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PeopleSoft Inc.s new financial software promises to help users, primarily chief financial officers, more effectively comply with federal regulations and meet profitability demands with enhanced visibility.
With Enterprise Financial Management Version 8.8, PeopleSoft focused on best-practice enhancements, providing analytic capabilities in the Cash Management module that provide users with a real-time view of cash positions throughout a given business day.
For better process efficiency, PeopleSoft added support for XBRL (Extensible Business Reporting Language) in its Receivables and Payables applications for real-time reporting capabilities.
Also new is a direct bank connectivity feature in Cash Management, and an upgraded collections capability in the Receivables application reduces the need for third-party software, officials said.
In addition, PeopleSoft included support for regulatory reporting requirements the likes of the Sarbanes-Oxley Act; International Accounting Standards; Health Insurance Portability and Accountability Act; and the Joint Financial Management Improvement Program, which helps companies to better comply with federal and business rules.
But while Version 8.8 boasts 225 new features and upgrades, it is catching up in some respects to the latest iteration of rival Oracle Corp.s namesake Financials suite, Version 11.9, announced last July.
Like PeopleSoft 8.8, Oracle Financials 11.9 allows for better financial control, more policy compliance and more reliable financial reporting, officials said.
Version 11.9 supports XBRL via an updated version of Oracles General Ledger module, and it supports Sarbanes-Oxley. A new Credit Management application designed to help companies standardize and automate their credit management process was added. It is a key feature of revenue recognition.
In November, Oracle, of Redwood Shores, Calif., unveiled a Treasury module upgrade that brought increased visibility into internal financials and functionality to aid regulations compliance.
Oracles next major Financials rollout, due this year, will be E-Business Suite Version 10.