Why you should be using Account Reconciliation Cloud?

Why you should be using Account Reconciliation Cloud?

Authors: Lori Wihlborg and Mo Kandous

Oracle Account Reconciliation Cloud Service (ARCS) is a software solution that aims to streamline and enhance the account reconciliation process within the Financial Office. It provides tools and features to manage and monitor the reconciliation process, resulting in a faster, more organized, and accurate workflow.


ARCS is designed to work with various financial applications, both from Oracle and non-Oracle sources. This flexibility allows organizations to leverage their existing systems while benefiting from the streamlined capabilities offered by ARCS.


Some key features and benefits of Oracle ARCS include:


  1. Automation: ARCS automates repetitive and manual tasks involved in the reconciliation process, reducing the need for manual intervention and saving time. It can automatically match transactions, identify exceptions, and perform rule-based validations, increasing efficiency and accuracy.


  1. Collaboration and Workflow: The software provides collaborative features, allowing multiple users or teams to work together on the reconciliation process. It enables them to share information, exchange comments, and track progress, facilitating smoother collaboration and reducing errors.


  1. Dashboards and Reporting: ARCS offers user-friendly dashboards and reporting capabilities that provide real-time visibility into the reconciliation process. Users can access comprehensive reports, analytics, and key performance indicators (KPIs) to monitor progress, identify bottlenecks, and make informed decisions.


  1. Compliance and Controls: ARCS helps organizations maintain strong internal controls and adhere to regulatory requirements. It offers configurable rules, risk assessment capabilities, and segregation of duties (SoD) controls to ensure compliance with financial regulations and internal policies.


  1. Audit Trails and Documentation: The system maintains a complete audit trail of all activities and changes made during the reconciliation process. This feature provides transparency, accountability, and support for internal and external audits.


  1. Scalability and Integration: ARCS is designed to scale with the organization’s needs and can handle large volumes of data. It integrates seamlessly with other Oracle and non-Oracle financial applications, facilitating data exchange and streamlining the overall financial management process.


By leveraging Oracle ARCS, the Financial Office can potentially shorten the close cycle, improve accuracy, and save time and money by optimizing the account reconciliation process.


Come chat with us on Tuesday June 27th where we would be happy to provide you with information and answer any questions you may have about Account Reconciliation Cloud Service (ARCS).

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