Oracle Cloud EPM Account Reconciliation

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 Cloud EPM Account Reconciliation, 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