Oracle Financials Cloud Reviews & Pricing

by Oracle America | Founded 1977, Santa Clara, CA

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What is Oracle Financials Cloud?

Industry Specialties: Serves all industries

Oracle Financials Cloud is a comprehensive suite of cloud-based financial management applications designed for mid-size to large enterprises. It automates and streamlines core financial processes, including accounting, financial reporting, payables, receivables, and project accounting. The solution boasts robust features like AI-powered insights, automated workflows, and global capabilities, making it a suitable choice for businesses seeking enhanced financial visibility and control. Users praise the platform's scalability, ease of use, and extensive functionality. However, some report occasional performance issues and a steeper learning curve compared to simpler solutions. Pricing varies based on modules selected and user count, typically starting from a monthly subscription per user. Overall, Oracle Financials Cloud offers a robust and scalable solution for managing financial operations, particularly well-suited for larger organizations seeking advanced features and global capabilities. However, potential users should consider the learning curve and pricing structure before adopting the platform.

Pros

Scalable
Automates tasks
Global capabilities
AI-powered insights
Robust features

Cons

Steep learning curve
Occasional performance issues
High cost
Complex setup
Limited customization

PRICE

COMPANY SIZE

DEPLOYMENT

PLATFORM

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User Sentiment i

Based on 656 reviews:

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#12

Oracle Financials Cloud is ranked #12 in the Accounting Software product directory based on the latest available data collected by SelectHub. Compare the leaders with our In-Depth Report.

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Oracle Financials Cloud Pricing

Based on our most recent analysis, Oracle Financials Cloud pricing starts at $2 (Per User, Monthly).

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Price: $
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Starting From: $2
Pricing Model: Per User, Monthly
Free Trial: Yes, Request for Free

Training Resources

Oracle Financials Cloud is supported with the following types of training:

Documentation
In Person
Live Online
Videos
Webinars

Support

The following support services are available for Oracle Financials Cloud:

Email
Phone
Chat
FAQ
Forum
Help Desk
Knowledge Base
Tickets
Training
24/7 Live Support

Oracle Financials Cloud Benefits and Insights

Why use Oracle Financials Cloud?

Key differentiators & advantages of Oracle Financials Cloud

Intuitive User Experience: Connect data from different sources (i.e., BI, social, transactions and more) to deliver it in an efficient, engaging way.
Better Decision-Making: Collaborate with others on financial procedures for quick follow-ups on pending items with social modules. Users may also provide additional information about transactions and reports for informed decision-making.
Complete Integrated Suite: Leverage this solution's complete internationalization support including number, date, name and address formatting and translate them into 26 languages. Users may also integrate spreadsheets with applications for high volume data entry and one-click uploads.
Complete Control: Navigate the easiest path to the next generation of financing quickly and cost-effectively through this solution’s modern user experience.
Real-Time Self-Serving Reporting and Analysis: Perform simple drilldowns for live transactions to gain real-time accounting information.

Industry Expertise

Established in 1972, Oracle's mission is to help people view information in fresh ways, unearth insights and open infinite opportunities. The industries Oracle serves include retail, communications, public sector, healthcare and hospitality across the globe from North and Latin America to Europe and Africa.

Oracle Financials Cloud Reviews

Average customer reviews & user sentiment summary for Oracle Financials Cloud:

656 reviews

82%

of users would recommend this product

Oracle Financials Cloud has a 'great' User Satisfaction Rating of 82% when considering 656 user reviews from 5 recognized software review sites.

Synopsis of User Ratings and Reviews

Based on an aggregate of Oracle Financials Cloud reviews taken from the sources above, the following pros & cons have been curated by a SelectHub Market Analyst.

Pros

Streamlined workflows: Oracle Financials Cloud automates manual tasks like data entry and reconciliation, freeing up valuable time for accountants and finance professionals to focus on strategic analysis.
Enhanced visibility: Real-time dashboards and comprehensive financial reporting provide clear insights into financial performance, enabling data-driven decision-making.
Improved accuracy: Automated workflows and AI-powered features help reduce errors and ensure data integrity, leading to more reliable financial information.
Scalability: The cloud-based platform easily scales to accommodate business growth, eliminating the need for costly infrastructure investments.
Global capabilities: Support for multi-currency transactions and international operations facilitates global business expansion.

