Account Reconciliation in Oracle Cloud

Oracle ARC, all in 1 system

Many companies do this matching manually, something that is time-consuming and error-prone. ARC ensures that all this happens in 1 system (matching, proofing and difference analysis). In addition, it provides real time visibility and offers the ability to automate reconciliation processes which speeds up the process considerably, it is also easy to integrate with other systems which streamlines the process even further.

The benefits of a reconciliation solution

With the right reconciliation software, you can make great strides in the reliability, speed and effectiveness of the reconciliation process within your organization. With the implementation of a reconciliation solution, you achieve the following benefits:

• Structured approach
• Less manual work
• No more loose Excel sheets and version control
• Higher quality data
• Always and overall insight into the alignments
• Better audit of the process

The benefits of Oracle ARC

Performing Account Reconciliation through ARC has several strong advantages over performing it manually or through an ERP system.

ARC has extensive integration capabilities. As part of the Oracle EPM cloud platform, ARC is seamlessly integrated with Oracle EPM solutions such as Oracle FCC and PBC.
In addition, ARC can also bring data from different ERP systems together in one environment.

There are numerous reconciliation formats available that describe what a reconciliation looks like, type of information that can be entered. In addition, ARC offers simple functionality to create your own formats.

With 'Flexible Matching Rules' to define multiple types of matching rules (think one-to-one rules or one-to-many rules, etc). These can be made flexible by creating tolerance rules for acceptable thresholds. ARC also suggests matches. These are insightful and it is simple to indicate whether they can be confirmed or rejected.

ARC speeds up the Account Reconciliation process by automating as much as possible. Reconciliation rules can be defined by users and are executed at the beginning of the cycle. This has proven very effective for low threshold or low risk reconciliations.
The interactive dashboards allow for quick and real-time analysis on the course of the reconciliation process.