In the past, reconciling accounts meant an arduous, complicated, and less accurate process. But nowadays, with automation possibilities offered by Oracle Accounts Reconciliation Cloud Service (ARCS), this solution in the cloud improves the efficiency of your business and facilitates compliance with norms without complications. This is why we will tell you how this system can simplify these fundamental tasks.
Oracle ARCS features for reconciliation of accounts
Reconciliations are critical tasks that allow validating that the account balances correspond to the operations performed. Because your business can be penalized for this, it is a process subject to the change of productive conditions and at several points in time, since many organizations manage big scale transactions at the financial closing of the month, automation represents an invaluable help.
The main characteristic of Oracle ARCS consists of making account reconciliation more agile. Among its types of validation we can highlight:
- Fixed assets
- Accounts receivables
- Accounts payables
- Advanced payments
On the other hand, this system is designed to adjust at the level of the business. This means that you can make simultaneous reconciliations by code, department, or business unit. This feature allows administrators to configure the assignment rules for such a process, making sure that importing balances comply with the parameters assigned.
Why use Oracle ARCS for account reconciliation?
This advanced software for automating the compliance of reconciliations allows you to manage accounts, balance sheets, reconciliation systems, and other pending processes. In addition to integrating data and ERP/EPM systems, it offers visibility in real time of the lifecycle and progress. Its tools allow to:
- Modify reconciliation formats, which you can adapt to diverse types of accounts.
- Improve productivity of workflow for this process, providing more analysis, supervision and report generation.
- Customize established parameters in the regulations for the evaluation of risks and automatic certification.
- Notify by email those who are in-charge of reconciliations about due dates.
- Manage the tasks for assigning responsibility to optimize preparation and revision tasks.
- Add employees that it takes, according to the needs for closing and with the flexibility that a solution in the cloud offers.
The implementation of Oracle ARCS for the reconciliation of accounts is at the forefront of cloud software solutions to improve the efficiency of your business. If you have questions or need expert consulting about how to take advantage of it, you can count on Fusionworks.