Cons

Steep learning curve: The platform's extensive features and complexity can be challenging for new users to learn and navigate.
Occasional performance issues: Some users report experiencing occasional slowdowns and glitches, impacting their workflow.
High cost: Subscription fees and implementation costs can be significant, particularly for smaller organizations.
Limited customization: Extensive customization may require coding expertise or reliance on Oracle consultants.
Complex setup: Implementing and configuring the platform can be a lengthy process, especially for larger organizations with complex needs.

Researcher's Summary:

Oracle Financials Cloud users express mixed opinions, highlighting both its strengths and weaknesses. Many praise its automation capabilities, improved visibility, and scalability, finding it a powerful tool for streamlining their accounting and finance operations. One user stated, "Oracle Financials Cloud has freed up our team from tedious data entry tasks, allowing us to focus on more strategic analysis." Others appreciate the platform's real-time dashboards and comprehensive reporting, noting that "it provides us with the clear insights we need to make informed decisions." Additionally, its scalability is seen as a significant advantage, especially for growing businesses. A user commented, "We were able to seamlessly scale Oracle Financials Cloud to accommodate our rapid expansion, without any infrastructure headaches." However, some users find the platform's learning curve steep and report occasional performance issues. One user noted, "It took our team some time to get comfortable with the interface and all the features." Others have experienced slowdowns and glitches, impacting their workflow. A user remarked, "There have been instances where the platform has been slow or unresponsive, which can be frustrating at times." Cost also presents a significant concern for some users, as the subscription fees and implementation costs can be substantial. One user stated, "The cost of Oracle Financials Cloud is definitely on the higher end, which may not be feasible for smaller organizations." Additionally, the platform's limited customization options can be frustrating for users with specific needs. A user commented, "We would prefer more flexibility in customizing the platform to meet our unique requirements." While users acknowledge the existence of similar products like SAP S/4HANA and NetSuite, they often highlight Oracle Financials Cloud's automation features, global capabilities, and robust reporting as key differentiators. One user noted, "The automation capabilities of Oracle Financials Cloud are far superior to other solutions we evaluated." Another user commented, "The platform's support for multi-currency transactions and international operations is a huge advantage for our global business." Finally, users appreciate the comprehensiveness and flexibility of the reporting tools, with one user stating, "The reporting capabilities of Oracle Financials Cloud are unmatched, allowing us to create the reports we need in a format that works for us." Overall, user reviews paint a complex picture of Oracle Financials Cloud. While it boasts powerful features and capabilities, its steep learning curve, performance issues, and high cost can be significant drawbacks. Ultimately, the decision to use Oracle Financials Cloud hinges on an organization's specific needs, budget, and technical expertise.

Key Features

Ledger and Analytics: View and interact with account balances from different perspectives. Analyze account balances by any dimension in real-time.
Collections Overview: Rank patrons uniquely with the configurable scoring extension on the collections overview module. Users may also utilize payment management to improve cash flow with promise and payment capabilities.
Generate Expense Reports: Create and submit expense reports with ease. Policy controls enable expense management controls using approvals and audits.
Accounting Hub: Create a centralized location of financial data for bookkeeping teams to trust. Users receive full insights into financial information from multiple locations such as ledgers, subledgers and verified references.
Quick Receivables: Manage the entire quote-to-order-to-cash process with just a few clicks. Seamlessly create customer invoices and receive/apply customer payments.
Revenue Management: Recognize revenue for performance obligations at a specific point in time or over-time with the revenue management apparatus. This module also highlights liabilities and assets for performance obligations valued at due consideration.

