Before technology was able to automate account reconciliations, most calculations and checks were done by humans and required a lot of human interaction with Excel. These account reconciliations would span multiple Excel spreadsheets with an enormous amount of data to sift through. The average time it took for reconciliations back then averaged around 4-5 days with some larger companies possibly taking even longer.
When Oracle's Account Reconciliation Cloud Service (ARCS) was unveiled, it created a huge stir in the finance and accounting world. Now, instead of performing tedious tasks in Excel, finance professionals can easily press a button and automate and complete the account reconciliation in under 30 minutes. This automation allowed companies to save money, time, and other resources in the long run.
Assuming the company is a mid-size one with 2 analysts, the image on the left would show the total time needed to reach the break-even point or pass it.In the case of this company, we can see that their ROI passed the break-even point after 10 months. Of course, cost is the main advantage of switching to ARCS, but there are many other key benefits, such as Accuracy, Security, and visibility.
Our client needed the GL (general ledger) and subledger to reconcile at the group level.
We created profiles for each group and mapped the data to load into their respective groups. We then sent the threshold to auto reconcile if the variance is less than 1,500 for each group.