To the delight of its users, Oracle has just made available the latest quarterly update for the Financials module. It is commonly referred to as the Oracle Financials 24B Release and includes new features and improvements that are beneficial for organizations that require more financial control capabilities.
Better Tax Management Globally
The tax rules always change and differ from one country to the other thus making the issue of tax compliance to be one of the most complex aspects of any financial reporting. The 24B Release further improves the already embedded tax engine, which is the Avalara AvaTax for integrated Global Tax Calculation.
This highly useful feature enables the system to monitor all the tax codes and rates for each country and jurisdiction to the current. Through this, the probability of an audit is maintained at an optimal level, and tax-related loss through missed compliance dates is averted.
Advanced Budgetary Controls
For entities and organizations in the public sector where project implementation is common, it is quite significant to manage budgets. Oracle now adds a budget control feature for purchase orders that have future shipment dates.
This additional control increases the ability to view the purchase approvals that are not recorded on the balance sheet. This type of insight is proactive since it gives the budget maker a heads up regarding these financial commitments thus helping in making better budget decisions that would prevent overrun costs or allocation problems in future.
Streamlined Data Retention
However, even in a financial system, big amounts of historical data may accumulate over time and increase time needed to complete the operations and complicate data handling. New policy-based archive/ purge functions in Oracle 24B enhance the capability to delete older transactional data depending on some set policies.
By adopting structured retention policies, organizations can cut down on the amount of data stored and retained while at the same time preserving data that is important to the business such as the data used in preparation of financial statements and data used in business intelligence. Another advantage of purging or deleting data that is no longer used or has become irrelevant is that it improves the system performance and the rate at which it provides services to end users.
Travel and Expense Enhancements
It is quite common that processing of such employee’s expenses is often a repetitive and rather tiresome task for most of the finance departments. This latest update to Oracle seeks to automate a few of these aspects of this workflow and inform them with relevant policies.
New capability one, particularly involves generation of alerts when mileage claims are made and the reported addresses of the employees on the Oracle HCM Cloud are different. This assists to detect instances where commute or any other non-reimbursable distances, may have been charged in error.
Deeper Actionable Insights
Data transparency leads to greater planning accuracy, shorter and more efficient financial periods, accurate revenue reports, and effective performance measurement. As with prior releases within the Oracle product line, the 24B version also expands on the company’s efforts to enhance analytical functionalities integrated into routine accounting processes.
New enhanced pre-built OTBI subject areas provide deep insight into other key working capital components such as overdue receivables. REST APIs lead to new ways of accessing transactional detail based on basic common programming interfaces to support complex custom reporting.
Conclusion
The latest update to Oracle 24B was recently released and it continues to provide more of the same to Financials Cloud teams; stronger controls, increased visibility, and deeper assurance of the financial data being processed. With its accurate impact analysis, extensive coverage of crucial business processes, automated testing, and effect analysis, Opkey’s sophisticated testing platform maximizes Oracle Cloud Financials validation. Opkey, a leading Oracle testing platform, is now an official partner of Oracle. It uses its industry experience to optimize the Oracle Cloud 24B Release upgrading process, reducing downtime and improving financial operations dependability.
