Leading Pharmaceutical Company Implements Oracle ARCS

Challenge

The client was using spreadsheets for reconciliations, which needed manual effort to follow-up, track, and update the data. They wanted to be able to access supporting documentation like invoices, bank statements, purchase orders in a single location. Other challenges included:

• Insufficient documentation with the risk of losing physical files
• No standardized, global process for tracking missing reconciliations
• Lack of control and visibility into account reconciliation
• Lack of a standardized audit process
• Reconciling zero balance accounts for reporting accuracy

Solution

ITC worked closely with the client to understand their requirements, developed a business case, and recommended Oracle Account Reconciliation Cloud Service (ARCS) as it met their requirements. ITC's experts were able to address the challenges that arose during the implementation and meet all client requirements. These included – deciding reconciliation methods, the ability to change the reconciliation duration for different months, ensuring proper validations and necessary documentation, supporting annual variance analysis for rolling periods (not an out-of-the-box feature), the ability to change the priority of reconciliations after data loading based on the dollar amount, account analysis of reconciliation compliance, and automating data load schedules for custom calendars.