What is Oracle Account Reconciliation Cloud Service?
Oracle Account Reconciliation Cloud (ARCS)
is a purpose-built solution in the Cloud designed to manage your global reconciliation process. It provides real-time visibility into the performance of reconciliations, and ensures that all reconciliations
prepared are properly qualified. It also helps streamline and optimize your performance by automating certain reconciliation tasks, including high volume transactional reconciliations. Account Reconciliation
Cloud includes two modules: Reconciliation Compliance and Transaction Matching.
With Reconciliation Compliance, organizations ensure accounts are properly reconciled using the correct format and containing thorough and complete justifications. Approval workflow captures evidence
of sign-off and email notifications keep the entire team on track. The integrated document repository secures access to supporting documentation, providing global auditability and access while ensuring
reconciliations are never lost or misplaced. The Reconciliation Compliance risk-based preventive control structure ensures organizations can optimize workflow without sacrificing quality.
Transaction Matching automates performance of transaction intensive reconciliations, supporting two source reconciliations processes like intercompany and bank reconciliations, as well as single source
reconciliations like high volume accrual and suspense accounts.
Key benefits of Oracle ARCS include:
Improved finance staff efficiencies through automation of key reconciliation functions
Reduced frequency of reconciliation without compromising accuracy or increasing risk
Collaboration assists with getting reconciliations done quickly and accurately
Clear responsibilities and timescales
Decrease 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.
Now your organization can efficiently manage and improve global account reconciliation by utilizing automation and comprehensively addressing security and risk typically associated with the process.
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