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Oracle Account Reconciliation

Integrate, Automate, Manage, Relax

Streamline reconciliation work by effectively integrating data from other systems, automating processes, and overseeing global account reconciliations while mitigating risk. 

  • Ensure all accounts are included by incorporating data from Oracle and other EPM and ERP systems
  • Boost efficiency with transaction matching and other automated reconciliation functions
  • Clearly oversee the progress and status of reconciliation activities while applying reconciliation best practices

The Account Reconciliation Problem

Regulatory and audit control constraints drive the need to comprehend and certify an account balance and its transactions. Indeed, organizations must perform thousands of account reconciliations at the close of every month. 

Yet, organizations often employ inefficient, manual processes involving many people from different departments for account reconciliations. 

  • They suffer from a lack of modern tools, such as email and spreadsheets, used most often for account reconciliation
  • Doing reconciliations manually requires significant resources, takes time, and often delays financial reporting
  • Finance executives must understand the details behind every account to easily spot fraudulent, improper, and over-aged transactions
  • Lost or missing reconciliations and material un-reconciled accounts create risk and can affect the accuracy of the reported numbers
  • Organizations struggle to control access to sensitive data given the number of people involved when using email and spreadsheets to reconcile accounts

Account Reconciliation Process Automation

Organizations should automate the process for suitable accounts to effectively manage large numbers of account reconciliations. 

Oracle Account Reconciliation Cloud, enabled by interRel Consulting, provides the elements necessary for successful automation:

  • The account-reconciliation process is fully integrated into the financial close
  • It provides workflow support for the account reconciliations, including reporting, monitoring, and analytics to show process trends and areas for improvement
  • The solution applies rule-based thresholds for automated certification and risk assessments
  • It directly integrates data from ERP systems, ensuring that all accounts are included
  • And, it gives access only to the staff required for the specific items to be reconciled

Oracle Account Reconciliation Cloud Advantages

Organizations that work with interRel Consulting to implement Oracle Account Reconciliation Cloud enjoy several advantages over doing account reconciliations manually:

  • They complete reconciliations faster and avoid delaying the financial close. 
  • They improve finance staff productivity and reduce the number of accounts to reconcile without compromising accuracy or increasing risk.
  • And, they enjoy peace of mind knowing that the numbers are accurate and important and confidential data is only visible to authorized users.

Oracle Account Reconciliation Cloud (Formerly known as ARCS)

Oracle’s Account Reconciliation product, formerly known as Account Reconciliation Cloud Service or Oracle ARCS, is a cloud-based solution built to manage the global reconciliation process. 

Enabled by interRel Consulting, it helps financial managers streamline and optimize reconciliations by automating various tasks and supporting risk-based reconciliation cycles. 

Oracle ARCS provides a clear, real-time view of progress and ensures that only properly qualified reconciliations are prepared. 

Rule the world with Oracle Account Reconciliation Cloud enabled by interRel’s award-winning consulting.

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Tel: (972) 735-8716
Email: info@interrel.com
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