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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