Excel

The good thing about Excel is, it does not cost much as far as software, and is simple to use. It is a great software for simple reporting, however, involves quite a bit of human interactions, especially for doing Monthly Account Reconciliations. These human interactions are what will cost time and money in the long run.

• Companies usually spend 3 – 5 business days each month for reconciliations
• The average salary of 1 business analyst (BA) is $80,310
• $80,310 (BA Salary) / 2,080 (working hrs/year) = $38.61 (BA hourly rate)
• 4 (avg days spent reconciling) x 8 (work hours/day) x $38.61 (hourly rate) = $1,235.52
• Doing reconciliation in Excel will cost roughly $1,235.52 per month for 1 analyst

ARCs

Oracle’s Account Reconciliation Cloud allows auto reconciliation, which minimize the human interaction involved in the Monthly Reconciliation process. We understand many companies do not use EPM (Enterprise Performance Management) softwares because of the cost, however from our experience, companies usually gain back the ROI within the 1st or 2nd year of initial implementation.

• Oracle’s ARCS is licensed at $120 per user per month
• Initial implementation cost averages between $15,000 to $25,000 (dependent on company size)
• Usually, companies spend 6 hours each month doing maintenance/updates
• 6 (hours) x $38.61 (hourly rate)= $231.66 + $120 (license cost) = $351.66
• $20,643.48 (average implementation cost) and $351.66 per month for 1 analyst

Security

Row level security is adjusted according to user type. This way, ARCS allows people to see only needed information while keeping other information private and protected.

Accuracy

The lack of human involvement in computations will allow for less human error mistakes. This will save time and make your business process more efficient.

Visibility

Real time data and pre-configured reports are available and visible at the click of a button. This eliminates a lot of guesswork and uncertainty.