Hyperion Financial Management is the main financial reporting tool for the Oracle Performance Management area. It can be used for more than just accounting reports, but that is the main functionality. It’s gone through several versions and an integration into the Oracle stack, but it still remains a top choice in the CFO’s office for good reason.
One of the big features touted by Oracle is the systems ease of transition to IFRS. IFRS is required for large US corporations by 2014, with some smaller corporations allowed until 2016 for the adjustment. This is a big deal in accounting circles, as it replaces the commonly held GAAP principles. Where Hyperion Financial Management comes into play is in the flexibility reporting rollup structure. Companies will apparently be required to have GAAP reporting infrastructures in place as the IFRS rules are implemented, for easy to audit comparisons. The built-in audit and file archiving functionality makes it easy to store back-end line item calculations, for instance. It also allows for Solvency II reporting, a European insurance industry requirement.
Some new emphasis is recent years is on sustainability reporting. With an available starter kit, the standard accounting reports can be expanded to encompass environmental and social KPIs for other regulatory needs. There should be an even bigger emphasis on this in coming years.
Besides financial reporting, it also has many other consolidation functionalities. It can do easy currency conversions and consolidations, as well as cross company elimination entries. As stated, above there are powerful audit capabilities back to the source system or file, and it easily integrates with other ERP systems specifically for this purpose. It’s completely web-based, allowing easy deployment to many users. There is also an interesting “what-if” analysis tool for financial scenarios. There are also features to assist with close procedures and reporting.
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