Streamlining ACFR Reporting with Oracle EPM

For government agencies and public sector organizations, preparing an Annual Comprehensive Financial Report (ACFR) is no small task. With hundreds of pages of detailed financial statements, notes, and statistical data, this massive effort requires strict adherence to Government Accounting Standards Board (GASB) guidelines. However, Oracle Enterprise Performance Management (EPM) offers a powerful solution to simplify and enhance the ACFR reporting process.

This blog will explore how Oracle EPM can transform the way organizations approach ACFR preparation—saving time, reducing errors, and boosting overall efficiency.

What is an ACFR Report?

The Annual Comprehensive Financial Report (ACFR) delivers an in-depth look at a government entity’s financial health and operations. It goes beyond basic financial statements by including additional data about assets, liabilities, and performance, broken into three main sections dictated by GASB guidelines:

• Introductory Section – General information about the entity’s mission, governance, and financial highlights.
• Financial Section – Detailed financial statements, notes, and disclosures.
• Statistical Section – Historical trend data along with economic and demographic information about the entity.

ACFR reports are critical for maintaining transparency and are closely audited by external firms. However, preparing such a robust report requires combining vast amounts of data across departments, ensuring consistent formatting, and adhering to meticulous standards every step of the way. This is where Oracle EPM shines.

To learn more about how Oracle EPM can simplify and enhance the preparation of ACFR reports, watch this insightful YouTube video from Apps Associates:

The Challenges of ACFR Reporting

Government accounting teams face several challenges when creating ACFRs:

• Data Overwhelm – ACFR reports aggregate massive volumes of financial and statistical data, which are often scattered across multiple software systems and spreadsheets.
• Time Intensity – Preparing ACFRs requires collaboration across teams, repetitive manual tasks, and multiple rounds of revisions.
• Accuracy and Compliance – Getting every detail correct is critical, as errors can damage the entity’s credibility or lead to non-compliance with GASB regulations.
• Complex Formatting – ACFRs demand specific formatting and consistent updates year-over-year, making manual adjustments painstakingly slow.

How Oracle EPM Supports ACFR Reporting

Oracle EPM is designed to address these challenges head-on. It offers robust tools to streamline both data collection and report generation with features tailored specifically for ACFR preparation. Here’s how:

1. Centralized Data Management
Oracle EPM centralizes data from various sources, creating a reliable single source of truth for financial and statistical reporting. This direct integration to source systems minimizes errors and ensures every table, graph, and statement remains up-to-date.

2. Collaborative Reporting with Narrative Reporting
With Oracle EPM, reporting becomes truly collaborative. Narrative Reporting, one of Oracle EPM’s key modules, simplifies the process of developing structured reports.

• Report Structuring – Build out the report framework with reusable components like tables, graphs, and commentaries.
• Workflows for Efficiency – Assign authors and reviewers specific sections and track their progress via automated notifications.
• Automated Assembly – When all sections are completed, you can combine them into a polished PDF at the click of a button.

This level of collaboration eliminates the need for lengthy, tedious process meetings and enables teams to move quickly through each stage of the ACFR preparation.

3. Automated Updates and Formatting
Oracle EPM significantly reduces repetitive manual work by automating key tasks, including:

• Dynamic Refreshing – Update tables, graphs, and financial summaries for any fiscal year with a single refresh command.
• Preformatted Compliance – Formatting options are designed to ensure compliance with strict GASB guidelines, saving you hours of reorganization and review.
• Effortless Adjustments – Whether it’s updating percentages, balancing summaries, or restructuring visuals, Oracle EPM applies changes consistently across the report.

4. Integrated Audit Support
Audit results and transparency are key to a successful ACFR, and Oracle EPM simplifies this aspect as well. Its direct connection to underlying financial data allows for precise tracking, providing easily accessible documentation for auditors. This drastically reduces the time spent reconciling discrepancies or preparing backup records.

5. Adding Value Through Insights
Oracle EPM doesn’t just compile data—it helps you derive meaning from it. During the report preparation process, the platform’s advanced analytics and visualization tools can uncover trends or anomalies that stakeholders need to address, making your ACFR an even more valuable tool for decision-making.

Real-Life Impact

One success story from Oracle EPM involves a government agency that previously relied on manual Excel processes to prepare its ACFR report. Their preparation included “tick-and-tie” sessions—spending hours cross-referencing spreadsheets to ensure accuracy. Once they implemented Oracle EPM, they centralized their data, automated workflows, and significantly reduced preparation time.

The result? Less time correcting errors and more focus on producing a meaningful, high-quality report.

Why Choose Oracle EPM for ACFR Reporting?

Here’s a quick overview of how Oracle EPM benefits ACFR preparation:

• Save Time – Reduce reporting cycles by automating data collection, formatting, and report assembly.
• Enhance Accuracy – Improve data accuracy through direct integrations and real-time updates.
• Ensure Compliance – Stay fully aligned with GASB standards with built-in compliance tools.
• Boost Collaboration – Assign tasks, track progress, and merge all contributions seamlessly.
• Improve Decision-Making – Use built-in analytics to extract actionable insights from your data.

For public sector organizations, Oracle EPM delivers all the tools needed to modernize your accounting processes while meeting the demanding requirements of ACFR reporting.

Unlock the Power of Oracle EPM for Your Next ACFR

Oracle EPM has revolutionized the way public sector organizations approach ACFR reporting, turning a notoriously difficult process into a streamlined, efficient workflow. By leveraging the platform’s centralized data management, automation capabilities, and collaborative features, financial professionals can create exceptional reports faster and with greater accuracy.

Are you ready to take the stress out of ACFR preparation? Discover how Oracle EPM can transform your reporting process. Contact our team today to learn more or request a demo.