Account Reconciliation Cloud Service is a purpose-built solution in the Cloud for managing the global reconciliation process. It provides real-time visibility into the performance of reconciliations and ensuring that all reconciliations prepared are properly qualified. It also helps companies streamline and optimize performance by automating certain reconciliation tasks and supporting risk-based reconciliation cycles.
Account Reconciliation Cloud
Account Reconciliation Cloud Service helps solve global reconciliation needs through robust data integration and mappings, automated and manual reconciliations and comprehensive reporting. Offering support for global organizations and shared service centres, Oracle Account Reconciliation Cloud Service is able to match any company’s business and technological needs.
- Leverage prebuilt reconciliation formats or create your own, providing a flexible environment for creating and deploying reconciliation formats across the enterprise
- Use flexible auto-reconciliation routines to add efficiencies to the reconciliation process
- Utilize rule-based thresholds for automated certification and risk assessments
- Connect to source EPM and ERP applications, such as Financials
- Leverage existing IT investments and quickly integrate data from multiple sources including spreadsheets and native databases
- Achieve integrated financial decisions driven by multiple sources of financial impacts
- Gain workflow support for the account reconciliation process including monitoring, reporting, and analysis
- Get instant visibility into the progress and status of the reconciliation lifecycle
- Leverage audit controls for all activities
- View Operational and Compliance dashboards for real time analysis of reconciliation processes
Account Reconciliation Cloud Service provides the ability for customers to define their own automatic reconciliation rules and have the system process these at the beginning of the cycle. The efficiency, and accuracy, gain of leveraging this feature in the system can be quite significant for most customers.
2. Flexible formats
Account Reconciliation Cloud Service offers prebuilt formats and also includes the ability for customers to build custom formats based on their internal needs and business practices. Whether you want to leverage best practice prebuilt formats or go with custom developed ones is a business choice that the software supports out of the box. This flexibility is also key for growing organizations that can leverage the software to evolve their processes.
There are two key aspects to the reconciliation cycle – operational and compliance. The operational aspect is about how the process is working. The compliance aspect focuses more on how the organization is doing versus policies and procedures. It allows organisations to analyse the quality of the process not just the quantity. Account Reconciliation Cloud Service provides out of the box dashboards that focus on both areas. These dashboards enable process monitoring, immediate action on errors and delays and process analysis to evaluate and improve close-cycle effectiveness.