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What-Is-Oracle-Account-Reconciliation.Pdf Oracle Analytics Partner of the Year interRel Highlights and Company Overview Focused on #1 EPM Cloud Partner Awards 170+ Cloud • 2019 Oracle Analytics Partner of Company was founded EPM & BI specializations, 60+ the Year on Essbase and has since free Cloud webcasts, • 2016 Oracle Global Partner of the the free Cloud videos, and year – Cloud EPM & BI most experienced Essbase resources. 1997 2 Cloud books! • 4-time Oracle Excellence Award • 9-time Inc. 5000 – list of fastest growing U.S. private companies • Multiple Kscope Top Speaker awards Our Industries consultants Free Education Healthcare, Financial OTN tours, regional 1,000+ EPM average 9+ roadshows, weekly years of EPM Services, Higher Ed, Retail & webcasts, Play It projects Wholesale, Tech & Telecom, Forward videos completed, 50+ in experience Consumer Goods, Energy, (YouTube), newsletters, Insurance, & Manufacturing and blog posts! EPM Cloud Introduction to Account Reconciliation Cloud (ARC) Terrance D. Walker, PMP [email protected] epm.bi/Videos Disclaimer • These slides represent the work and opinions of the presenter and do not constitute official positions of Oracle or any other organization. • This material has not been peer reviewed and is presented here with the permission of the presenter. • This material should not be reproduced without the written permission of interRel Consulting. What is a Reconciliation? • Validation that the balance in an account is “accurate” • Different types of accounts are validated or reconciled differently ̶ Cash – Compare the GL balance to the bank balance ̶ AP – Compare GL to sub-ledger ̶ AR – Compare GL to sub-ledger and analyze the aging of receivables ̶ Fixed Assets – Compare GL to sub-ledger and perform a roll-forward ̶ Pre-paids (e.g. Insurance) – Document the composition of the balance and justify ̶ Accruals (e.g. Bonuses) – Document the composition of the balance and justify ̶ Provisions and Reserves – Document the composition of the balance and justify Challenges in the Account Reconciliation Process • #1 non-data related delay in the close process • Honest questions ̶ What percentage of close time are you spending on account recs? ̶ Is it even happening? ̶ What tools are you using? Excel? Emails back and forth? ̶ Is every account truly being reconciled? ̶ Are we reconciling at the correct level(s)? ̶ Are recs updated as balances change during close? • The result ̶ Limited visibility into completion status ̶ Limited reporting across recs ̶ Lost reconciliations ̶ Inefficient processes and lost time ̶ High risk and non-compliance Challenges in the Account Reconciliation Process Manual process Incomplete Limited governance information Security/compliance Audit issues Limited visibility ARC Addresses these Pain Points and Challenges Manual process Incomplete Limited governance information Enables Provides Addresses automated governance and security and risk account real-time status concerns reconciliations reporting Security/compliance Audit issues Limited visibility Account Reconciliation Cloud (ARC) • Addresses the global reconciliation process • Reduces risk, providing real-time visibility into the performance of account reconciliations • Ensures all reconciliations are properly qualified • Helps companies streamline and optimize performance by automating certain reconciliation tasks and supporting risk-based reconciliation cycles • Integrated with transaction systems • Simplified UI for Cloud • Analytics covering performance and compliance Easy To Use SUI for Completing Reconciliations Profile Properties Workflow Support for Account Rec Process Manage the Overall Process • Real-time visibility into the progress and status • Assign resources/teams to specific items to be reconciled • Analytics to review trending and areas for improvement Report and Analyze on the Account Rec Process • Pre-built reports • Supports creation of custom reports and report groups Fully integrate Account Reconciliation into the Close • Integrate data from Oracle EBS, ERP Cloud and other ERP systems ̶ General Ledger ̶ A/R, A/P & Fixed Asset Sub-ledgers ̶ Cash Management • Leverage existing on premise IT investments • Automate with EPM Automate Routines o Import Profiles o Import Balances o Import Pre-mapped Balances o Run Auto-match Oracle Business Processes How to subscribe? Part of 4 Main Business Processes • Available with both EPM Standard and EPM Enterprise • Oracle is shifting away from Cloud Services to 1 solution that supports 4 primary business processes: ̶ This does mean that except for legacy customers, the products will not be sold separately ̶ What was a “product” is now just a “business process” inside Oracle EPM Cloud 1. Planning: Planning, Profitability & Cost Management 2. Financial Close: Financial