Oracle has launched Oracle Financial Consolidation Hub, a new solution in its performance management suite of analytic applications. Oracle Financial Consolidation Hub integrates data from disparate sources to create a single, global view of financial information that can be used to facilitate compliance with accelerated reporting, expanded disclosures and certified internal controls now required by Sarbanes-Oxley, the United Kingdom’s Combined Code and other global governance mandates.
The hub automates the consolidation cycle from subsidiary data submission to the dissemination of consolidated results. An extensible workflow-driven framework enables users to stay informed through proactive notifications and detailed audit trails that track the stages of consolidation.
“Oracle Financial Consolidation Hub gives us a single source of truth to support our budget comparison process,” said Raul Gonzalez Lima, director of corporate financial reporting for Grupo Televisa and vice president of the Enterprise Sector of the Mexican Institute of Public Accountants. “When it comes to analyzing the performance of our business units, all the operational managers will be on the same page because they will be equipped with monthly actuals and not just projected budgets. No one will be able to claim that their figures are different, because everyone will be operating on the same version of the financial truth.”