Account Reconciliation Cloud
Oracle Account Reconciliation Cloud Service is a purpose-built solution in the Cloud for managing the global reconciliation process.
It provides real-time visibility into the performance of reconciliations and ensuring that all reconciliations prepared are properly qualified.
It also helps companies streamline and optimize performance by automating certain reconciliation tasks and supporting risk-based reconciliation cycles.
Oracle Account Reconciliation Cloud Service is dedicated to helping customer's solve their global reconciliation needs
through robust data integration and mappings, automated and manual reconciliations and comprehensive reporting.
Offering support for global organizations and shared service centers,
Most organizations process thousands of reconciliations per year. Often a percentage of these reconciliations are zero balance, low threshold or other minor risk
types which could easily be done by the system instead of an actual user. Oracle Account Reconciliation Cloud Service provides the ability for customers to define
their own automatic reconciliation rules and have the system process these at the beginning of the cycle. The efficiency, and accuracy, gain of leveraging this feature
in the system can be
Formats are a key component of the reconciliation process. Each organization has a different strategy for how many and how detailed their formats need to
be based on their goals. Oracle Account Reconciliation Cloud Service offers prebuilt formats but also includes the ability for customers to build custom
formats based on their internal needs and business practices. Whether you want to leverage best practice prebuilt formats or go with custom developed
ones is a business choice that the
software supports out of the box. This flexibility is also key for growing organizations that can leverage the software to evolve their processes.
There are two key aspects to the reconciliation cycle - operational and compliance. The operational aspect is about how the process is working, are reconciliations getting done?,
what is the aging?, etc. The compliance aspect focuses more on how the organization is doing versus policies and procedures. It allows you to analyze the
ORACLE ACCOUNT RECONCILIATION CLOUD SERVICE
- Balance integration with a variety of ERP systems
Mapping features to summarize low-level balances to the level appropriate for reconciliation
- Auto reconciliation of authorized zero balance accounts and balance comparison accounts
- Easy to use features for maintaining reconciliation assignments, including mass update and import capabilities
- Configurable frequencies and unlimited levels of approval
- Flexible formats adaptable to each type of account
- Powerful filtering and reporting capabilities
quite significant for most customers.acle Account Reconciliation Cloud Service is able to match any company's business and technological needs.
KEY BUSINESS BENEFITS
Efficiently manage and improve global account reconciliation by exploiting automation and comprehensively addressing security and risk typically associated
with the process.
- Predicable process timescale that does not delay the financial close
- Improve finance staff efficiencies
- Reduced number of accounts to reconcile without compromising accuracy or increasing risk
- Collaboration assists getting reconciliations done quickly and accurately
- Clear responsibilities and timescales
- Shrink the time it takes for the financial close
- Trust and reliability that the numbers are accurate
- No need to change existing systems
- Peace of mind that important and confidential data is only visible to authorized users
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