Financial Close Management System with Custom Attribute Filtering
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Solution Overview
Problem
Current computer systems face challenges in managing diverse business processes, such as financial close processes, due to their independent nature and lack of integration with external systems like ERP and financial consolidation systems, leading to visibility issues and audit risks.
Innovation Solution
A financial close management system that filters objects using custom attributes, integrates with external applications through an orchestration language like BPEL, and provides a centralized monitoring and automation framework for tasks, schedules, and notifications.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If ad-hoc and disconnected tools are used to interconnect ERP systems and financial consolidation systems with the computer system, then integration capability is improved, but system visibility and auditability deteriorate
Solution Approach 1:
The patent introduces a financial close management system as an intermediary layer between ERP systems and financial consolidation systems. This mediator provides standardized interfaces and centralized task management, enabling integration while maintaining visibility and auditability through a unified system of record.
2Adaptability or versatility
If multiple independent systems are used to manage different aspects of financial close processes, then system specialization is improved, but coordination and integration difficulty increases
Solution Approach 1:
The financial close management system is designed as a universal platform that can manage diverse business processes and tasks across different departments and systems. It provides a common interface and standardized mechanisms for coordinating ERP systems, financial consolidation systems, and other external systems, reducing coordination complexity while maintaining specialization.
3Loss of information
If a comprehensive system is used to manage all financial close tasks, then centralization and visibility are improved, but system complexity and implementation difficulty increase
Solution Approach 1:
The financial close management system segments functionality into distinct modules for task management, schedule management, notification management, and integration with external systems. This modular architecture provides centralized visibility while managing complexity through organized, reusable components that can be implemented incrementally.
4Adaptability or versatility
If manual processes are used for financial close tasks, then flexibility in handling diverse processes is improved, but productivity and accuracy deteriorate
Solution Approach 1:
The system provides dynamic task and schedule management capabilities that allow flexible configuration of financial close processes while enabling automated execution. Users can define custom attributes, create reusable templates, and adjust schedules dynamically, achieving both flexibility and improved productivity through automation.
Data Source
AI summary
A computer-readable medium, computer-implemented method, and system are provided for filtering of custom attributes. A custom attribute is an attribute of an object defined by a user. Once a user has defined one or more custom attributes, the user can filter a set of objects based on a criteria that includes a value for one or more custom attributes. The filtering can be dynamic so that when the set of objects is modified (such as creating a new object, deleting an existing object, or modifying an existing object), the filter is automatically updated. Furthermore, a filtering criteria can be based on the set of objects present in the system, so that any filter that is defined returns at least one object. In addition, once a filter is applied, any additional filter applied to the original filter can have a filtering criteria based on the subset of objects returned by the original filter.