Articles

In an age when social responsibility rests with all of us, ESG is becoming an important asset to companies in every industry. In light of this, we explorehow the ESG revolution has affected the finance-and-accounting function within organizations and the challenges that must be overcome. 

Intercompany accounting is typically downplayed, oversimplified, and sometimes even swept under the rug so you can “deal with it on another day”. While this may have been acceptable back in the day, the consequences are becoming harsher, and companies need to realize that it’s finally time to tidy up the situation.

In the 21st century, businesses must stay ahead of the competition to remain successful. An Enterprise Resource Planning (ERP) system delivers software solutions for keeping a company running efficiently while serving up data-rich insights that support smart decision making.

Google "finance transformation" and you’ll find a plethora of information about how operating models and processes are being rethought and brought up to date. You’ll be presented with a ton of results that explore how the latest technologies can be employed to eliminate waste and get fast, accurate results. But there is one area that has lagged behind and hasn’t always been subject to the same approach — the intercompany function.

Intercompany accounting is a by-product of corporate expansion. It’s what happens when a company grows until it includes multiple legal entities, any number of which may be subsidiaries located in different countries.

Earlier this month saw the second incarnation of the Ascend user conference — a collaboration between Oracle Applications & Technology Users Group (OATUG) and Oracle HCM Users Group (OHUG).

We're living in a time of increased business complexity where supply chains and markets have become ever-more global and interconnected.

Something as simple as a software update can cause you hours of frustration. Intercompany is the last action to occur during period close, so there’s little time to compensate for reconciliation issues, such as software updates.

Some organizations find that Oracle EBS doesn’t offer some of the specific functionality they need to successfully address their intercompany accounting needs. They often turn to customized solutions—either in-house or via an external team—to meet their bespoke requirements; however, this can be costly and time consuming. Here’s how to extend EBS accounting without customization.

Organizations are facing increasing numbers of challenges when managing intercompany transactions. These challenges spiral into other issues, such as improper or inadequate reporting, which can lead to serious consequences, including warnings, fines, or worse.