Think Outside the Close- Profitability & Costing Reconciliations in Account Reconciliation Cloud

Published April 1 2020 by Nick Boronski
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Let me tell you a story…

Wait – no - that’s not quite right. Let’s start this again from the top.

Let me tell you THE story.

This is the story about a company. And like all companies, this company had numbers. And these numbers, like all numbers, needed to be correct.

So what’s a company to do? The answer is obvious: create an Excel spreadsheet. An Excel spreadsheet is flexible, cheap to create, and easy to use – a perfect piece to the puzzle. A story book ending, right?

But the story never seems to end “happily ever after” here, does it?

“No duh, Sherlock,” I can hear a hypothetical corporate accounting manager say while rolling her eyes. If you have never had the oh-so-pleasant experience of trying to keep an account reconciliation “master” Excel spreadsheet up-to-date during a year-end close cycle, let me save you the trouble with a one-word description: Monday. It feels like Monday, every day.

Frankly, I enjoy having conversations with accounting teams about the application solutions available to them. It is a rewarding experience to help people eliminate busywork so they can stop fiddling around with manual reconciliations and start doing the activities that get them excited: analyzing information, making strategic decisions, or maybe just getting their weekends back!

Oracle’s June 2019 announcement about the go-forward EPM Cloud Enterprise bundle pricing, while new to some, is not news to us. Alithya has been discussing these anticipated (and now actualized) changes since they were teased back in 2018. My blog post in 2019 talked about my predictions for how the big changes to Account Reconciliation Cloud in Patch 1811 and 1812 paved the way for this new messaging: highlighting Account Reconciliation Cloud’s flexibility as a tool capable of being used within other processes.

So let’s do exactly that. What does it mean to use Account Reconciliation Cloud outside the Financial Close? Do other processes have the same problems? Does Account Reconciliation Cloud provide the same solution? Can we still write a fairy tale ending?

Grab a pickax because we are breaking new ground with this one! We do not want to spoil the surprise but…this one’s a little different, and you do NOT want to miss it.  Learn more by viewing this quick teaser video!

 

See me, errr you, in the next one.

For comments, questions, or suggestions for future topics, please reach out to us at infosolutions@alithya.com.  Visit our blog regularly for new posts about Cloud updates and other Oracle Cloud Services such as Planning and Budgeting, Financial Consolidation, Account Reconciliation, and Enterprise Data Management.  Follow Alithya on social media for the latest information about EPM, ERP, and Analytics solutions to meet your business needs.

Product Manager - Financial Close & Consolidations

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