As organizations work to handle increasing volumes of financial data and heightened regulatory scrutiny, efficient and accurate account reconciliation practices are more critical than ever.
Oracle Account Reconciliation Cloud (ARCS) offers a comprehensive suite of tools and functionalities to simplify reconciliation tasks, enhance visibility, and ensure compliance with regulatory requirements.
In this article, we discuss the key capabilities of Oracle ARCS, exploring its significant impact on improving financial governance, reducing risk, and driving operational efficiency, and offering valuable insight into our personalized Oracle consulting services.
Understanding Oracle Account Reconciliation Cloud (ARCS)
Oracle Account Reconciliation Cloud Service (ARCS) is an innovative solution designed to streamline and automate the often complex and time-consuming process of reconciling accounts. ARCS provides a robust solution to help organizations efficiently manage their reconciliation process, improve accuracy, and ensure compliance with financial regulations and standards.
The Oracle Account Reconciliation platform automates the global reconciliation process through rule-based matching and variance analysis and offers advanced reporting and analytics capabilities. With Oracle ARCS, organizations can reduce manual efforts, enhance visibility into reconciliation activities, and mitigate risks without compromising accuracy or integrity.
Features of Oracle Cloud EPM Account Reconciliation
Global reconciliation compliance
Prebuilt workflows
Leverage built-in workflows to track the status of all reconciliations, including when a reconciliation has been signed off, who signed off on it, and any other notifications to keep teams in control of their reconciliation process.
Flexible formats
Access pre-built formats or use customizable tools to create new ones based on critical reconciliation format requirements, details, goals, or best practices.
Zero-balance reconciliations
Automate time-consuming manual reconciliations, such as low value, zero balance, or low risk reconciliations, and define auto-reconciliation rules.
Audit support
Maintain reconciliation accuracy, integrity, auditability, and compliance by logging all reconciliation data in a centralized repository.
Effective close cycles
Improve insight into the reconciliation process through compliance and operational dashboards, including open, due today, due shortly, or late reconciliations and adherence to policies and procedures.
Variance reports
Create automatic variance reports to identify outliers that slow down financial close and put reconciliation compliance at risk.
Transaction matching
High-transaction volume reconciliations
Utilize the auto-match engine to automate matching processes for high-transaction volume, labor intensive reconciliations.
Auto-suggested matches
Confirm or deny suggested matches to accelerate the transaction matching process.
Flexible matching rules
Create flexible matching rules for one-to-one, many-to-one, or many-to-many reconciliations to improve reconciliation performance.
Automated journal entries
Automate journal entry creation to resolve variances and mitigate risk typically associated with inaccurate reconciliations.
Connected financial consolidation and close
Cloud EPM integrations
Connect with other Oracle Cloud EPM solutions like Financial Consolidation and Close and Narrative Reporting to accelerate the complete financial close process.
Streamlined journaling processes
Create, track, manage, and post journal entries from a centralized location to any on-premises or cloud ERP system.
Automatic data source connections
Enhance existing IT investments in Oracle and non-Oracle applications by connecting data and metadata from multiple sources, including Oracle Cloud ERP, SAP ERP, or E-Business Suite.
Key Benefits of Oracle ARCS vs. Oracle ARM
While Oracle Account Reconciliation Cloud offers similar capabilities to its on-premise counterpart, there are a few critical advantages only available with the cloud-based solution.
- Reduces time, effort, and costs with a fully integrated cloud infrastructure
- Requires minimal hardware investment through a low monthly per-user licensing cost
- Provides prebuilt tools that minimize IT involvement and reduce Oracle application support
- Enables faster time to deployment with greater system flexibility and scalability
- Supports tablet user interface with an extensible library of tutorials and training videos
- Reduces up-front deployment costs for intelligent infrastructure and intuitive dashboards
How Can We Help?
From implementing Oracle ARCS to improve global account reconciliation and comprehensively addressing security risks to managing high-volume bank reconciliations and ensuring global auditability, Surety Systems has you covered.
Our senior-level Oracle consultant team has the technical knowledge, functional skills, and real-world experience to manage core reconciliation processes effectively, enable real-time visibility into financial data, and keep your entire team on track.
Contact Us
For more information about our Oracle consulting services or to get started on a project with our team of expert consultants, contact us today.
