At RECONNECT 19, Jian Wen, Product Strategy Director at Oracle, spoke about how you can reduce reconciliation costs with PeopleSoft Financials.
What if you could reduce costs while accomplishing more? With the ever-changing financial culture, more internal controls are necessary but very expensive. Productivity is lower if you reconcile manually, and a lack of automation could result in alarming consequences like financial restatements.
Instead of sticking with low productivity through manual processes and a lack of automation, PeopleSoft Financials empowers you to effectively manage account reconciliations. PeopleSoft Financials can help you expand visibility through automated business processes, reduce reconciliation costs through workbenches, streamline receipts management, and standardize data and processes.
The PeopleSoft product team wants to help you solve these pricey and non-productive problems through three types of reconciliation:
- Financial Reconciliation
- Procure to Pay Reconciliation
- Projects – Contracts – Billing Reconciliation
How to Reduce Reconciliation Costs with PeopleSoft Financials
One way that PeopleSoft Financials can help is with GL to sub-ledger reconciliation. PeopleSoft Financials provides insight into transactions in process, so you can identify entries in sub-systems at period end, reconcile by chartfield combination, view transactions not posted in GL, manage balance-to-balance reconciliation, and drill down to the source transaction.
Furthermore, PeopleSoft Financials helps you effectively manage account reconciliations. Here’s a quick rundown on some of the tools you may use for different purposes:
- Reconciliation Process & Assignment
- Efficient process to pull recon work
- Assign work to appropriate users
- Incremental update based on material activity
- Reconciliation Rules & Levels
- Set the scope of the reconciliation work
- Power of effective dating and trees
- Set the detail of reconciliations generated
- Reconciliation Statuses & Reasons
- Identify statuses of reconciliation work
- Connect statuses to appropriate reasons
- Completely configurable for each organization
- Reconciliation Roles
- Create your own roles
- Differentiate between owners, managers, etc.
- Associate roles to rules
- Reconciliation Attributes
- Define your own attributes
- Identify reason, source, objective
- Delivered samples
As you leverage these tools, you can expand visibility through automated business processes, reduce reconciliation costs through workbenches, streamline receipts management, and standardize data and processes.
Available workbenches include:
- Project Costing Reconciliation Workbench
- Revenue Reconciliation Workbench
- Requester and Buyer’s Workbench
- Receiving Workbench
- Purchase Order Rollover Workbench
The Project Costing Reconciliation Workbench enables you to manage the reconciliation between project accounting and financial accounting, manage different accounting objectives, and gain insight into semi-processed project costing transactions.
The Revenue Reconciliation Workbench provides capacity to comply with Sarbanes-Oxley, recognize and remediate fraudulent activity, minimize exceptions that can lead to revenue misstatement, reduce time and effort spent on identifying and addressing discrepancies, identify revenue, billing, project, and receivable exception transactions, streamline the process of identifying reconciliation exceptions, and resolve exceptions through automated revenue adjustments.
The Requester and Buyer’s Workbench reduces reconciliation costs with available actions for approvals, cancellations, closing, budget checks, and budget pre-checks.
The Receiving Workbench empowers you to view requisition details, cancel, close, and re-open receipts, run interface receipts and receipt accrual, and stop outstanding receipts from continuing to accrue.
The Purchase Order Rollover Workbench provides multiple processing options, makes no impact on fiscal period-end processes, makes PO’s meet eligibility requirements, lets you include or exclude criteria from PO rollover, manages exceptions, leaves an audit trail on distribution lines, and offers various PO rollover actions.
Overall, PeopleSoft Financials can support increasing compliance requirements, automate financial reconciliations, and reduce compliance resources and costs.
To learn more about how to reduce reconciliation costs with PeopleSoft Financials, check out the RECONNECT 19 presentation attached below.
COLLABORATE 20 will take place April 19-23, 2020 at the Mandalay Bay Resort and Casino in Las Vegas, Nevada! Don’t miss this chance to share inspiration, insights, and solutions with your peers, vendors, and the Oracle team! Register before March 6, 2020, to take advantage of Early Bird pricing.
If you’re looking for more PeopleSoft content, join us next year at RECONNECT 20, the premier deep-dive PeopleSoft focused event of the year! The event will take place July 21-23, 2020 in St. Louis, Missouri. Keep an eye out for more information on this event!