Do you wish to become an Oracle Financial consultant? Are you searching for a guide to learn Oracle Financials? We have the answers for you!
So, you aim to become an Oracle Financial consultant to suggest, implement, configure Oracle Finance for specific business requirements. Below is a pathway that you can follow to achieve this aim.
Getting started with Oracle Financials
To get started, you must know the basic principles and understanding of accounting. Cash, Accrual being the basic accounting methods, you can setup functionality to capture such information.
Cash-Based Accounting: This method follows tracking cash flow based on realization; relies on revenue recognition (when cash is received) and expense recognition (when money is paid).
Accrual Based Accounting: This method follows tracking payments, cash flow based on recognition; records liabilities and expenses to be paid or received in future for services offered or accepted.
Profit and loss: Also termed as “Revenue Report/Statement” recorded responses about total profit or loss gained in a particular period based on income earned, expenses incurred.
Balance Sheets: One of the critical financial reports of a business is a balance sheet. Balance sheet consolidates the financial position of a company, not created only for legal reports but also let stakeholders understand the current situation.
While there are many other business and accounting processes above information will give you a heads up on accounting if you are new to this field. To become an Oracle Financial consultant, you must have a solid knowledge of modules of Oracle Financials which are:
- General Ledger
- Accounts Payables
- Accounts Receivables
- Fixed Assets
- Cash Management
Oracle Financials Modules
To gain the working knowledge of these modules, you should consider Oracle Financials Training where expert trainers will help you attain the required relevant skills.
1. General Ledger
General Ledger is the module where you will be storing all financial transaction records of a company. One may use it to prepare statements and sheets for a fiscal year including- assets, revenue, expenses, liabilities, and equity.
Using Oracle General Ledger, you can manage Flexfields, calendars, currency, legal entities, accounting options, journals, reports, profiles, organizations, receipts, and invoices.
2. Accounts Payables
Accounts Payables is the module where you will define entities in the balance sheet to reflect expenses that have to be paid to others and shown as a liability. AP, an acronym for Account Payables, stores information about money owed by a company to other parties from which they avail products or services.
Using Oracle AP, you can define financial, payable options; grants, roles, banks, branches, accounts, documents, workbench customization, controls, and accounts.
3. Accounts Receivables:
Accounts Receivables is the module where you will define entities in the balance sheet to reflect income that a business has to receive from other parties; shown as outstanding invoices. AR, an acronym for Account Receivables, stores information about money owed by other parties to the company for the services or delivered products.
Using Oracle AR, you can define system options, profile class, customer, auto-accounting, document sequencing, transaction types & workbench with rules for invoicing, accounting, late charges, receipts, and netting.
4. Fixed assets
Fixed Assets is the module where you will define entities or assets that are non-convertible into cash for a year; that is owned by the company to generate income. Fixed assets vary by business nature and are generally known as PP&E (property, plant, & equipment).
Using Oracle Fixed Assets, you will manage assets, define system controls, fiscal years, calendars, categories, prorate conventions, depreciation methods; mass actions to transfer, retire, re-evaluate, and reclassify.
5. Cash Management
Cash Management is the module where you will define processes and standards for collecting, managing, investing cash ensuring financial stability. Cash management involves both Accounts Payables & Receivables management.
Using Oracle Cash Management, you can define system parameters, reconciliation controls to seamlessly manage transaction flows with automatic, manual setup.
Note: By joining any Oracle Financials Online Training, you can learn all the modules listed above.
Becoming an Oracle Financial Consultant
Once you have acquired a working knowledge of Oracle Financials, your journey begins towards becoming a consultant. Most companies require the job candidates to have an Oracle Financials certification before hiring them as a consultant. You can specialize in the modules listed below.
Certified Implementation Specialist for Oracle E-Business Suite Financial Management
- Oracle General Ledger
- Oracle Payables
- Oracle Receivables
Once you become a consultant for any of the mentioned modules, you are ready to start delivering implementation solutions that businesses can rely on. When choosing any Oracle Finance Course, one must check if topics covered are sufficient for clearing the certification exam.
Consultants generally have an understanding, working knowledge of basic accounting, business principles. Oracle R12 Financials Training modules are customized as per various business requirements to help aspiring consultants learn better financial management and streamlined solutions. Certification might be necessary as it is a requirement by companies to be able to hire employees as consultants.
With a working knowledge and essential training on Oracle Financials, individuals can start their career as an Oracle Financial Consultant to deliver solutions and implementations.
Author: Ayush Chawla
Ayush Chawla is a passionate blogger and the founder of a deals website.