Oracle (NASDAQ: ORCL) has upgraded its enterprise performance management software to include new financial reporting and compliance features.
Following its recent PeopleSoft Enterprise Financials and Supply Chain Management (FSCM) feature pack, Oracle is adding financial reporting and compliance to Oracle Enterprise Performance Management (EPM) System Release 22.214.171.124.
The performance management system offered by Oracle combines Hyperion performance management applications, Oracle Business Intelligence (BI) and integrated applications to help improve an organization's financial and operational management processes. The Hyperion applications include strategy management; planning, budgeting and forecasting; financial close and reporting; and profitability management.
The new release includes updates to Oracle Hyperion Disclosure Management and Oracle Hyperion Financial Close Management. According to Oracle, its upgraded EPM system can help companies save time and resources while improving the accuracy and timeliness of financial filings, with reduced dependency on outsourced services.
With Oracle Hyperion Financial Close Management, customers can orchestrate all of their end-user activities, schedule or run processes from PeopleSoft Financials as well as other ERP systems, and track manual processes from a single business application.
"As regulatory bodies continue to mandate new global requirements for financial reporting, organizations need ways to simplify execution while ensuring compliance," Hari Sankar, Oracle's vice president of product management, said in a statement.
The release also supports iXBRL, the UK standard for tax filings beginning this month, to enable compliance with the new UK financial reporting standards. With this functionality, organizations can produce tax filings in-house using desktop productivity applications, link directly to EPM and ERP applications, perform iXBRL tagging, and submit their filings to HMRC.
"New government-sanctioned mandates, such as iXBRL, add increased complexity to an already difficult financial close process," said AMOSCA Director Noel Gorvett. "With native support of iXBRL by Oracle Hyperion Disclosure Management, we can help our joint customers streamline their financial close processes and ensure compliance with new regulations."