© 2015-2024. MindStreamAnalytics.com

Oracle Account Reconciliation

What can OARCS do for your Business - Part 1

Welcome to the Financial Close Blog for MindStream Analytics! The purpose of this weekly blog is to increase awareness of the environment, trends, products, and solutions pertinent to the Financial Close spectrum. The blog will touch on multiple functional and technical areas around Financial Consolidation, Financial and Management Reporting, Account Reconciliation, Close Management and Workflow, and much more across industry/vendor specific and industry/vendor agnostic. We hope that this will give you food for thought, as well as some Best Practices and the peak of your interest. Let us know what more you would like to see!

ACCOUNT RECONCILIATION - a Key Financial Control

1. What is the fuss about Account Reconciliation?

Account Reconciliation is one of those Financial Control processes that take on many different paths and methods. On the surface, it seems like a no-brainer that your balances and transactional detail should match and are accurate. In the world of on-line banking, many people look at their transaction records on a daily, weekly, or at least monthly basis (hopefully you are ?). But when reconciling corporate accounts, there is a lot of competition for time. On the Accounting/Finance side, the priorities can include External Reporting, Flash Reporting, Budget to Actual Variance Reporting, Segment analysis, Forecast updates, G/L postings, Aging Analysis, and much more. For Treasury, managing your cash and credit facility, payments, etc., often take priority for accommodating the daily needs of the business. Also, many companies take for granted that the data input into the General Ledger, Sub-Ledgers, transactional modules, or even a data warehouse, are accurate or fall within an "acceptable" tolerance. Of course, this is often not the case.

1. There are multiple critical elements to the Account Reconciliation process, which should serve to prioritize this key control:

  • Compliance Regulations: The Sarbanes-Oxley Act for Disclosure, Certification and Assessment controls has made data accuracy to the transactional detail critical to ensure compliance.
  • Data Integrity: In the fast-paced business and economic environment, technology advances, expanding global outreach and media exposure of the 2010's, Corporate leaders need to be able to make decisions much faster than their predecessors to make key business decisions; and often in real-time. In order to accomplish this, data integrity is crucial to making vital decisions.
  • Workflow: Time is of the essence as noted above, and being able to have visibility for all the organization's stakeholders should be a prime requirement for meeting the Financial Close objective and schedule.

2. How do you streamline your Account Reconciliation process?

Account Reconciliation is not one of the "sexier" components of the Financial close processes (you are probably wondering what I would consider an attractive component. Well, you will have to wait for a future blog on my thinking there ?). However, Account Reconciliation, when done efficiently, should serve as the foundation of the Financial Close process. So when refining or defining your Account Reconciliation process, you should consider a number of elements to streamline this control. I like to call it the 3 C's - Chart, Collaborate, Comply:

  • Chart out your Workflow:
  • Categorize your Accounts into key Account groups. You don't need to reconcile every single base account if that detail is not material to business decision-making. It can significantly expand your account chart, require more support, increase the reconciling adjustments required, and ultimately become too cumbersome to complete in a timely and efficient fashion.
  • Have your Preparers / Reviewers in teams that can provide additional/backup support as needed, understand each other's roles, and understand the business aspect of the accounts they are supporting. This can reduce the number of reconciling items and speed up the resolution.
  • Collaborate:
  • Preparers and Reviewers should have an on-going dialogue about the process, with a clear understanding of the account(s) supported, the detail required, schedule, escalation point, etc. For example, the preparer articulates the purpose of the account, the appropriateness of the supporting documentation and the nature of the reconciling items. The preparer and reviewer both have a solid understanding of how the activity in the account rolls into Financial Statements.
  • Think of this as a team of doctors. If you are trying to formulate a diagnosis that could be based on input from different medical specialties, such as an autoimmune condition, you will have or be the primary point of contact; but on-going, effective communication with all of the specialists and between specialists is realistically the only way to achieve a proper diagnosis. Although Account Reconciliation is typically a little more static process, without proper communication, the amount of time it takes to reconcile exception items and understand their impact could lead to very negative consequences up the reporting chain.
  • Comply:
  • Don't try to circumvent the process. There should be a set schedule, workflow, proper templates to quickly report and track exceptions or exposures, escalation procedures, and validation procedures. There should also be a process in which to communicate bottlenecks in the process and a procedure for remediation.
  • Have a "Peer" review that features an outside look at reconciliations beyond Preparer / Reviewer visibility. The peer reviewer can take an unbiased look at the process and flow to monitor efficiency, accuracy, and achievement of objectives. The peer can be the liaison between the workstream stakeholders and the Accounting Manager, Controller or other Senior Manager. The peer can ensure compliance and make suggestions to improve the process.

3. What can technology do to achieve a streamlined process?

It is often said that you can't solve a flawed business process by throwing technology at it. But if you are willing to put in the effort to solve the problem from its foundation, then the addition of advanced technology can significantly improve the experience. Account Reconciliation is perhaps more in need to receive best-in-class technology support than most other financial processes. The need for centralization and improvements in the integrity, workflow, visibility, efficiency, and auditability of the reconciliation process can also be enhanced by the proper technical solution. Oracle Account Reconciliation Manager (ARM - on-premise) or Cloud Service (ARCS - cloud subscription-based) can help your business streamline the reconciliation process in a matter of weeks. In the next blog, we will showcase this transformation using Oracle ARCS. In the meantime, check out our latest webinar "Reduce the Pain of your Account Reconciliations using ARM or ARCS" at https://www.gotostage.com/channel/200000000001345870/recording/d6f56b7c191b4c609b49bf57168ded99/watch?source=CHANNEL

Partner SpotLight


Oracle has the most comprehensive suite of integrated, global business applications that enable organizations to make better decisions, reduce cost..

