WHAT IS ORACLE ACCOUNT RECONCILIATION CLOUD SERVICE?
Oracle Account Reconciliation Cloud Service (ARCS) may be a purpose-built solution within the Cloud designed to manage your global reconciliation process. It provides real-time visibility into the performance of reconciliations and ensures that each reconciliation prepared is appropriately qualified. It also helps streamline and optimize your performance by automating specific reconciliation tasks, including high-volume transactional reconciliations. Account Reconciliation Cloud includes two modules: Reconciliation Compliance and Transaction Matching.
With Reconciliation Compliance, organizations ensure accounts are properly reconciled using the correct format and containing thorough and complete justifications. Approval workflow captures evidence of sign-off, and email notifications keep the whole team on target. The integrated document repository secures access to supporting documentation, providing global auditability and access while ensuring reconciliations are never lost or misplaced. The Reconciliation Compliance risk-based preventive control structure ensures organizations can optimize workflow without sacrificing quality.
Transaction Matching automates the performance of transaction-intensive reconciliations, supporting two source reconciliations processes like intercompany and bank reconciliations, also as single source reconciliations like high volume accrual and suspense accounts.
Gain Confidence in the Close
Oracle Account Reconciliation Cloud Service (ARCS) may be a purpose-built solution within the Cloud for managing and improving global account reconciliations. It provides real-time visibility into the performance of reconciliations and ensures that each reconciliation prepared is appropriately qualified.
ARCS fully integrates the accounts reconciliation process into the financial close. It helps streamline reconciliation processes, provides workflows for productivity, and enables rules-based thresholds for automated certifications and risk assessments.
Define clear responsibilities and timelines that enable users to perform tasks relevant to their roles. Discover process trends and areas for improvement that highlight opportunities to realize efficiencies.
Leverage existing IT investments by overlaying ARCS. Integrate data from all ERP sources. Trust within the accuracy of reconciliation data.
Key benefits of Oracle ARCS include:
- Improved finance staff efficiencies through automation of crucial reconciliation functions
- Reduced frequency of reconciliation without compromising accuracy or increasing risk
- Collaboration assists with getting reconciliations done quickly and accurately
- Clear responsibilities and timescales
- Decrease the time it takes for the financial close
- Trust and reliability that the numbers are accurate
- No got to change existing systems
- Peace of mind that essential and confidential data is merely visible to authorized users.
Now your organization can efficiently manage and improve global account reconciliation by utilizing automation and comprehensively addressing security and risk typically related to the method.
Oracle Account Reconciliation Cloud Service (ARCS) connector
With the Oracle® ARCS connector, you’ll use commands during a chain to interact with Oracle Account Reconciliation Cloud Service (ARCS). for instance, with this connector, you can:
- Download, upload or delete files in Oracle ARCS
- Import transactions, balances, and mappings
- Convert comma-separated values (CSV) files to the native Oracle Enterprise Performance Management® (EPM) planning file format, or the other way around
- Run data management batches, reports, and rules
To secure the Connection to Oracle ARCS, the connector uses the basic username and password authentication. to line up the connector, you’ll need:
- A designated integration user found out in Oracle ARCS for the connector.
- The integration user’s authentication credentials
- The application to attach to in Oracle ARCS
- The service name, identity domain, and data center region of the ARCS environment to attach to
Set up the Oracle ARCS connector
- From Chains, click Connections compare_arrows and Add Connection add.
- Under BizApp Connection, select Oracle ARCS and, therefore, the default CloudRunner.
- Under Basic Info, enter a singular name and outline to assist in identifying the Connection.
- Under Properties, enter the connector’s details:
- Select the environments to use with the Connection, and click on Save.
- To test the Connection, create and run a sequence with the connector’s List Files command, and verify it returns a legitimate output.
If the Connection to Oracle ARCS fails:
- Verify the authentication credentials of the connector’s integration user.
- Check the service name, identity domain, and data center region from the Oracle ARCS URL.
- Check the name of the Oracle ARCS application to attach to.