data analysis. Interactive charts, filters, and conditional formatting are helpful in achieving new insights into your data and recognizing trends and patterns that can improve your decision-making.

For example, imagine you are a financial analyst who wants to understand the activity of your company's Accounts Receivable. AirQuery lets you easily access the pre-built drill-down report and apply filters so that you only see the journal activity for a specific balance that you wish. With this information, you can quickly look for any areas that need attention and make informed decisions to improve your cash flow.

Types of financial reporting

Balance Sheet Reporting: Balance sheets give a thorough picture of a company's financial situation covering all the assets, such as its property investment, cash, and holdings, and its liabilities, such as its loans, accounts payable, and other debts. It also determines the company's equity, which is the residual interest in the company's assets after removing obligations.

This data helps managers comprehend the organization's financial condition and make practical decisions ahead for their business. For example, suppose the report reflects that the company's debt-to-asset ratio is more elevated. In that case, the management may choose to lower its debt burden by disbursing down loans, bargaining better terms with creditors, or selling assets. 

Income Statement Reporting: The income statement reports supply details and insights into the company's sales revenue and expenses on marketing, manufacturing, research, development, and administration. They also lay the groundwork to prepare for future operations, investments, and expansion. 

Cash Flow Statement Reporting: With AirQuery support, your finance team can quickly generate a cash flow statement that shows the company's cash inflows and outflows. These include revenue generated from sales, investments, and other sources and money spent for operating expenses, capital expenditures, and more. This information helps the company understand its current cash position, and anticipate future cash needs. It helps you make informed decisions about managing the company's cash resources. For instance, the statement reflects that your company's cash inflows are consistently lower than its outflows. Then you may seek additional funding or cut back on expenses to maintain a positive cash balance.

Reconciliation Reporting: AirQuery helps finance teams reconcile their financial data with ease. Suppose your finance team needs to review all transactions related to raw material purchases. In that case, they can quickly and easily search for all transactions that fall under this category, view the supporting details, such as purchase orders, invoices, and receipts, and compare them to their general ledger. This helps identify any discrepancies or anomalies in the raw material cost, which may need further investigation to ensure accurate financial reporting and maintain tight cost control.

Read more on how AirQuery can help harness Oracle's full potential with modern reporting experience. https://www.airquery.com/blog/enhanced-oracle-cloud-reporting-experience-with-airquery

What can AirQuery do for your company? 

Management reporting provides decision-makers within the company with key performance indicators (KPIs), dashboards, and scorecards, which are used to track the performance of the business and make informed decisions. With AirQuery's integration with Financial applications like Oracle Finance Cloud, companies can access various management reporting tools and visualizations to monitor real-time performance. 

Read this post to learn how you can make data-backed decisions for your business. (Visit: https://www.airquery.com/blog/the-data-driven-way-to-do-business)

Transform Your Financial Reporting with AirQuery Integration

Financial reporting can be a tedious and time-consuming process, but with AirQuery, it's a breeze. AirQuery's expertise in financial reporting from E-Business Suite and Oracle Fusion Cloud ERP can help businesses streamline their financial reporting processes, reduce manual effort, and improve the accuracy of their financial information. With a range of security features, AirQuery ensures data security with role-based access control, allowing administrators to assign different roles to users, with each role having its own set of permissions. This is done to ensure only authorized users have access to specific reports and your financial data. AirQuery also maintains an audit trail of all the user activity, like logins, report access, and data exports. This helps management monitor user activity and detect unauthorized access or suspicious behavior.

So sit back, relax, and let AirQuery take care of the numbers while you focus on taking your business to new heights. You can opt for a demo session by visiting https://www.airquery.com/free-trial