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June 8, 2017
Oracle Could Financial 13: Highlights
Frederic Portal, Ataway Director of Alliance and Strategy
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Are you aware of what is coming up in Oracle Could Financial 13? Let us share some highlighting of the great new features coming up in Release 13.

AP Deferred Expenses allow you to create accounting entries across more than one accounting period for a single accounting event. This new feature can be used to prepay expenses across multiple GL accounts from a single AP invoice. You can preview the multi-period journal entries before the final entries are created to validate and make any needed adjustments.

With each release, Oracle delivers more capabilities to cover new countries and industries. Oracle iIs supporting multinational organization expanding into new countries, or a local company that needs to meet certain statutory requirements.

With IFRS 16, new statutory requirements are introduced for asset leases (capitalizing and reporting on the balance sheet, and to follow special depreciation rules and accounting). Oracle is planning to introduce new capabilities in Release 13 to meet the new accounting standards when they come into force in January 2019.

 Oracle Cloud Financial a have broad coverage with localizations for more than 50 countries, in release 13 Oracle is expanding global functionality to better meet the requirements for companies doing business in Argentina, Brazil, Chile and Colombia, and also Korea. New features will help you to meet local regulations for tax, accounting and statutory reporting in each of those countries.

Oracle’s Bill Management Cloud Service is an electronic bill presentment solution that allows you to reduce the cost of billing and collections, while improving overall customer service. By using Bill Management your company can extend the footprint of Oracle Financials Cloud solutions to your own customers, for business-to-business and business-to-consumer relationships. The feature provides self-service customer led bill management through an intuitive mobile-enabled user experience that provides real-time account review, dispute processing and online payments which are instantly reflected on the customer account. Oracle Credit Management goes beyond simple credit checking, to provide the information and tools you need to monitor and evaluate the creditworthiness of your customers and make informed credit decisions faster. With a wealth of timely internal and external data, you can balance growth with financial stability by tailoring your credit policies to your business needs and market conditions.

Enhanced budgetary control processing and reporting
The new Budgetary Control enhancements to budgeting, reporting, and product integration will enable you to:

·         Enforce budget consumption controls by specifying whether budgetary control validation occurs on the submission or approval of requisitions or purchase orders.
·         Easily override insufficient funds for requisitions and purchase orders.
·         Automate the creation of control budgets at the award and funding source levels, and integrate awards throughout the procure-to-pay flow.
·         Implement budget management controls and encumbrance accounting in Oracle Self-Service Procurement through to Oracle Inventory Management, for internal transfers that are delivered to expense locations.
·         Enhance budget balance inquiry and reporting by capturing comments and additional information if needed in user-extensible fields at both the line item level on the Review Budget Balances page, and during budget import and budget adjustments.
·         Expand OTBI budgetary control reporting using the new Budgetary Control - Balances Real Time subject area, and the new requisition, purchase order, payables, and manual journal attributes in the Budgetary Control - Transactions Real Time subject area.

 

Cash Management Enhanced Bank Statement Handling and Reconciliation Features

Cash Management was enhanced to increase productivity and improve efficiency using enhanced bank statement handling and reconciliation features:

·         Import non-standard bank statement formats more easily using new Excel spreadsheet upload capabilities.
·         The new functionality allow you to access complete bank statement file information and attach documents and image files as desired, and automatically create cash transactions directly from GL journal entries.
·         Reconcile using expanded support for dynamic flexfields, and new improvements to manual reconciliation, bank transfer, and ad hoc payment capabilities.

 

Expenses

Improved Controls For Expedited Expense Reimbursement

Oracle improved expenses to expedite Expense reimbursements with improved process controls and enhanced auditor capabilities.

Configure Expenses to display business unit-specific policy links, restrict expense account allocation to cost centers during expenses entry, and prevent selection of tax rate codes while capturing applicable tax-related merchant details. Provide seamless expense reporting experience for globally mobilized employees and new hires.  And more…

If you want to read more about Oracle Cloud version 13 you can read it here

Interested in learning more about how you can take advantage of Oracle HCM Cloud’s solutions or are you looking for some help on defining your Cloud strategy to support your digital transformation? The Ataway Cloud team is here to help you and make your digital transformation a success. Consider talking to one of our local Ataway offices. Consult with Ataway’s team of experts today to learn more or send us an email: experts@ataway.com.

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