Global Cost Management in the Cloud

The purpose of this article is to outline the Cloud application for Cost Management and understand its business process and use. Oracle Cost Management Cloud Services allows cost professionals to capture, track and analyze cost associated with inventory items as they move through the supply chain. Oracle Cost Management in the Cloud provides the following benefits:

• Easy Management of Global Inter Company Transactions
  Automate the financial flow execution for internal trade between parties independently from the physical movement of goods with Oracle Supply Chain Financial Orchestration. This configurable application manages all the financial relationships resulting from trade between internal parties. The framework provides modeling of flexible financial flows that define the parties involved, the nature of trade relationships and business rules for documentation and accounting.
• Flexibility for Statutory and Management Cost Reporting
  Today’s complex business environments require real-time visibility to product costs and inventory investment geared to the needs of a global organization for regulatory reporting, portfolio pricing and quoting decisions. Oracle Cost Management is an advanced cost accounting solution that helps companies to effectively manage their product costing and inventory accounting business flows. The solution allows companies to maintain multiple cost books and financial ledgers to better meet external regulatory and internal management reporting needs. In addition, it increases product cost accuracy by providing a flexible cost infrastructure that allows cost accountants to define the level of cost calculations and greatly reduces manual cost maintenance tasks by providing automated rules-based engines and efficient fault-tolerant cost processors tuned for high volume transaction environments.
• Graphical Views of Product Costs
  Oracle Cost Management’s graphical user interfaces provide time-based graphical views of product costs using line, bar and pie charts to show product costs over time and in comparison to other products or other organizations. Cost professionals and operations personnel can visually identify cost trend problems in their products and determine the root causes to provide timely corrective actions.

Conclusion
Proper cost management and accounting is critical for any organization. Today’s global business environment requires transactions synchronization between entities and across countries. Oracle Cloud Cost Management ensures the proper transaction flow in a secured automated business flow. Additionally, this advanced cost accounting solution helps companies effectively manage their product costing and inventory accounting business requirements.