Consolidation & Close, Account Reconciliation, Tax Reporting 3. Narrative Reporting: Narrative Reporting, Dashboards 4. Enterprise Data Management: Enterprise Data Management / Governance https://www.oracle.com/applications/performance-management/products.html Oracle EPM Standard Ad Hoc Narration Management Reports Mobile PLANNING FINANCIAL CLOSE • Custom Plan Types • Consolidation • Workforce • Account Reconciliation • Projects • Task Management • CapEx • Supplemental Data • Scenario Modeling DATA • Financials MANAGEMENT ERPs Data Warehouses Unstructured Data Excel Oracle EPM Enterprise Ad Hoc Narration Management Reports Mobile PLANNING Profitability & Cost Management FINANCIAL CLOSE • Custom Plan Types • Consolidation • Workforce • Account Reconciliation • Projects • Task Management • CapEx ENTERPRISE • Supplemental Data • Scenario Modeling DATA • Advanced Consolidations • Financials MANAGEMENT • Transaction Matching • Freeform (Essbase) • Tax Reporting • Groovy ERPs Data Warehouses Unstructured Data Excel EPM Cloud Standard vs. Enterprise Business Processes EPM Cloud Standard EPM Cloud Enterprise Planning Planning & Budgeting + Advanced Customization and Packaged modules: Workforce, modeling (Groovy) Capital, Financial Project Planning Intelligent Performance Management Scenario Modeling Intelligent Process Automation 1 Custom Hybrid BSO & 1 Free Form Planning Custom ASO Financial Consolidation & Close Financial Consolidation + Advanced consolidation (on- Task Management demand business rules, custom calculations) Intelligent Performance Management Intelligent Process Automation Narrative Reporting Narrative Reporting + XBRL Reporting Account Reconciliation Account Reconciliation + Transaction Matching Tax Reporting Not available Tax Reporting Profitability Not available Profitability and Cost Management Enterprise Data Management Not available Enterprise Data Management with 5,000 records limit New Names of EPM Products (“Business Processes”) • EPBCS/PBCS –> Planning • FCCS –> Financial Consolidation and Close • ARCS –> Account Reconciliation • EPRCS –> Narrative Reporting • PCMCS –> Profitability and Cost Management • TRCS –> Tax Reporting • EDMCS –> Enterprise Data Management Into the Details of ARC ARC Home Screen • Simplified User Interface (SUI) across all EPM Cloud products • Role-based views of ARC functionality • ARC Cards: ̶ Worklist ̶ Reconciliations ̶ Matching ̶ Dashboards ̶ Reports ̶ Application ̶ Tools ̶ Academy Worklist • The Worklist Card reflects a listing & the status of reconciliations • Summary of the status by All, Late, Due Today or Due in 7 days • Leverage Filter bar to filter by attributes such as name or account type. Reconciliations • Balance Summary o Source System & Sub-system balances o Format Details • Prior Ending Balances o Balance Trending o Imbalance review • Reconciliation Metrics o Assignee o Status o Attachments o Commentary Matching The Matching Card notes all reconciliations created with Transaction Matching and shows a description, the name of the preparer and whether there are unmatched items. The process for performing matching involves: ̶ Importing Transactional Data ̶ Confirming Suggested Matches ̶ Creating Manual Matches ̶ Creating the Reconciliation Balancing Report Application • Overview displays recent reconciliation activity by different users, data loads, and the number of change requests for today, last seven days, and all • Profiles used to define reconciliation templates which are basis for which data points are reconciled • Periods allows for opening, closing or locking periods • Configuration used to set up, configure, and maintain ARC application settings, i.e. – Currencies, Formats, Organizational Units, etc. • Match Types allows for creating match types for Transaction Matching and Calendars Application (cont’d) • Jobs displays the jobs performed in ARC – Jobs History maintains a history of the jobs run in Transaction Matching and allows for: importing transactions, deleting imported transactions, importing balances, and running Auto Match • Services allows a Service Administrator to restart or run the following: email notifications, open reconciliations or system maintenance tasks such as synchronizing users • Archive allows a Service Administrator to keep the size of the database in check and help performance by using archive, restore and purge functionality • Report Configuration allows for creating custom reports, creating report queries, and group reports Academy Into the Details of the Reconciliation Process Profiles • Grouping of Account IDs that are subject to reconciliation ̶ Created to meet the reconciliation requirement(s) ̶ Can contain multiple G/L segments – Entity-Account-LOB • Assigned a type, format, preparer, reviewer, balance, etc. Profiles • Profiles
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