Oracle Cloud EPM (Enterprise Performance Management) Narrative Reporting is an effective solution for companies that want to improve their reports on management and financials. It lets finance teams blend the structured data with the narrative to create reports that are precise, clear, precise, and consistent with internal and regulatory standards.
In this article, we’ll explain how to set up as well as configure Oracle Cloud EPM Narrative Reporting and will highlight the most important actions, the best practices, and practical suggestions to increase effectiveness.
What is Oracle Cloud EPM Narrative Reporting?
Oracle Cloud EPM Narrative Reporting allows organizations to create board-ready reports, managerial commentary, and disclosures to the regulatory authorities. It is compatible with various other Oracle EPM modules, like Budgeting, the Budgeting, and consolidation, creating a single report ecosystem.
With Narrative Reporting, finance teams are able to develop templates and manage the report’s content and even automate the distribution of reports.
This integration cuts down on manual effort, increases accuracy, improves efficiency, and assures uniformity across reports. It also lets organizations provide users with both qualitative and quantitative information, which makes reports more useful.
Initial Setup of Narrative Reporting
Setting the foundation for Narrative reporting requires meticulous planning and a keen eye to security, the roles of users, and the reporting structure. Administrators should start by adjusting the system in accordance with the organization’s responsibility. Users may be assigned roles like the report’s creator or reviewer, or approver. This will ensure that they have the right security and access controls.
Important steps to set up include:
- Define roles and users, then assign the appropriate authority to ensure security and precise report management.
- Setting up Reporting Structures: Establish sections, reports, and templates that mirror the hierarchy of your organization.
- Configuring Approval Workflow: Create multi-level workflows that meet the requirements of compliance and internal control standards.
- Linking Templates to Data Sources Join templates and EPM modules to allow reports to pull financial data in a timely manner and ensure the sameness.
When they complete these first steps, organizations can build solid foundations for effective and precise reporting.
Configuring Data Sources and Integration
The most significant aspect of Narrative Reporting’s integration with other EPM modules and other data sources. Reports can draw information directly from Planning, Budgeting, Consolidation, and various financial systems, thus reducing the requirement to manually enter data.
To effectively configure data sources, administrators must:
- Connect Systems to Systems: Make sure the data from all pertinent sources is connected with Narrative Reporting.
- Chart Financial Dimensions and Accounts: align accounts and hierarchies with templates for reports to ensure accuracy.
- Allow Dynamic Text Updates: Set up narrative sections to update automatically, based on the fundamental financial data.
Integrating properly ensures that reports are precise, consistent, and reflect current financial data.
Creating Templates and Report Books
Templates are the basis for Narrative Reporting by creating report structure, content, and format.
Templates can be created by users for Board reports, commentary on management, and the filings required by law. Each template may contain tables, charts, and narrative text, all connected directly to current EPM data.
Report books allow for multiple templates to be merged into one output, allowing a full view of financial data.
When constructing report books, it’s crucial to think about the sequence of templates, consistent formatting, as well as variables like currency rates, periods, or consolidation levels. Utilizing templates and report books throughout the time improves efficiency and assures consistency.
Guidelines for template design, as well as the report book, include:
- Standardize templates to be used throughout the reporting cycle.
- Use consistent formatting to ensure professionalism and accessibility.
- Tables and charts can be linked with Live EPM data to eliminate mistakes.
- Create report books in a logical way for a more efficient report creation.
Workflow and Collaboration
Narrative Reporting allows collaboration in the creation of reports and reviews. Setting up workflows allows reports to be reviewed and approved quickly. Report status can be tracked by users making comments and even making changes in the software.
Collaboration is enhanced with simultaneous editing capabilities as well as revision control, which guarantees that every change is documented and auditable. This method reduces duplicate work, is more transparent, improves transparency, and helps maintain high-quality reporting standards.
Scheduling and Distribution
When reports are completed, they can then be scheduled to automatically distribute to board members, management, or other regulatory bodies. Narrative Reporting allows email delivery and secure web-based sharing. It also permits report export in formats like PDF, Excel as well and Word.
To maximize distribution, companies must:
- Recurring reports are scheduled according to cycles of reporting.
- Automation of delivery ensures timeliness and dependability.
- Select formats that are appropriate for those who are the target group.
- Maintain a version control system to keep track of changes and ensure accuracy.
Automatization of scheduling and distribution makes it easier to schedule and distribute reports. It also ensures that the reports are consistently delivered.
Monitoring and Maintenance
Monitoring and maintenance on a regular basis are vital to ensure that Narrative Reporting is up-to-date and efficient. Administrators must regularly monitor the workflow, user activity, and the integrity of data. Report books and templates need to be regularly updated to reflect changes in the organization, including new subsidiaries, accounts or the requirements of regulatory agencies.
Periodic audits and reports validation aid in maintaining conformity and accuracy. Regularly reviewing workflows, templates, and data integrations ensures that the system functions effectively and reduces the risk of making mistakes.
Conclusion
Oracle Cloud EPM Narrative reporting is an effective tool for creating consistent, accurate, and fully compliant financial statements. It lets organizations combine quantitative data along with narrative analysis to provide the stakeholders with practical insight.
If they follow the best practices, businesses can make sure that reports are created efficiently, ensure compliance, and provide high-quality reports on a regular basis.
Correct setup and continuous maintenance enable businesses to use the full power offered by Oracle Cloud, the EPM Narrative reporting. This makes reports faster, more precise, and more revealing.
