How Oracle teams shortened the monthly financial close by 20%—while working from home Sponsored by Oracle
But this scale of improvement is as much a testament to the way that finance and accounting professionals work today as it is about technology.under your arm; those archaic images of accountants are gone forever,” Smith says. “Core competencies for accountants today are about building relationships, influence, innovation, change leadership, collaboration, and leading companies into a modern finance world. It’s a completely different role than it used to be.
“Knowing what your headcount is globally in a company our size, and never having to try and reconcile it between accounting and what's in HR is a huge time saving,” Smith says. ”An integrated HCM and ERP cloud results in data accuracy, control, and speed. That alignment is also key when a company restructures, acquires new companies, or changes its go-to-market model, shifting some employees to new business lines or cost centers.
Among the biggest lessons she learned in the process of moving Oracle’s finance to the cloud were that the move to a global chart of accounts should have happened sooner, and that finance leaders need to set the bar high. “Product development shadowed my team during the close process at quarter end’, Smith says. “They observed everything and as a result, we now have a list of additional areas that we plan to automate. It’s a wonderful partnership and a completely new way of working.”
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