FCCS is the next generation Oracle Hyperion Financial Consolidation Application. There are several fundamental differences in the technical aspect of the FCCS.
From a financial perspective it executes all the required accounting functions necessary for a firm to make journal adjustments, close the books, consolidate, and produce all the required financial statements.
The primary difference of FCCS compared to HFM is that it is what is known as Software as a Service, “SaaS”. This means the application software is hosted on Oracle’s servers, and not in the client data center. As a result all maintenance, upgrades, and backups are the responsibility of Oracle.
This relieves the client from a substantial amount of expense and responsibility of maintaining a data center. All upgrades and new functionality is the responsibility of Oracle and are done by Oracle on a monthly basis. There are two environments for the client, one is a Test environment, and the other is Production. This allows clients to review all updates before migrating to Production.
To maintain a strong and compliant accounting system FCCS is designed with an already existing structure of Accounts, Entities, and Consolidation Rules. The client then adds their own additional base level and rollup level accounts. The latest version allows for additional rules to customize the application to meet the needs of each unique corporation.
FCCS functions as a very strong consolidation system, but for security and auditing requirements it has more of a structure than HFM. It does take a bit of mapping and some changes in procedures, but it will still meet all of your accounting requirements. FCCS implementations will require some mappings and some changes in procedures, but it will still meet all of your accounting requirements.
Some points to consider when one is reviewing their migration to FCCS from HFM.
- How many HFM applications does the firm currently have in production?
- What tools does the firm currently use to migrate their data from their ERP to HFM?
- How many sources of data are imported into HFM?
- Where do the data sources reside? On premise or the cloud?
- Is the Data Model consistent from source to target, or how much mapping, coding, and other formulas are used to migrate the data?
- Do you do any manual data collection, and if so, please describe.
- How many custom dimensions are currently being used and what are the business functions of the key custom dimensions?
- How many data scenarios are currently in the HFM application/s?
- How much history is in the application and how much history is being considered to migrate to the new FCCS application or will historical data be archived?
- Approximately how many accounts are in the current application, by Balance Sheet, Revenue, and Expenses? Will be there be any account rationalization happening during the project?
- Approximately how many Entities are there and will they all be migrated?
- How do you handle intercompany eliminations and describe which accounts are used?
- How many Profit and Cost Centers exist in the current application?
- Define the current ownership structure? Is there any Minority Interest, Joint Ventures, or other considerations for consolidation?
- Are there any custom consolidation rules to support the above if necessary?
- How many currencies are in the current system?
- What is the current security model and approximately how many users are in the security model? Do you use single sign-on? If you do, do you use Active Directory? Can IT support Active Directory Federated Services?
- Where are the users located? Local, United States, and or International?
- How are the final financial results disseminated? Financial Reports, Excel Reports using Smart View, or Executive Dashboards? How many?
- Is your current HFM application used as a data source for any downstream applications?
The above questions should be reviewed and documented. These then will be key points to discuss with your implementation team. It will help drive the requirement sessions and then the subsequent design of your FCCS application.