Approach to Common Challenges

Manual data entry and reconciliation: Oracle Financials Cloud automates data entry and reconciliation tasks, reducing errors and saving time.
Limited visibility into financial performance: The platform provides real-time insights and dashboards for comprehensive financial analysis and decision-making.
Complex compliance requirements: Oracle Financials Cloud helps meet global compliance standards with built-in controls and automation.
Scalability limitations: The cloud-based solution scales easily to accommodate business growth without infrastructure investments.
Lack of collaboration and communication: Oracle Financials Cloud facilitates collaboration and communication between finance teams with centralized data and workflows.

Cost Of Ownership

Frequently asked questions regarding Oracle Financials Cloud pricing include:

Q: What is the base price per user per month?
A: While the base price varies depending on chosen modules and features, it typically starts around $2.00 per user per month. This includes access to core functionalities like accounting, payables, and receivables. However, additional modules like project accounting or global capabilities may incur additional charges.
Q: Are there any upfront costs associated with implementation?
A: Yes, implementation fees can range from $5,000 to $50,000 or more depending on your organization's size and complexity. These fees typically cover project management, configuration, and data migration costs. Additionally, ongoing maintenance and support may incur additional monthly charges.
Q: How does Oracle Financials Cloud's pricing compare to competitors?
A: Oracle Financials Cloud generally falls within the mid-range in terms of pricing compared to other cloud-based financial management solutions. However, the specific cost comparison can vary depending on your specific needs and chosen features. It is crucial to carefully evaluate your requirements and compare competing solutions before making a final decision.

Demo Resources

Resources that provide Oracle Financials Cloud demo insights include:

Interactive tour: Explore the platform's user interface and key features through a self-guided interactive tour with screenshots and explanations.
Product webinars: Attend live or on-demand webinars hosted by Oracle experts who showcase the solution's functionalities and answer questions.
Case studies: Learn how real organizations have successfully implemented and benefited from Oracle Financials Cloud in their operations.
Free trial: Sign up for a free trial to experience the platform firsthand and test its capabilities within your own environment.
Gartner Peer Insights: Read reviews and insights from real users about their experiences with Oracle Financials Cloud.

Limitations

This platform is a robust solution, but some user feedback points to a tough learning curve and system sluggishness. The known limitations at the time of this review's publication include:

Difficult learning curve
Occasionally Slow
Experiences bugs

Suite Support

Email: For online assistance, users may use the chat option on the My Oracle Support page.

Phone: For technical support in the United States, dial +1.800.223.1711. For support in countries/regions outside of the United States, visit the global contacts page.

Training: For training, users may visit Oracle’s “Support” page and scroll to the “Oracle University” icon. From there, go to the SaaS-ERP under “Oracle Cloud” to find a list of readings under “Financials Cloud.”

Tickets: To make general ticket or assistance inquiries, use the chat option on the support page.

FAQ

Frequently asked questions regarding Oracle Financials Cloud include:

Q: How easy is it to migrate data from existing systems to Oracle Financials Cloud?
A: Oracle offers data migration tools and services to facilitate the process, but its complexity depends on the volume and format of your existing data. Consulting with Oracle or a migration partner is recommended for complex scenarios.
Q: Does Oracle Financials Cloud integrate with other business applications?
A: Yes, the platform offers pre-built integrations with various applications, including CRM, ERP, and HCM solutions. Additionally, open APIs allow for custom integrations with other third-party systems.
Q: What security measures are in place to protect our financial data?
A: Oracle Financials Cloud utilizes robust security features such as encryption, access controls, and audit trails to safeguard sensitive financial information. Additionally, it adheres to industry-standard security compliance regulations.
Q: How customizable is Oracle Financials Cloud?
A: While the platform offers a wide range of features and configurations, extensive customization may require coding expertise or involvement from Oracle consultants. The level of customization depends on your specific needs and technical capabilities.
Q: What level of support does Oracle provide for its cloud solutions?
A: Oracle offers various support options, including online resources, knowledge base articles, and paid support plans with different response times and SLAs. The chosen support plan determines the level of service and dedicated resources available.