Seadrill
[ Ссылка ]
Amazon
Part 1 - [ Ссылка ]
Part 2 - [ Ссылка ]
The traditional reconciliation process is very manual as companies continue to rely on excel spreadsheets, shared drives, emails and phone calls between multiple preparers and reviewers. This increases cycle time, requires undue labor hours, limits process transparency and is highly susceptible to human error. Implementing an automated account reconciliation tool can accelerate the financial close process and improve productivity, allowing scarce resources to focus on value add activities and financial analysis during the close and reconciliation cycle. It ensures that business rules and procedures are applied consistently and are in line with accounting policies accepted by internal and external auditors.
Automation enforces standardization across the reconciliation process and improves quality and accuracy of financial data. The typical automated reconciliation process starts with automated and fully controlled data integration from the general ledger and related sub ledgers. Then, flexible auto reconciliation rules set up in alignment with company policy drive efficiency gains by allowing accounts to be automatically reconciled. Reconciliations are assigned to preparers and reviewers based on a risk model, which also drives timing and frequency of each reconciliation. Configurable e-mail notifications throughout the reconciliation process eliminate the need for manual reminders throughout the process. Reporting is available throughout the cycle to enable live status monitoring.
Based on a recent benchmark by The Hackett Group, companies have a great opportunity to implement an automated reconciliation tool like Oracle Account Reconciliation in the Cloud Service. As Oracle’s number 1 EPM/BI partner for 3 years running, The Hackett Group provides expertise and best practices around the account reconciliation process and related tool implementations. We have implemented the tool successfully at multiple Fortune top 100 companies. Are your account reconciliations being performed in a standardized way? Does the auditor feel comfortable you are performing all reconciliations in a timely manner? Are you able to show data completeness throughout the reconciliation process? If you answered “No” to any of the above, you’re not alone. If you are interested in discussing best practices related to your reconciliation cycle or potential tool implementation, check out the links below or contact us at ARCS@thehackettgroup.com.
Seadrill
[ Ссылка ]
Amazon
Part 1 - [ Ссылка ]
Part 2 - [ Ссылка ]
Automated Account Reconciliation Cycle
Теги
account reconciliationaccount reconciliation cycleautomated account reconciliationaccount reconciliation implementationaccount reconciliation softwareaccount reconciliation manageraccount reconciliation in the cloud serviceOracle ARCSOracle EPMCloud EPMOracle CloudARCSThe Hackett GroupFinancial Close ManagementFinancial Close Process