Episode Details

Time to unlock your finance team's digital potential! Join Lois Houston and Nikita Abraham, along with Sr. Principal ERP Learning Strategist David Barnacle, as they discuss the Procure to Pay process flow, an integral financial process that integrates purchasing with accounts payable activities. They also talk about the Asset Acquisition to Retirement process flow, which includes all the main activities that occur during the life of an asset, right from acquiring it all the way to disposing it at the end of its life. Oracle MyLearn: https://mylearn.oracle.com/ Oracle University Learning Community: https://education.oracle.com/ou-community LinkedIn: https://www.linkedin.com/showcase/oracle-university/ X (formerly Twitter): https://twitter.com/Oracle_Edu Special thanks to Arijit Ghosh, David Wright, Radhika Banka, Parvathy Narayan, and the OU Studio Team for helping us create this episode. -------------------------------------------------------- Episode Transcript:

00:00

Welcome to the Oracle University Podcast, the first stop on your cloud journey. During this series of informative podcasts, we'll bring you foundational training on the most popular Oracle technologies. Let's get started. 00:26 Lois: Hello and welcome to the Oracle University Podcast. I'm Lois Houston, Director of Innovation Programs with Oracle University, and with me is Nikita Abraham, Principal Technical Editor. Nikita: Hi everyone. In our last episode, we looked at Invoice to Cash, which is the first business process within the Oracle Cloud Financials Business Process Model. Invoice to Cash refers to everything from the moment a receivable invoice is created until the customer's receipt is settled and reconciled with the bank statement. If you missed that episode, do go back and give it a listen. 01:01 Lois: Today, David "Barney" Barnacle, our Sr. Principal ERP Learning Strategist is back on the podcast to tell us about the next two business processes, Procure to Pay and Asset Acquisition to Retirement. Nikita: Hi Barney! Thanks for being back with us. So, what is the Procure to Pay process? 01:20 Barney: Hi Niki. Hi Lois. Good to be here. Let's focus on Procure to Pay or P2P for short, which is an integral financial process within any organization. It integrates purchasing with accounts payables activities and involves a series of tasks. These could include placing a purchase requisition or a purchase order, receiving and inspecting the delivered goods or services, capturing the supplier invoices, which is the company's liability to the supplier, matching the unit quantity and price to the original PO, calculating the relevant taxes or withholding taxes, approving the charges for final payment by the company, and finally, recording the bank statement lines with all payments made to suppliers or employees. 02:04 Barney: Oracle Fusion Cloud: ERP's capacity to use cutting-edge technologies for effective operations is what distinguishes it from the competition. The true value is in the automation, which helps enterprises improve processes, increase efficiency, and get the latest insights and alerts. Let me give you some examples within P2P. We have something called Intelligent Document Recognition or IDR for short, which is a fully integrated invoice recognition solution. As you know, many suppliers send payables invoices electronically via email. With Oracle's cloud solution, IDR extracts invoice information from the emailed documents to create invoices and then imports them directly into Payables. Another interesting feature is the abi