A Complete Guide to Oracle Hyperion

July 26, 2022
Jhansi Rani
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Published On July 26, 2022

Oracle Hyperion Enterprise Performance Management is a framework of technical and functional components shared among EPM processes. Oracle Hyperion EPM Suite delivers a more unified user experience and simplified administration across different business functions.

Oracle Hyperion Financial Reporting

Oracle Hyperion Financial Reporting transforms enterprise data into operational insights by creating high-quality financial reports in various formats for various audiences. Users can quickly generate reports compliant with all accounting regulations and external requirements. These reports can be delivered immediately or scheduled for later distribution, enhancing your financial planning and management. End users in your finance function can access vital financial information without relying on your IT team.

Oracle Hyperion Financial Management

Oracle Hyperion Financial Management (HFM) is a comprehensive and highly-scalable financial management application that delivers global collection reporting and analysis. Hyperion Financial Management operates on highly advanced technology but is designed to be run and managed by your finance team.

Oracle Hyperion Planning

Oracle Hyperion Planning is a centralized, Excel, and web-based planning, budgeting, and forecasting solution that integrates your financial and operational planning processes. Hyperion Planning provides a comprehensive view of business operations and their impact on financials by seamlessly integrating financial and operational planning models. Hyperion Planning can help you meet your immediate financial planning needs while delivering a platform capable of future cross-functional expansion and automated process integration.

Oracle Hyperion Capital Expense Planning and Oracle Hyperion Workforce Planning are a part of Oracle’s Hyperion Planning. Hyperion Capital Expense Planning streamlines the planning of capital assets and asset-related expenses, such as depreciation, maintenance, and insurance. Hyperion Workforce Planning makes the enterprise’s headcount, salary, and compensation planning fast and efficient. It optimizes the planning of workforce and workforce-related expenses, such as bonuses, benefits, overtime, and other incentives. Integrated planning allows you to quickly assess the impact of capital expenses on your overall costs and financial statements.

Oracle Hyperion Financial Data Quality Management

Oracle Hyperion Financial Data Quality Management offers a prebuilt solution with a web-based guided workflow user interface that helps finance users standardize their financial data management processes. Its data preparation server can easily integrate and validate financial data from all your enterprise systems. Hyperion Financial Data Quality Management includes prebuilt EPM Adapters to reduce further your data integration costs and data mapping complexities for Oracle Hyperion EPM Suite, including Hyperion Financial Management, Hyperion Planning, and Oracle Essbase.

Oracle Hyperion Profitability and Cost Management

Oracle Hyperion Profitability and Cost Management (PCMCS) provides actionable insights into costs and profitability. It enhances business performance by discovering cost and profitability drivers, delivering greater visibility and flexibility, and improving resource allocation.

Unlike traditional activity-based costing applications, Hyperion PCMCS offers a flexible allocation platform for any method, including ABC, time estimation, etc. It supports cost and revenue management with traceability maps and audit trail capabilities for greater transparency and ease of use. Hyperion PCMCS shares a common foundation and is integrated with the other Oracle Hyperion EPM suite applications. It enables a single maintenance point for reduced administration and ownership costs vs. non-integrated point solutions.

Oracle Hyperion Tax Governance

Oracle Hyperion Tax Governance helps tax departments enhance their data and task management processes by automating their interactions with source financial systems (e.g., general ledger, sub-ledgers, tax reporting, tax compliance, etc.)

Tax Governance consists of two modules – Tax Operations and Tax Supplemental Schedules. Tax Operations offers centralized management of process-based activities, such as tax provision, tax compliance, controversy management, transfer pricing, and special projects. It replaces traditional, manual checklists with dynamic workflow dashboards that allow users to react immediately to new information. Tax Operations leverages its extensive Oracle Hyperion EPM Suite integrations to provide customers with better automation and process orchestration. Tax Supplemental Schedules provide the tax function with a robust capability for collecting complex datasets such as surveys and large data tables. It replaces Excel as the primary tool for collecting survey data, such as required for supporting tax credits, transfer pricing, etc. It also replaces Excel and other point solutions to collect detailed ledger and sub-ledger data, such as analysis of accruals and reserves. Hyperion Tax Governance allows the tax function to integrate more closely with the broader financial system landscape.

Oracle Hyperion Financial Close Management

Oracle Hyperion Financial Close Management helps businesses manage and improve their end-to-end financial close process, from sub-ledger close to submitting regulatory reports and filings.

Hyperion Financial Close Management centralizes the management of all period-end close activities, replacing traditional, manual checklists with dynamic dashboards that allow users to react to information immediately. It supports close-cycle processes, including ledger and sub-ledger close, data loading and mapping, financial consolidation, 10K/10Q creation, reconciliations, tax/treasury, and other tasks associated with the extended financial close.

Oracle Hyperion Tax Provision

Oracle Hyperion Tax Provision is a prebuilt application for Hyperion Financial Management (HFM) and calculates global tax provisions, effective tax rate, and deferred tax for tax provisioning purposes. It is fully compliant with the accounting standards for income taxes under US GAAP, ASC740, and IFRS, IAS12. Hyperion Tax Provision can also run on the same platform as your financial close process and directly integrate with it, utilizing the same metadata to calculate your current and deferred tax provisions.

Testing and Training

Finding a partner that can provide testing and training for the implementation phase and Day 2 operations is essential. The service provider should include business stakeholders in project planning and execution and make testing a joint effort between the business and IT teams. UI/UX testing capabilities across devices are critical in addition to functional testing capabilities because, even if the application is working as desired, the user might not like the experience. User experience significantly impacts adoption, which means that if the interface is not user-friendly, it risks low user adoption.

As end-user environments become cluttered with more applications, devices, and functionality, your service provider must offer training that targets specific user and application requirements. Training will deliver value only if applied to the correct user profiles and application types in an intuitive format. Your Oracle ERP Cloud Service Provider must tailor the training to the different users and applications and dedicate expert resources to assess training requirements and develop curricula.