Oracle Profile

Our Company

MindStream Analytics' senior staff was there at the birth of Business Intelligence. We have been part of building Business Intelligence nationally from its humble niche product status to the ubiquitous analytic tool that it is today. MindStream consultants are well versed in reporting and information management and are ready to help you leverage the power of multiple tier-1vendors. From Oracle Hyperion to IBM Cognos, we can help you select and integrate the right tools for you to better understand your information. MindStream Analytics has experience across a wide variety of industries: Business Services, Consumer Products, Energy, Financial Services, Healthcare, Manufacturing, Transportation , and Telecommunication. We have the depth and breadth of experience to help you deliver actionable information to users.

Whether you need an enterprise wide Oracle BI Enterprise Edition (OBIEE) rollout, an Oracle BI Apps rollout, or an IBM Cognos ReportNet rollout, MindStream Analytics is here to help you succeed.

Case Studies


Thanks to the intervention of MindStream Analytics, Accumen's Finance department can now model their business with a new, more organized structure that isn't conventionally available in NetSuite.

Acme Brick

Acme Brick turned to MindStream Analytics for help implementing OneStream to replace their outdated TM1 solution.


Alterra sought the expertise of MindStream to address the challenges they faced in their Capital Planning process.

ATCO Group

Energy conglomerate ATCO operates worldwide in utilities, power generation, and related services.


Working with MindStream Analytics, Avalon Healthcare Solutions adopts NetSuite Planning and Budgeting to accelerate budgeting and forecasting processes.

Bayer Health Care

Bayer Healthcare implemented Hyperion Planning and Workforce Planning in 10 weeks to dramatically streamline their Income Statement budget and Workforce Planning process..


MindStream Analytics' partnership with BluEarth Renewables epitomizes the power of technology and collaboration.


An Oracle Hyperion Planning Upgrade provides multi-national organization Hyperion Application optimization and stabilization.

Cleaver Brooks

OneStream XF was chosen as the platform that would transform Cleaver-Brooks' Finance processes.


The collaboration between CoorsTek and MindStream resulted in significant improvements in CoorsTek's financial consolidation and reporting processes.

Elite Body Sculpture

MindStream Analytics' collaboration with Elite Body Sculpture encapsulates the transformative potential of targeted tech solutions in streamlining administrative processes.


Enlyte, a merger of Mitchell, Genex, and Coventry, faced challenges with disparate financial solutions and the need for combined reporting.


MindStream Analytics collaborated with Flanders to implement OneStream Consolidation and Reporting solution.

Foley Products

Foley Products was facing a significant challenge with its Excel-based actual management reporting system.

Harte Hanks

The collaboration between MindStream Analytics and Harte Hanks culminated in a highly customized, user-friendly NetSuite implementation.


Interface used a complex, manual, excel-based FP&A process for monthly review, and the summary data was loaded in OneStream.

Kymera International

Thanks to Mindstream Analytics' assistance, Kymera was able to load all of their data into OneStream and validate it successfully.

MacLean Fogg

MacLean-Fogg partnered with MindStream, a leading implementor specializing in modernizing and optimizing enterprise systems.


MindStream's expertise and experience were sought to conduct a vendor selection initiative focusing on MEPPI's F2023 planning process.


MindStream Analytics and OUAI's collaboration showcases the transformative power of strategic technological intervention.


By migrating to OneStream, Plaskolite has achieved a material reduction in consolidation time and overall Financial Close cycle, eliminated the hours spent compiling and verifying data in Excel, streamlined its Planning, Budgeting and Forecasting model and delivered flexible and timely reporting that enables more strategic analysis of their financial data.


Understanding the nuances of Redwire's challenges, MindStream Analytics devised a holistic approach to overcome them. The implementation of NetSuite was just the beginning.


Simon's existing corporate Hyperion Financial Management (HFM) production application was consolidating at a rate of seven hours, a performance issue causing great headache to corporate Accounting.

Source Code

The successful transition to OneStream revolutionized Source Code's financial reporting.


Subway collaborated with MindStream Analytics for the NetSuite Analytics Warehouse implementation.


MindStream Consulting and AppCare team members are proud be working side by side with UPenn university in accomplishing this implementation and along with continuing our AppCare services after go-live.


USG was an Oracle Hyperion customer realizing that it needed more specialized support for its various Oracle Hyperion applications.


Dividing a hyperion planning application, expanding the hyperion footprint to forecast on the business? Customer categories.

Versant Health

Versant Health engaged MindStream to help resolve the challenges they were experiencing with their consolidation, close, and financial reporting processes.

Virginia Spaceport Authority

The MindStream team implemented the Standard + Workforce NetSuite Planning & Budgeting.


MindStream Analytics determined that the best solution was to implement Oracle Essbase Cloud as part of the Oracle Analytics Cloud (OAC) platform-as-a-service


Innovative use of essbase to streamline and connect hyperion financial management for enhanced financial analysis.

XY Planning

MindStream Analytics, well-versed in addressing such challenges, presented a comprehensive Netsuite solution for XY Planning.

Related Links