By Sarah Martinez, Functional Lead, Oracle Cloud ERP, Datavail
As one of the more popular Oracle Cloud ERP modules, Oracle Cloud Financials has been adopted by many companies across the globe. At Datavail, we work with these companies on a regular basis to support their software, implement patches, and deliver enhancements and customizations that free up time and frustration for their employees.
Working with our customers has given us some valuable insight into the common challenges - and oversights - that come with Oracle ERP Cloud software. In this article, we’ll quickly discuss nine enhancements and maintenance tasks that every company with Oracle Cloud Financials should be taking advantage of.
- Quarterly Patching – This important task is number one on our list for a reason. Quarterly patching can be time-consuming, but it delivers important features, bug fixes, and security enhancements that can significantly increase the functionality of your application.
- Regression Testing – Since patches are applied without regard to the specific configuration of your software, regression testing is an important step in the patching process. It ensures the application will function optimally after the patch is applied.
- Audit Report Preparation – It’s important to ensure that you have everything you need before an audit takes place, including checking to see if all of the reports you will need have a template, and all of the correct fields are included in the templates of your pre-built reports.
- Automating Bank Reconciliation – There’s no reason for manually reconciling cash transactions one by one, rather than taking advantage of automatic reconciliation rules in Oracle Cloud ERP.
- Implementing Oracle WebCenter Forms Recognition – Oracle WebCenter Forms Recognition greatly enhances the speed of invoice processing and executes with a high degree of accuracy. You can also quickly extract invoice data for analysis.
- Matching Purchase Orders with Invoices – You can match each invoice to its sister purchase order in Cloud Financials so that matched invoices could be approved automatically once approval was granted to the corresponding purchase order.
- Auditing User Security Access – Running your own personnel security access audit at scheduled intervals throughout the year is vital for the security of your databases and software. Be sure to remove inactive or departed users and ensure privileges match the role.
- Automating AP Payments – In our day and age, there’s no need to process payments manually anymore. Cloud Financials gives you the ability to automate payment approval based on workflow requirements, and payment transmission electronically to your financial institution for processing.
- Transaction Approval Workflows – Cloud Financials can also provide systematic workflow approvals for many of your day-to-day transactions.
Investing in applications like Oracle Cloud Financials comes with a host of benefits from increased productivity to greater flexibility to cost reduction. And once you‘ve completed the implementation, the benefits don’t end there. Staying on top of quarterly patches, implementing additional features, and staying on top of regular software maintenance will pay dividends that will come back to you in time, efficiency, and peace of mind.
For a more detailed and comprehensive overview of the features and functionalities you may not be taking full advantage of in your own Oracle Cloud ERP, which you may be able to implement in your company’s workflows to save time and make your life easier, download our white paper, 9 Enhancements You Can Make in Oracle Cloud ERP Financials Today.
Not every organization has an ERP team in place that can stay on top of these tasks, however. That’s where Datavail comes in. Our team of Oracle ERP Cloud professionals can help you complete each of these nine enhancements and maintenance tasks - and much more - so you can keep your finance team focused on, well, finance.
For more information on Datavail and our Oracle Cloud ERP services, visit the Datavail website.