Client Success Story
How Accelalpha Streamlined the Reconciliation Process for a Leading Industrial Manufacturer
The Challenge:
A leading industrial manufacturer with facilities in South America, North America, and Asia has gone live with Oracle Cloud Enterprise Performance Management (EPM) and Account Reconciliation (ARCS). The organization produces and delivers several vital products for industries including construction, automotive, electronics, and more. Before this project, the organization had been operating with an on-premises JD Edwards system and a transactional tool for manual reconciliations.
Our Approach
The manufacturer's account reconciliation process was slow, often inaccurate, and required significant manual intervention. Accelalpha implemented Oracle Cloud EPM Account Reconciliation and integrated data from the organization's ERP system and banks. As a result, the company now has an efficient, centralized, and comprehensive reconciliation tool for its accounting users.
The organization selected Accelalpha to implement Oracle Cloud EPM Account Reconciliation because of the depth and breadth of Accelalpha’s Oracle Cloud EPM experience and because of a competitive RFP response.
The Results
Implementing Oracle Cloud EPM Account Reconciliation reduced manual effort significantly, shortened the closing cycle, and improved the organization's account reconciliation process accuracy. The ARCS tool provides the customer with a solution that allows the accounting team to:
- Integrate ERP data for balance sheet and intercompany account reconciliations (Reconciliation Compliance).
- Integrate bank files for cash account reconciliation (Transaction Management).
- Maintain a centralized account reconciliation documentation repository.
- Improve the efficiency and accuracy of workflow and tracking without the need for IT involvement.
- Provide detailed audit information.
- Automate administrative tasks.
This project's success is partly due to the organization's desire to understand the product and Accelalpha consultants' dedication to training its team on Oracle Cloud EPM Account Reconciliation’s features and functionality. The organization is planning to expand the solution with additional Oracle Cloud EPM modules.