Oracle’s Hyperion Financial Management (HFM) software is an application that enables the implementation of financial consolidation and reporting. It is built using advanced web technology and is designed to be used and maintained by business users. It enables those responsible to quickly close the consolidation procedure and report financial results. It also provides the opportunity to maintain compliance with international standards at low cost and ensures a high level of data reliability.
Thanks to its specialised functions, Hyperion Financial Management (HFM) software makes it easier for companies to maintain compliance with regulations and adhere to the stringent standards associated with reporting.
In contrast to solutions that depend on specific transactional systems, as well as ‘multifunctional’ applications that unsuccessfully attempt to handle a wide variety of business processes, Hyperion Financial Management (HFM) includes functions for in-depth consolidation and detailed reporting. In addition – unlike data warehouses or other reporting solutions that typically require customisation and technical assistance from IT – this module can be used and maintained by subject matter experts.
Hyperion Financial Management mitigates control risk with a complete record of event flows, workflows, internal reviews and certifications, controls and verifications to ensure data reliability. Among the software’s features is an Intercompany Transaction Matching module, as well as enhanced text processing and document attachment options.
Hyperion Financial Management enables the rapid elimination of internal turnovers as well as multi-currency settlements and minority interest calculations. It enables US GAAP (generally accepted accounting principles) processes, supports IFRS standards and local requirements to ensure compliance and accuracy of reports.
Hyperion Financial Management’s software architecture is web-based, allowing anywhere to quickly, easily and securely enter, consolidate and retrieve financial information from around the world using a standard browser. With relational data storage, users can access mission-critical data anywhere, anytime.
The built-in Smart Dimensions feature allows key sources of profitability and cash flow to be identified and reported on at all levels – at the cost point, company, product, brand, customer and trading partner level.
Hyperion Financial Management offers the flexibility to manage ‘what-if’ scenarios so that budgets, forecasts and financial plans can be dynamically consolidated, and reports can be created based on the analysis produced. When assumptions and facts change, new reports and views of presented results can be created quickly and easily.
Hyperion Financial Management (HFM) software uses Oracle’s reporting and business data analysis tools, complemented by production-related reporting tools, graphical online query tools and an interface to the most popular spreadsheets. All of these tools are designed for use by members of the finance team and are available to managers in a self-service system. No specialist knowledge of programming or information systems management is required to use it. The user is able to embed information in a form that can be read by Microsoft Office tools (via so-called Microsoft Smart Tags). In addition, financial managers can create outputs based on the XBRL language and thus optimise the process of creating reports required by regulations and improve communication with key stakeholders.