4 reasons to unify data on Oracle Fusion Accounting Hub

November 15, 2022 | 2 minute read
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Consistent, standardized accounting data across an enterprise is critical for long term success. This has been a hard problem to solve historically since establishing the required infrastructure can be difficult. Fortunately, it’s now 2022 and there’s an easy way to benefit from standardized accounting data with minimal technology disruption.

Standardizing accounting without standardizing systems

Oracle Fusion Accounting Hub (OFAH) is a cloud application that unifies data from various financial systems and creates a complete overview. It offers a robust accounting engine with the benefit of flexible configuration, which allows you to deploy OFAH while you continue to run financial operations uninterrupted on existing systems. You then benefit from:

  • Shorter reporting cycles
  • Audit and compliance support
  • Increased forecast accuracy
  • Data for management decision making

Let’s look at a customer example.

Lyft’s smooth ride to a faster close

You probably think of Lyft as the company that’s reimagining the future of transportation. But they’ve been just as busy transforming themselves from a high-growth startup into a publicly traded enterprise that processes billions of transactions every year. Like many rapidly expanding companies, their old finance systems couldn’t keep up with new requirements.

Lyft implemented OFAH and created a single, consolidated view of data across its finance and operations teams so analysts could run reports, leverage analytics, and use visualization tools. Within four months, Lyft cut the time it took to close their books by more than fifty percent. They are now using OFAH to work toward even more dramatic improvements: transitioning to “continuous accounting” on their ride platforms.

Closing thoughts

Customers are using OFAH to simplify, centralize, and gain a more complete view of financial data. This includes resolving disparities among financial systems, generating more complete views of their businesses, and enforcing accounting standards. It offers a clear path to consistent, standardized accounting that will set you up for a great 2023 and beyond.

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Hari Sankar

GVP

GVP, EPM Software Development, Oracle Fusion Cloud Applications.


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