So, Fusion Release 21A has arrived. Excellent; let’s go through some of the good stuff. The holiday season has arrived, and you will be pleased to hear Oracle comes bearing gifts which you, the customer, have paid for so let’s make the most of it.
“In this update, our on-going investment in service excellence includes improvements in messages, usability, and performance.” ORACLE CORPORATION.
Oracle has perhaps undersold themselves here with a headline that doesn’t show off the new features and grab the audience enough to want to dive in and update a benefits statement of that long-forgotten business case. It’s time to be re-whelmed.
Of course, “What’s important to me?” may differ depending on your role, so let’s break it down into functional areas of interest, starting with the core.
No, not that famous military leader but the heart of what we do within Fusion Financials. Let’s start with the all-controlling and fearful CoA.
Chart of Accounts
Oracle have devised a simpler and more user-friendly way to define and maintain both chart of account design, implementation and associated hierarchies. Driven by an improved GUI, the loading of account values and overall configuration is much improved. Here at Qubix HQ, we all feel this will be of great benefit to ensure organisations better understand and communicate finance design and especially promote clearer and more accurate reporting design and use.
Period End Closure involving Sub-ledgers
Oracle has implemented the long-awaited prevention of being able to close periods while associated sub-ledgers are still open. This new capability ensures a more effective period close process by validating that all transactions are complete and those incomplete transactions aren't held up during the close. Let’s keep chipping away and get the close process even shorter.
For those of us lucky to use SmartView in addition to Financial Reporting, you can now compare currency and converted balances side by side.
Flex Field Data Validation
Financial data quality is paramount. In 21A we can now add validation to both dates and number values which are stored as flex fields. This new addition adds another layer of robustness and confidence to the capture and subsequent reporting.
Oracle has introduced a number of practical and tangible improvements this release around the validation, reporting and audit of company expenses.
Keyword searches are now possible to allow for better reporting and audit. For example, if we wanted to perform a random check on items not specifically categorized, searching by a word can improve both process and management.
The configuration of workflow rules has yet again been simplified, allowing the off-line creation of rules based on Excel templates in the areas of Journal Approval workflows and Payables Invoice Approval. Several templates are available for download and upload using the Manage Workflow Rules.
The templates provide an easy-to-use layout to capture all the information required to define workflow rules. In update 21A, you can specify a rule priority for the rules defined using these templates.
Other improvements in this area are that we can now provide better reporting for management and audit within workflow approvals design.
Let’s not forget about those suppliers who need paying. Oracle has stepped up the game with regards to invoice processing and the ability to better report on exceptions which should make the life of the AP Holds department more pleasurable.
Performance has increased within Manage Invoices and being able to search on a Supplier by Tax Reference is useful and combined with a better ability to create and modify supplier bank account details, this is a helpful update in this area.
There is change for those of you watching with eagerness to see how Fixed Assets and Lease accounting are developing. Lease Accounting is much more mature, and we feel at Qubix HQ it’s time to implement. Contract amendments functionality is much more mature and granular in this release. Arrange a Qubix demo now.
Joint Venture Management
For those organisations looking to join forces Oracle have further developed their Joint Venture functionality and in this release have further enhanced data security across business units. Joint venture data is secured by business units. Users granted data access to a business unit can view and manage the joint ventures associated with that business unit.
Data Security for Joint Venture Management enables joint venture companies to protect information assets from insider threats and prevent fraud.
This is a great new release from Oracle, full of useful new features, some auto-enabled and others disabled by default. If you would like a demo of how this new release can make 2021 better, please contact us.