3 Benefits of Automating Cash Management

Cloud Cash Management

Bank Reconciliation in Cloud

Oracle Cloud Cash Management provides a complete, comprehensive, and powerful solution that will enable you better control of cash and allow you to optimize your liquidity management system. Organizations that are already live on Cloud or considering Oracle Cloud often seek a highly automated and simplified cash management tool to effectively and accurately manage their large volume transactions in a timely process. Below, we will dive into the key benefits of streamlining cash management and bank reconciliation processes in Oracle Cloud. 

Improve Efficiency Through Auto-Reconciliation Capabilities  

Oftentimes, a large ratio of the reconciliations in an organization are zero balances and low risk types in high volume which can be handled by the systems. However, many companies are spending a lot of time manually reconciling these transactions. Oracle Bank Reconciliation allows organizations to streamline this process through automatic reconciliation rules. The transaction matching functions deliver a powerful auto-match engine with the capability of processing more than a million transactions per minute. 

The matching process begins with the import of transactions from bank statements, followed by the execution of the auto-match process, confirmation of suggested matches, and creation of manual matches as necessary. This process is fully controlled by your application administrator as all matching rules are defined and created based on the organization’s needs for optimized performance. 

Ensure Accuracy and Flexibility without Compromising Security 

Timely bank reconciliation is critical to the core business operations. Depending on your organizational needs, Oracle Cloud Cash Management provides you full control to determine if your bank reconciliation processes need to be configured to run daily, bi-weekly, monthly, or at any other specific timeframe. 

Besides the flexibility given by reduced frequency of reconciliation, bank reconciliation capabilities enable you to maintain accurate cash balances, identify and resolve exceptions, manage bank errors, and monitor fraud. Furthermore, with Oracle Cash Management’s security functionalities, you can grant access to specific bank accounts for performing specific functions to ensure segregation of duties and compliance. 

Deliver Full Visibility with Intelligent Reporting Tool 

Bank Account Reconciliation’s dashboards provide a big picture of how the organization is doing, from both an operational and compliance perspective. You can also access daily cash flows from your operational systems as well as those reported by your bank. The robust reports and analytics tool can help analyze your daily cash position with critical information such as bank account, legal entity, currency, etc. In addition, this tool can also build a cash forecast report based on forecasted transactions in which many organizations find beneficial in projecting their future cash needs and evaluating their liquidity position. 

Client Case Study 

In our recent Oracle Cloud Cash Management work with ATCO, Elire was engaged to complete a two-phase optimization project of ATCO’s Cash Management suite. This included a Current State Assessment of Bank Reconciliation System and Business Processes – Oracle Fusion Cash Management, Accounts Receivable, Payables, and a full review and assessment of current state of business processes and Oracle Fusion system configuration. The second phase involved the re-implementation of Bank Reconciliation and Treasury Accounting. 

By using Cloud Cash Management, ATCO was able to see benefits such as being able to leverage the new automatic reconciliation rules and configurations to create a more efficient business process. Delivered reports that were previously unused due to not meeting the business’s needs were then able to be customized to meet ATCO’s requirements and are now fully utilized as a part of the close process. 

Reach out to [email protected] to schedule a Cloud Optimization Assessment with Elire’s Management Advisory Services team to review your current state and recommend options to improve your processes and procedures.  Gain insight into service offerings, leadership, success stories, and more on Elire’s Oracle Cloud Services Page. 

Elire also has multiple sections of our Industry Insights blog dedicated to improving your Oracle Cloud HCM, Oracle Cloud ERP, and Treasury functions. Sign up for our newsletters here to receive updates on new blog posts, success stories, and upcoming webinars. 

  • Ms. Caron serves as Elire's Marketing Specialist, specializing in content writing and digital media communications. Maddie works to deliver relevant industry updates and technical blog posts to educate and engage Elire's audience.

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