Today’s businesses—big or small—often struggle with financial operations that are slow, error-prone, and disconnected. These issues hold companies back, delaying decisions and reducing overall performance. Whether it’s reporting, budgeting, forecasting, or closing the books, having smooth and accurate financial processes is more important than ever.
Let’s look at some common real-world challenges and how Oracle Cloud EPM can help fix them with measurable results.
1. Problem: Complicated Financial Consolidation Across Companies
Example:
ABC Corp, based in the U.S., has branches in Canada and Mexico. Each month-end is a headache. The finance team spends days gathering data from different systems and currencies. It’s a slow, error-filled process that leads to late reports and frustration.
Issues they face:
• Different data sources make it hard to combine everything
• Manual steps cause errors
• Adjustments take too long
• Using spreadsheets creates security and accuracy risks
• No clear data trail or visibility
• Delayed reports affect business decisions
Oracle’s Solution:
Oracle Financial Consolidation and Close Service (FCCS) automates the entire consolidation process and helps standardize, secure, and speed up financial closings.
Benefits:
• Accurate data and fewer mistakes with automation
• Handles currency conversion and intercompany elimination
• Real-time balance sheets and P&L statements
• Strong security and clear audit trails
2. Problem: Time-Consuming Manual Account Reconciliation
Example:
At BTH Corp, reconciling accounts is exhausting. Every month, the team works with multiple systems and spreadsheets, trying to match transactions and balances. It’s slow and often inconsistent.
Issues they face:
• Pulling data manually from different systems
• Inconsistent or mismatched records
• No standard method for reconciliation
• No clear audit trail
• Month-end closings take too long
• High labor costs with no real-time insight
Oracle’s Solution:
Oracle Account Reconciliation Cloud makes reconciliation easier with standardized workflows and live data tracking.
Benefits:
• Accurate and automated data handling
• Built-in compliance tools
• Faster month-end closings
• Audit-ready reports and strong security
3. Problem: Disconnected Month-End Closing Process
Example:
CNC Corporation’s month-end process is chaotic. Teams work in silos, deadlines are missed, and approvals lag. There’s no central task tracking or real-time visibility, leading to repeated last-minute scrambles.
Issues they face:
• Missed steps due to poor task tracking
• Delays caused by emails and manual approvals
• No alerts for issues or delays
• Confusion from lack of coordination
Oracle’s Solution:
Oracle Close Manager brings structure and visibility with automated task flows, approvals, and communication.
Benefits:
• Saves time through automation
• Clear, consistent report formatting
• Real-time data updates
• Fast report sharing
• Better decisions through timely insights
4. Problem: Over-Reliance on Excel for Budgeting and Planning
Example:
A retail company depends on Excel for budgeting. Each manager builds their own spreadsheet, making the process clunky and disconnected. There’s no collaboration, no AI, and no way to test different scenarios.
Issues they face:
• Disconnected and manual processes
• Error-prone calculations
• No shared visibility or teamwork
• Can’t run “what-if” scenarios
• Can’t adjust quickly to market changes
Oracle’s Solution:
Oracle EPM Planning supports smart, collaborative budgeting and forecasting, with built-in tools for scenario testing and AI-driven insights.
Benefits:
• Accurate planning using automated data
• Cuts down manual work
• Teamwork in one centralized platform
• Smarter forecasting with AI
5. Problem: Lack of Clarity in Cost Allocation
Example:
A mid-sized electronics manufacturer can’t clearly see how expenses are spread across departments. Finance depends on IT to make changes, which takes weeks. Only actuals can be analyzed, not future scenarios.
Issues they face:
• No transparency in cost allocations
• IT dependency for every change
• Budgeting and forecasting aren’t aligned
• Manual spreadsheets raise risk of errors
• Possible misallocations and compliance issues
Oracle’s Solution:
Oracle Profitability and Cost Management puts control back in finance’s hands, allowing them to model costs, test scenarios, and improve accuracy.
Benefits:
• Clear, auditable allocation tracking
• Faster changes without IT
• Fewer compliance risks
• Better insights for smarter planning
6. Problem: Uncoordinated Metadata Across Financial Systems
Example:
The town of Harmonyville uses multiple systems with no shared control over key data like cost centers or departments. One simple update needs to be manually repeated in five places, often causing mismatches.
Issues they face:
• No centralized way to manage financial data
• Systems aren’t synchronized
• High risk of data errors
• Manual updates waste time and cause delays
• Inaccurate reports from inconsistent data
Oracle’s Solution:
Oracle Enterprise Data Management (EDM) gives a single place to manage financial structures and syncs updates across all systems.
Benefits:
• Consistent and high-quality data
• Easy and fast updates
• Stronger compliance and security
• Scales with business growth
Final Thoughts
Many businesses, no matter the industry, run into the same financial problems—slow closings, manual work, inconsistent reporting, and planning blind spots. These challenges can block growth and slow decision-making.
Baker Tilly, a trusted Oracle partner, helps organizations overcome these roadblocks using Oracle’s advanced cloud tools. From planning to reconciliation and reporting, we empower teams to simplify their work, reduce risks, and gain better financial control.