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Financial reporting and analytics empower businesses with insights into their financial activities and performance on a periodic basis. With financial reports, companies can organize their accounting data, assess the current financial status, forecast future profitability, and project growth by:
- Tracking cash flow
- Measuring profitability and revenue growth
- Evaluating assets and liabilities
- Analyzing shareholder equity
- Understanding financial numbers by business unit or geography
This helps to optimize resource usage, increase cash flow, improve business performance, and enhance the company’s financial health. The financial reporting tool accesses data stored in the financial module in an enterprise solution such as Oracle EBS. The tools process the data available in the module and provide different types of reports based on the business need.
The Financial module in Oracle Enterprise Business Solutions includes five sub-modules:
- Accounts Payable Module
- Accounts Receivable Module
- Cash Management Module
- Fixed Assets Module
- General Ledger Module
There are many financial reporting tools available in the market, including from Oracle. However, Orbit Reporting and Analytical, an Oracle native, cloud-based solution, integrates seamlessly with Oracle EBS and provides many unique features that make it a must-have financial reporting tool.
7 Must-Have Features of Orbit Financial Reporting and Analytics Tool
Orbit GLSense is purpose-built software for finance users providing a 360° view of data from the general ledger to the supporting details in the sub-ledgers. Being directly integrated with Oracle E-Business Suite, the Orbit solution helps to build financial statements quickly and speeds up the reconciliation and close processes.
Feature #1 – Financial Reports: Generate live financial reports and view them in Excel. With every refresh, you can see live data in Excel, making the reports current and relevant. GLSense makes it easy to control the complexity and risk associated with managing spreadsheets. Users can define rows and columns to view General Ledger Segments, Accounts, and Functions and run financial analyses and statements quickly.
Feature #2 – Real-Time Account Analysis: Finance users can perform ad hoc GL Account Analysis for auditing without depending on IT for generating the reports. The transactions can be posted to the right GL accounts for period-end reconciliations. The financial reports and ad hoc analyses can be shared directly from within Excel to enable faster and better informed financial decisions.
Feature #3 – Speed Up Period Closing: Orbit GLSense enables building financial statements within Microsoft Excel quickly by automatically populating it with live data from the EBS Financial module. By connecting to key business applications, it provides a complete view of the required month-end, quarter-end, or year-end data in Excel. It also improves the efficiency, accuracy, and reliability of your close processes by integrating with EBS’s general ledger and sub-ledger modules.
Feature #4 – Drilldown To Details: GL Sense offers hundreds of pre-built sub-ledger drill-down reports to help you get answers to your business questions. It pulls up data from modules such as Accounts Payable, Accounts Receivable, Fixed Assets, Inventory, and Purchasing, creating charts, applying filters, and using conditional formatting to view the journal activity for any balance.
Feature #5 – Going Beyond EBS Data: Apart from integrating with Oracle EBS, Orbit also can work with other ERPs such as Oracle Cloud ERP (Fusion), NetSuite, PeopleSoft, and JDEdwards.
Feature #6 – Pre-Built Reports: Orbit Reporting and Analytics provides more than 1,000 pre-built reports and datamarts for Oracle Financials. It lets you view dashboards and customize visualizations based on business needs, without the need for writing even a single line of code.
Feature #7 – Importing FSGs: Orbit’s free migration assistant is a free tool to Import existing Oracle FSGs from Oracle EBS to Orbit.
To know more about how Orbit Reporting and Analytics can help your organization with financial reporting, visit: https://www.orbitanalytics.com/financial-reporting/
