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Today, difficulties accessing cloud data and a dearth of familiar tools in applications like Oracle Cloud Financials is hampering the productivity of financial users. As more and more companies move their applications to cloud, their finance departments aren’t prepared to handle the change to their operational reporting and analytics. Finance users struggle with the availability of data in standard apps like Excel for their day to day financial reporting, statement generation, analysis and reconciliations.
“Businesses are missing out on huge growth potential by failing to give finance teams the tools and training they need to make better corporate decisions,” according to Andrew Harding, chief executive of management accounting at the Association of International Certified Professional Accountants. A recent study by AICPA and Oracle found that nine out of ten organizations surveyed don’t believe their finance departments have the digital tools needed to enable data-driven decision making and ultimately take on a more strategic role in their companies. The need for this becomes especially crucial as organizations accelerate the move of applications and databases to the cloud.
Finance teams are looking for more straightforward tools, ones that enable them to easily view and design financial and operational reports using Microsoft Excel, the tool of choice for most finance users. That’s why Orbit designed GLSense. An enterprise reporting solution that leverages Excel as a front end, GLSense is designed for integration with ERPs like Oracle Cloud ERP Financials, Oracle E-Business Suite and NetSuite. This solution improves accessibility, accuracy and turnaround time for financial statements and ad hoc financial reporting by making it easy for business users to access their ERP data in Excel.
Finance users overwhelmingly prefer Excel as a tool for financial reporting and analysis. Orbit GLSense allows users to directly access the data that is stored in Oracle Cloud ERP Financials, NetSuite and E-Business Suite so that business reports and financial statements can be created and modified within Excel. GLSense runs as a Microsoft Excel add-in which extracts data from Oracle general ledger applications.
Finance teams dedicate much of their time to monthly, quarterly and annual financial reporting. They rely on Excel to perform complex accounting functions, help prepare accounting transactions for corporate activity, and to create day financial statements for analysis and reconciliations. GLSense makes all of these tasks easier for them.
With GLSense, they can display data across multiple sheets, in customized formats, with complex calculations and pivot tables. They can drill down to the individual transaction level. They can create new reports on-demand. And they can do all of this without ever leaving Excel.
Oracle Fusion Financial Reporting