Peruse the Account Reconciliation Cloud Service (ARCS) forums on Oracle’s Cloud Customer Connect and you’ll notice a theme: Transaction Matching. Questions, comments, and critiques have been flooding in from across companies and industries, clients and consultants alike. Combine this with Oracle’s game-changing announcement of the EPM Cloud price simplification plan teased for 2019 – that is, the strategic move to strictly sell bundled EPM Cloud products in the near future (more on this another time – it’s a doozy) – the changes released for ARCS in Patches 1811 and 1812 could not have come at a more opportune time. Furthermore, these changes provide a sneak peek into Oracle’s crystal ball of what’s to come.
Account reconciliations – the means by which this question is answered – are a fundamental part of the financial close process. Imagine you are trying to build a sandcastle. Now imagine your “sand” is harvested from a cow pasture. You *could* continue to build this “sandcastle,” but you will likely finish with a pile of…bull-sand. In the same way, if your account balances and transactions have an integrity equivalent to “bull-sand,” this will inevitably lead to problems down the line.