The banking industry is being transformed with new technologies and emerging fintech companies. For this reason, Financial Institutions are obliged now than never to use all technology available to give the best results at the end of each month.
Speaking about it, month-end closing is particularly difficult. Reconciling sub-ledgers to their corresponding accounts in the general ledger is a critical process for any company; but is even more challenging, complex and relevant for highly regulated industries such as banks. This obeys to their impact on audits and compliance evaluations.
Typically, banks have many transactional systems that aren’t integrated to their general ledger. Additionally, most of their balance sheet accounts are segregated by branch and departments, resulting in a large number of reconciliations.
Now, if you are the Chief Accounting Officer, CFO or Controller, you carry a lot of weight on your shoulders: Keeping track of all these reconciliations, managing the differences and making sure that all are properly done by the month-end is crucial for a fast and accurate period closing.
Under this perspective, it’s pretty clear that you need to automate this process. With this in mind, Oracle has created ARCS, Account Reconciliation Cloud Service; a cloud-based application that will keep track of all your reconciliations.
It will automatically import your GL and subsidiary balances, so your employees will then proceed to reconcile them, highlighting the differences and justifying them in the system. Controls are placed on the documented differences and workflows can be activated based on their amount. The system will also track their origination date and keep track of their age.
Contact us here Reach out to us and we’ll be happy to show you the best cutting-edge solution for your banking or financial institution that will give you that much-needed peace of mind you look for each month-end.