Oracle Account Reconciliation Cloud Service
Even if you have considered Oracle Account Reconciliation Cloud Service before, you may have some questions:
- What are the benefits of Oracle ARCS?
- How does it work?
- What does it look like?
- Can I move my data securely to the cloud?
Below is a preview of the webinar transcript.
As far as account reconciliation, they obviously fill a very important role in ensuring the integrity of financial statements and making sure that they’re reflective of the business at a particular point in time. Most organizations whether private, public, regardless of industry affiliation go through a similar staircase in order to close their books ultimately and, of course, throughout that process an integral facet is the account reconciliation aspect.
You begin with things like closing your sub ledgers, making your AR, AP, fixed assets closed. Ultimately, the general ledger you perform reconciliations and post accruals. Ultimately, of course, from there you want to continue to make sure that you’ve gathered and vetted all the proper information and data. Data assurance could not be more important than in financial closing consolidation in my opinion, so obviously making sure that you have a high degree of data integrity and that you have a comprehensive and complete data set is of paramount importance, and then ultimately up through the consolidation process itself. This can obviously be done across a multitude of hierarchies, various types of vantage points within your business depending upon how management or external bodies need to see your financials.
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