Oracle Fusion Financials 22C: Streamlining Your Financial Operations

Oracle Fusion Financials is one of the leading cloud-based financial management suites in the market, and its 22C release packs exciting improvements and new features. In this blog, let’s explore the fundamental changes and enhancements that 22C brings to financial teams.

Key Themes in 22C

The Oracle Fusion Financials 22C release focuses mainly on these core themes:

• Enhanced User Experience: 22C simplifies processes and streamlines workflows through a refined UI and more intuitive navigation.
• Process Automation and Intelligence: Expect greater automation to lead to improved efficiency, especially in areas like invoice processing and payment approvals.
• Agility and Adaptability: Updates enable you to adapt faster to changing reporting requirements, tax regulations, and compliance requirements.
• Globalization: Improved support for global tax jurisdictions is included for organizations operating internationally.

Notable Features and Updates in 22C

Let’s break down some of the must-know highlights within this release:

• Budgetary Control Enhancements: You can now control your cash budgets in the Manage Payment Process Requests area, offering tighter integration with cash management.
• Taxes: Handle quantity-based taxes with tax rate derivations based on Units of Measure (UoM). Manage document exclusion from tax calculations.
• Accounts Payable: Prepare for the 2022 versions of the 1099-MISC and 1099-NEC forms—experience smoother Intelligent Document Recognition (IDR) activation.
• Expenses: Take advantage of greater flexibility in expense allocations and improved handling of prepaid fees.
• General Ledger: Find improvements in account balance searching and increased efficiency in posting processes.
• Joint Venture Management: Expect refinements in handling project attributes and distribution setup within Joint Ventures.

Beyond the Basics

The 22C release includes minor updates contributing to overall usability and efficiency gains. These include:

• Workflow rule configuration simplification
• Predefined ‘Self Service’ roles for easier access management
• Enhancements to lease accounting functionality

Upgrading to Oracle Fusion Financials 22C

If you’re already on Oracle Fusion Financials, the upgrade route depends on your current version. Oracle provides detailed upgrade instructions for various scenarios. Be careful to consider these and potential customization impacts during your planning process.

Why Choose Oracle Fusion Financials 22C

Oracle Fusion Financials 22C delivers efficiency, adaptability, and powerful tools for automation. Organizations seeking the following benefits stand to gain the most:

• Streamlined financial processes
• Improved visibility into financial data
• Reduced risk with better compliance management
• Scalability to support business growth

Conclusion

Oracle Fusion Financials 22C is a valuable asset for financial teams seeking to drive greater agility, accuracy, and efficiency. With its blend of new features and improvements across core modules, the 22C release promises to evolve cloud-powered financial management substantially.