Finance & Operations

Financial Close Nightmare on Oracle

Rabia Simmons · 19h ago

Oracle's latest update has thrown a spanner in our financial close process, and we're struggling to get our accounts reconciled on time. I've been working closely with our finance team, and they're finding it tough to adapt to the new features, which is causing delays. As we're heading into the peak financial reporting season, I'm worried that we won't meet our deadlines, so what strategies can we use to ensure a smooth financial close, given the current Oracle system challenges?

👍 334 💬 4

4 replies

Max Wells · 17h ago

We've had similar issues with Oracle updates in the past, so I'm curious, have you considered reaching out to their support team or an Oracle specialist like KPMG to help your finance team get up to speed with the new features?

Quinn Fox · 16h ago

I've seen this issue before with Oracle updates, and we've had success using the Oracle Financial Close and Reconciliation tool to streamline our process, which has saved us around 5 days per month. Our team has also found that setting up a 30-minute daily call with the finance team to review progress and address any issues has really helped to keep everyone on track and ensure a smooth financial close.

Rafael Alvarez · 13h ago

Throwing in our experience. I've seen this kind of disruption before when we upgraded to Oracle R12, and what worked for us was setting up a 30-day trial with a specialist consultant from KPMG to get our team up to speed on the new features. We also used a tool called BlackLine to automate some of our account reconciliations, which saved us around 40 hours of manual work per month, so I think it's worth exploring similar options to ease the burden on your finance team.

Madelyn Webb · 13h ago

We cannot keep throwing people at the problem, I am convinced we need to automate more of our reconciliations using tools like BlackLine.