A High Impact, Low Risk Project for Difficult Economic Times

Turbulent financial markets and tight credit have many companies and their employees on edge. What better time to leverage your existing ERP investment and sponsor an easy win for the finance organization?

We asked John Killen, Oracle's Global Solution Architect for Cash Management and Treasury, for a tip on a quick ROI feature that will be applicable to a majority of Oracle Financials customers.

Here is what John had to say:

If you or your clients continue to rely on manual processes to account and reconcile certain cash activity in your bank accounts, you are not alone. I regularly meet with cash, accounting, and IT managers around the world who are in the same position. They are very pleasantly surprised when I show them a feature they already own, which is delivered in Oracle Cash Management and supplements other bank reconciliation functionality. Since much of this manual effort arises from first notice or repetitive bank statement items like daily sweeps to / from your own internal bank accounts, net credit card deposits, bank fees, tax payments, etc; it is possible for Oracle to automate the procedure programmatically.

The feature provides a single screen that allows you to easily build and maintain rules that will match reference text within bank statement lines to automatically generate accounting and reconcile the activity. It turns an often tedious and time-consuming process into a fully automated and scheduled program. Once you implement this feature, you should have more time to consider other related areas like cash positioning and forecasting, cash pooling, and in house banking – all areas increasingly important during these challenging economic times.

And what are the customers saying about this feature?

β€œIt works even better than expected. It saves us at least a few hours every day.” – Treasury Manager, US Based Manufacturer.

The feature was originally released in 11i and called Journal Entry Mappings and then enhanced and renamed in R12 as Bank Statement Cashflow Mappings. PeopleSoft Cash Management has a similar feature called Bank Statement Accounting. For more information, please review the Cash Management User Guide or support documentation available from Metalink. Alternatively, feel free to contact John directly.

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