Exception Based Fixed Assets Approval in Oracle Fusion
In release 25A, Oracle has introduced new feature of workflow approvals for Fixed Assets transactions. It aims to strengthen governance and enhance control. This development comes as a solution to the feedback from businesses which faced difficulties due to lack of accountability on Fixed Asset (FA) transactions.
Challenges:
~ Organizations are facing challenges with custom developed solutions for approval or manual email-based approvals to maintain the accountability of the FA transactions.
~ These solutions lead to increased system complexity, operational delays and additional implementation costs.
New Feature Introduced by oracle fusion:
With this new feature, Oracle Fusion ERP now allows businesses to manage their transactions by using built-in approval workflows, increasing compliance and tracking. This feature improves control and operational efficiency while providing guidance to industry with best practices.
Oracle Fusion ERP now includes Exception-Based Approvals, giving businesses a smarter way to handle fixed asset transactions
Exception Approval: This feature provides flexibility in controlling the flow of the transaction: Instead of treating every transaction as same approval flow, the system will route the standard transactions to be automatically approved, while exceptions scenarios are flagged and sent to the right user for review and approval. This approach not only improves efficiency but also strengthens control over the fixed asset lifecycle, helping organizations to maintain the right balance between automation and accountability.
Audit Compliance: The workflow acts as a central hub for all the FA transactions, helping businesses to stay align with their internal controls. It supports better accountability and creates an audit trail for all FA transactions.
Approval Mechanism: Users can easily maintain the approval rules as per their business needs. Earlier this was forming part of audit questions on configurable control which is addressed now to relief business.
Automated Notifications: Once an asset transaction is submitted in the system, approvers are notified based on the rules that are defined by the business. Similarly requester gets automatically notified about the approval or rejection.
These features are designed to support a wider range of Fixed Asset Transactions from additions, transfers, retirements, reclassifications, and cost adjustments.
Benefits:
Provides comprehensive control over FA transactions, ensuring alignment with organizational policies.
It automates the approvals process and minimizes the manual effort.
Ensures a clear and traceable record of approvals.
Tailored approval workflows to meet specific business needs, no matter the size or complexity of operations.
Eliminates the reliance on custom solutions, saving both time and resources.
Why This Matters:
Fixed assets significantly impact financial health and reporting.
The ability to control transactions like asset capitalization, transfers, retirements, and adjustments ensures accurate financial statements and compliance with regulatory requirements.
With Oracle Fusion ERP's approval workflow for Fixed Assets, businesses can address longstanding challenges, improving accountability and operational efficiency.
Why Us?
Our team of seasoned professionals is here to help you make the most of Oracle Fusion ERP’s new Exception-Based Approvals for Fixed Asset Transactions. Here’s why we’re we are best partner:
Deep understanding of Oracle Fusion ERP, particularly in financial processes and approvals.
We specialize in designing and configuring approval workflows to meet specific business requirements, ensuring seamless integration with existing processes.
A track record of enabling approval mechanisms for diverse business needs across industries.
Our expertise extends across all financial processes within Oracle Fusion, providing a comprehensive solution for your organization.
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