Mastering Account Reconciliation with Oracle EPM ARCS

Manual reconciliations are becoming an increasing burden for organizations dealing with fragmented data sources, inefficient workflows, and the constant pressure of adapting to change. Oracle Cloud EPM’s Account Reconciliation Cloud Services (ARCS) is a purpose-built solution designed to streamline these processes, enhance transparency, and transform reconciliation workflows – helping modern finance teams achieve more accurate and timely financial reporting. 

Oracle EPMS ARCS for Modern Financial Operations 

One Version of the Truth 

ARCS helps organizations consolidate their data from multiple sources into a single version of truth. This not only reduces discrepancies but also enables more transparent reporting. Many businesses still rely heavily on Excel for manual reconciliation processes, which are prone to errors due to data coming from disparate systems like the general ledger (GL) and sub ledgers. Oracle EPM account reconciliation automates these processes, significantly improving accuracy. 

Oracle Cloud EPM Single Source of Truth 

Key Benefits of EPM ARCS 

1. Visibility: ARCS offers configurable dashboards that provide a clear view of ownership structures and risk areas in the reconciliation process. Users can drill down into source systems like Oracle ERP Cloud to understand the operational details and ensure transparency across all financial data. 

2. Transformation: ARCS doesn’t just track reconciliations—it standardizes them. Whether you’re dealing with foreign exchange (FX) reconciliations or grouped/non-grouped accounts, ARCS aligns everything with ownership structures, giving you true historical data for each period. Audits become a breeze with complete journaling functionality from reconciliations to other financial tasks. 

3. Automation: Automated account reconciliation is where ARCS truly shines. With features like transaction matching, which ties directly to reconciliations, ARCS enables companies to streamline repetitive tasks. Configurable matching rules ensure that data is reconciled accurately and efficiently. 

Oracle EPM ARCS vs Blackline 

While both Oracle ARCS EPM and BlackLine offer robust account reconciliation capabilities, ARCS is a part of the larger Oracle Cloud EPM suite, providing more value for the investment. Here’s how ARCS compares to BlackLine and why it’s a good fit for organizations already using Oracle products or seeking a unified financial ecosystem: 

• Included in Oracle Cloud EPM Suite: One of the key advantages of ARCS is that it comes integrated within the Oracle Cloud EPM suite. This means businesses get not only world-class account reconciliation capabilities but also access to Oracle’s full range of EPM tools, such as financial planning, budgeting, and reporting. This comprehensive offering provides more functionality compared to purchasing a standalone solution like BlackLine. 

• Automation and Efficiency: Like BlackLine, ARCS automates repetitive tasks such as data entry and transaction matching, significantly reducing manual work and improving the accuracy of reconciliations. 

• Real-Time Monitoring and Reporting: ARCS offers real-time visibility into the reconciliation process, helping teams quickly identify discrepancies and resolve them before they escalate. This real-time functionality helps streamline the overall financial close process. 

• Compliance and Audit Readiness: ARCS maintains a comprehensive audit trail of all reconciliation activities, ensuring compliance with regulatory standards. This feature simplifies audit preparations and ensures that all records are readily accessible. 

• Seamless ERP Integration: ARCS integrates effortlessly with major ERP systems such as Oracle and SAP. This seamless integration allows data to flow smoothly between financial systems, minimizing manual data transfers and reducing errors, giving ARCS users a complete, streamlined financial ecosystem. 

With ARCS, organizations can leverage the full power of Oracle Cloud EPM to not only handle reconciliations but also enhance their overall financial processes—all within one unified platform. 

Oracle EPM Suite Capabilities and Applications 

Goals of EPM Account Reconciliation 

Goals of Account Reconciliation 

Regular account reconciliation is crucial for maintaining accurate financial records, ensuring compliance, preventing fraud, and supporting strategic decision-making. Oracle EPM ARCS makes this process easier and more effective through automation, standardization, and secure collaboration. 

By leveraging ARCS for your business account reconciliaition, you can: 

• Ensure the accuracy and reliability of financial data 
• Detect and prevent errors or fraud 
• Maintain compliance with regulatory standards 
• Improve internal reporting for better decision-making 
• Simplify audit preparations with comprehensive trails of reconciliation activities 

PeopleSoft Account Reconciliation with EPM ARCS 

For organizations still running on-premise systems like PeopleSoft, Oracle EPM ARCS serves as an ideal entry point into cloud. ARCS operates effectively in a coexistence model, offering a quicker implementation while providing seamless integration with both on-premise and cloud ERP systems. Coexistence enables organizations to experience cloud benefits without fully migrating their ERP to the cloud, making it a flexible first step toward modernization. 

Key Benefits of Using ARCS EPM with On-Premise Applications 

• Multiple Integration Options: ARCS provides various integration methods to pull data for PeopleSoft Account Reconciliation and other legacy on-premise systems 

• Data Exchange: Seamlessly integrates data from multiple sources, ensuring smooth communication between ARCS and ERP systems, minimizing manual intervention 

• Drill-Down Capabilities: ARCS allows users to drill into transaction details directly within the source systems, like PeopleSoft, to gain granular insights into the reconciliation process 

• Automation: Leverage EPM Automation and REST APIs to streamline repetitive tasks, reducing manual work and boosting efficiency across reconciliation workflows 

• Coexistence Model: ARCS operates in a coexistence model with PeopleSoft, allowing organizations to take advantage of cloud technology without fully transitioning their ERP systems. This hybrid approach helps businesses modernize at their own pace 

By integrating Oracle EPM ARCS with on-premise systems like PeopleSoft, companies can take the first step toward cloud adoption, improving their reconciliation processes while maintaining flexibility for future ERP transformations. 

The Future of EPM Account Reconciliation 

ARCS is designed to integrate seamlessly with other Oracle EPM services and major ERP systems, eliminating the need for manual data entry across systems. Whether on-premise or cloud, ARCS allows for smooth data exchanges, helping businesses minimize errors and reduce overall operational costs. 

The system also supports advanced capabilities like Smart View Add-in for Excel, built-in AI/ML features, and REST APIs for broader integration with third-party systems. 

EPM and ERP Integration Data Exhange with EPM ARCS 

What’s Next?

Oracle EPM ARCS is more than just your basic account reconciliation management system – it’s a game-changer for organizations seeking to streamline their account reconciliation processes. By consolidating data from multiple sources into a single version of the truth, ARCS reduces discrepancies, ensures compliance, and boosts financial accuracy. Its automation capabilities, such as transaction matching and configurable rules, eliminate manual errors and allows finance teams to focus on more strategic initiatives.  

Whether integrating with existing ERP systems or leveraging advanced features like AI and transaction matching, ARCS is designed to future-proof financial operations. This is just the beginning of EPM ARCS innovation! Make your account reconciliation management more efficient, transparent, and audit-ready by leveraging Oracle EPM ARCS today – contact [email protected] to get started. 

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