Updated: Jan 15, 2021
Account Reconciliation Cloud Service – ARCS by Oracle is changing the way large organizations handle complex accounting structures such as detailed reconciliations which can go upto hundreds and thousands of transactions depending upon the size of the company.
ARCS is a purpose-built, feature-focused solution created to manage your global reconciliation operations and provides real-time visibility into the reconciliation performance while ensuring that all reconciliations prepared are accurately qualified.
1. Cloud Technology
Before ARCS there was Account Reconciliation Manager (ARM), the on-premises counterpart but with the current demands of global operations on-premises has a number of drawbacks. ARCS provides cloud technology along with more upgrades from Oracle.
The key advantages of the cloud version are faster deployment, reduced deployment costs, and more flexibility to scale quickly to accommodate organizational needs.
2. Comprehensive features
Customers are offered everything they need in order to manage a global reconciliation operation:
Rule-based approach for automatic certification and risk evaluation
Flexible balance mapping rules with an automation check
Workflow support for the reconciliations
Audit controls for all activities
Reporting, monitoring, and analysis
3. Faster Deployment
With cloud technology the need for on-premises operating systems, hardware, databases, other systems and technology, new applications can be deployed in weeks instead of months for on-premises applications.
4. Faster closing by automation
The smart auto-match engine matches millions of transactions in minutes. This feature provides sophisticated transaction matching abilities for high- transaction volume, labor intensive reconciliations
5. Improved efficiency and accuracy
With numerous carefully integrated and designed features ARCS eliminates manual work and hence the errors arising from manual steps. Users can be ensured of accuracy and efficiency of the financial statements and accounting processes.
6. Real-time reporting, monitoring and visibility
With ARCS enterprises have the benefit of real-time dashboard reporting on compliance and completion. Users can keep track of reconciliation status with dashboards and reports while retaning the ability to create customized reporting.
7. Role-based intuitive interface
Reduced training costs and increased user productivity with a web user interface and reports
8. Role-based tasks and work areas
Users have the ability to approve, manage and perform, and tasks in configurable management work areas
ARCS fully integrates accounts reconciliation process into the financial close. It streamlines reconciliation processes, increases productivity with workflows and allows rules-based approach for automated certifications and risk assessments.
It is extremely beneficial application for enterprises looking to manage their complex reconciliations and financial statements.
You can read more about ARCS on our blog (add link to Getting to know ARCS)