Account reconciliation is an accounting process that must be carried out by all businesses, large or small, to ensure that balances are correct. It is essential to check that all invoices, payments and receipts match the actual cash flow over a given period of time.
To carry out this process, it is best to use software such as Oracle ARCS (Account Reconciliation Cloud Service). This is a solution on the cloud designed to manage the global reconciliation process of companies. It allows companies to have real-time visibility of reconciliation performance and ensures that reconciliations are properly qualified.
Benefits of account reconciliation with Oracle ARCS
The introduction of an automatized process of account reconciliation on the cloud such as Oracle ARCS helps shorten the financial close by automating some of its tasks, allowing the entire process to be moved to a unified or centralized platform. Its use offers many other benefits to users, such as:
Avoid possible errors
The more operations a person has to perform, the more likely he or she is to make a mistake. By using an automatic tool, it is easier and safer to check that the information matches.
With Oracle ARCS it also prevents the constant unbalancing of transactions with invoices that are not identified in the accounting department. At the same time, it helps control all charges and quickly detect those that have been made in error.
Save a slow and tedious process
Account reconciliation is a process that can be cumbersome if done manually, as well as inefficient. This is solved with cloud tools such as Oracle’s, which turns a slow and tedious process into a fast, efficient and error-free one.
What does Oracle ARCS offer your company?
In addition to the above benefits, Oracle ARCS allows you to track the preparer and reviewer of reconciliations for an account, as well as easily view the status of reconciliations, identify bottlenecks and act on them in a timely manner. This is easily done from the tool’s dashboard.
- Save time and increase process accuracy by automating complex reconciliations.
- Improve efficiency of finance personnel thanks to the automation of reconciliation key functions.
- Offer greater confidence and security, since the numbers are accurate.
- Give visibility to confidential and important data only to authorized users.
- Have a great user experience thanks to an intuitive interface.
If you want to implement a solution like Oracle ARCS in your company to take advantage of its benefits, at Fusionworks we can help you achieve it. Contact us!