HFM vs FCCS

We are working with our clients who uses HFM or looking to implement new consolidation and Financial Reporting System. A question that we are frequently asked is "What is the difference between HFM and FCCS?" To answer this question let’s look at the features and functionality in FCCS and comparison of both FCCS and HFM applications.

FCCS

FCCS means Financial Consolidation and Close Cloud Service. FCCS is a software as a service (SAAS).

Infrastructure:

• Universal access – Cloud computing can allow remotely located employees to access applications and work via the internet on a variety of devices, i.e. laptop, tablet, smartphone. FCCS is very mobile friendly.
• Up to date software – FCCS software is always up to date. Upgrade and managed by Oracle.
• Security – This is a core competency of Cloud providers. They take more defensive measures – staff & resources – dedicated to the security of the data and applications.
• Scalability – A growing (or shrinking) company can scale their services up or down, whenever they need them without investing in additional infrastructure.
• Disaster Recovery and Backup – With your company’s data safely stored on secure data centers instead of your server room, losing power due to unforeseen disasters, you are back at work as long as you have an internet connection.
• Reduction of costs – unlike on-site hosting the price of deploying applications in the cloud can be less due to lower hardware costs from more effective use of physical resources.

FCCS Key Benefits:

• Best Practices: Best practices out-of-the-box to get up and running quickly.
• Consolidations: A configurable and upgradable consolidation and close framework to tailor the solution to specific requirements.
• Close Management: An end to end consolidation and close solution.
• Reporting: Powerful analytics, dashboards, reports, and analysis for unparalleled insight.
• Easy to use and maintain.
• Automate Data and Metadata load processes
• No infrastructure investments required

FCCS Key Features:

• Application Creation Wizard – Reduces the time needed to configure and implement the solution
• Upgradeable Framework – Configure and extend the solution as required
• Simple Upgrades – Configurations are fully upgradeable
• Intercompany Eliminations – Automatic default intercompany eliminations
• Currency Translation – Default currency translation along with automatic foreign exchange and currency translation adjustment
• Journals- Robust journals module including supported workflow
• Automated Cash Flow Reporting –Using movement hierarchies and bolting calculations with no need for additional calculations
• Close Process Management – Built in task orchestration and close management analysis
• Supplemental Details – Supporting schedules for collection of detailed information helping support statement balances
• Hybrid cloud deployments – Support with deep integration to both cloud and on-premises systems

Please feel free to reach out to Astral Solutions Group if you have any questions related to HFM or FCCS. With extensive experience in HFM and FCCS, we are helping companies for on-premises upgrades or migration to cloud.

Source link: https://astralsg.com/hfm-vs-fccs/

We provide Enterprise Performance Management Solutions and Services in Mississauga. Contact us for Oracle EPM Solutions Services in Mississauga, Toronto and across Ontario. For more information visit website https://astralsg.com/

We provide Enterprise Performance Management Solutions and Services in Mississauga. Contact us for Oracle Epm Solutions Services in Mississauga, Toronto and across Ontario. For more information visit website https://astralsg.com/