❤️ Matchmaker, Make Me a Match: Can AR Intercompany Matchmaking Tools Be a Perfect Match for You?
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The document outlines a presentation on intercompany matching tools, focusing on the challenges of intercompany data reconciliation and how Oracle EPM Cloud can address these issues. It discusses the complexities involved in intercompany matching, such as disconnected data sources and timing issues, while offering insights into utilizing Oracle solutions for effective matching and reconciliation processes. The document also highlights the agenda for the event, including speaker details and session timings.
❤️ Matchmaker, Make Me a Match: Can AR Intercompany Matchmaking Tools Be a Perfect Match for You?
- 1. Visit our virtual booth daily from 1:40 – 2:20 PM Complete the daily game challenges for Kscope Kode to win!
- 2. Matchmaker, Make Me a Match: Can Account Reconciliation’s intercompany match-making tools be a perfect match for you Mon. Jun 28th, 2021 Nick Boronski, Tim Gaumont, and Geordan Drummond
- 4. Matchmaking Looks a Little Different Now
- 5. What if intercompany matching was as easy as “Swipe Right / Swipe Left”? I/C Receive. 10,000
- 6. Agenda • Why is intercompany data so tricky? • How does Oracle EPM Cloud solve this issue? • When should I prioritize intercompany matching?
- 7. Speakers Nick Boronski Oracle EPM Solutions Engineer Tim Gaumont Oracle Sr. Director, Product Management Geordan Drummond Alithya Product Manager Kscope Kode Challenge Code: MATCHMAKERKSCOPE21
- 8. EPM Complements ERP • Core General Ledgers typically contain some built-in intercompany processing • Examples: Intercompany Hub in Cloud ERP, AGIS in EBS, etc. • Good for single ledger, non-complex matching • Requires an efficiently rolled out ERP • Simplicity with Cloud ERP Example within Oracle Cloud ERP
- 9. When does intercompany get tricky? I/C Payable 10,000 I/C Receive. 10,000 • Multiple, disconnected data sources • Granularity and ‘cleanliness’ of data • Requires enrichment • Complexity in matching rules • Multi-currency • Lack of standardization • Ever-increasing volume
- 10. A Cumbers me, Br ken Pr cess Companies perform intercompany matching in: • Ledger • Excel
- 11. Companies perform intercompany matching in: • Ledger • Excel • Only at balances, not transactional detail A Cumbers me, Br ken Pr cess
- 12. Companies perform intercompany matching in: • Ledger • Excel • Only at balances, not transactional detail • Complicated solutions that charge by volume A Cumbers me, Br ken Pr cess
- 13. Picking Up the Pieces How Oracle EPM Cloud Can Help
- 14. Matching with Oracle EPM Cloud
- 15. Matching with Oracle EPM Cloud • Powerful, data-agnostic integrations • Unlimited attributes • Configurable rules requiring no scripting • Connected solution with ERP and EPM • Intelligent Process Automation
- 16. Multiple and Modular Approaches • Example: Profiles built per combination • Security • Centralized v. Decentralized approach
- 17. Multiple and Modular Approaches • Example: Profile contains multiple combinations • Centralized v. Decentralized
- 18. Multiple and Modular Approaches Take advantage of unlimited attributes Configurable rules Varied Rule Types: 1 to 1 1 to Many Many to 1 Many to Many Adjustment
- 19. Close with Confidence Comprehensive Financial Close Financial consolidation Reconciliations and compliance Tax provision and reporting Close process orchestration Transfer pricing Intelligent process automation Narrative reporting and disclosures Connect all planning Close with confidence Reinvent analytics & reporting Outperform with intelligence Operations Marketing Sales Finance HR IT Align enterprise data
- 21. Typical reasons for mismatches • Timing issues • One side booked before end of month but has not been received by the other side • Translation differences • Rates may not be consistently applied by both sides of the transaction • Booked incorrectly • Entry may hit an account that is not designated for intercompany • Entry may not include trading partner details • Missed items • Simple omissions in entries
- 22. Understanding the ICP Dimension in Financial Consolidation • Generated in conjunction with the Entity dimension – flagged at lowest level • Captures intercompany values at the trial balance (activity) level • Allows for matching of reciprocal values • Enables the mapping of data from multiple sources into a common dimensional structure • Facilitates eliminations with an audit trail of values by partner • Can also be used to track transactions with other parties that do not need to be eliminated
- 23. Other I/C Elements in Financial Consolidation • Relevant I/C members are flagged within Account dimension • Plug Accounts are assigned • This should match what is configured within the G/L • The combination of the two of these facilitates both the matching and elimination process
- 24. I/C Matching Configuration • Matching can be done by plug or specified accounts • Can be focused or broad based for analysis • Other dimensions can be included or excluded as needed for reverence • Additional display options for threshold based suppression, reversals, and format
- 25. Better Together • Ultimately the reconciliation detail is needed to resolve true differences • The intercompany matching report then helps confirm any residual values that are rolling through the statements • In FCC this should align with TM (since FCC has the Periodic activity)
- 26. Better Together • The aggregate value of all unmatched transactions will equal what is shown in the compliance view • This should match the plug amount in consolidation • This is a useful investigative tool during the close process
- 27. Iterative Process • Transactions matched between sources • Initial G/L values loaded • Matching may be identified within the consolidation process • Adjustments can be made and loaded back to the ledger • Data can be reloaded and reconsolidated • Rinse and repeat until differences are resolved or supported
- 28. User Interaction • Use Navigation Flows to create a seamless process • The reconciliation elements can be surfaced alongside the FCC components • Task Manager integrations can also be leveraged to either automate or track the reconciliations as part of the overall close process
- 29. Getting the timing right
- 30. When should I consider intercompany matching? • Connected pieces • Smooth Account Reconciliations makes closing the books easier • Understanding what’s available in the data (and what will need to be enriched) • Volume of intercompany activity • Single vs multiple source systems • Modularly implement rules
- 31. > Vendor Presentation: Leading Practices in Multi-Pillar Oracle Cloud Implementations > How Do I Love Cash Flow? Let Me Count the Ways…(11427) > What Did I Miss? Addressing Non-Traditional Reconciliations in AR and Data Integration Design (11513) > Workforce Plus: Tips and Tricks to Give Workforce an Extra Kick! (11415) > Why and How to Implement Operation Transfer Pricing (OTP) with Oracle EPM Cloud (111111) > Integrated Business Processes: A Better Way to Align FP&A Forecast and Management Reporting (11385) > Viasat Launches to the Cloud with Oracle Enterprise Data Management (11486) > ❤️ Matchmaker, Make Me a Match: Can AR Intercompany Matchmaking Tools Be a Perfect Match for You? (11174) > How WillScot-Mobile Mini Utilized Enterprise Data Management for Business Transformation (11489) > See Why This Government Contractor Loves PCM: Live Session with General Dynamics (11395) > How to Allocate Your Close Time More Effectively (11533) > How to Deploy & Integrate Oracle EPM Cloud Profitability and Cost Management (PCM) as an Allocations Sub-Ledger (11109) Don't Miss Our 12 Sessions at Kscope21! Alithya is a platinum sponsor of Kscope21 > Mike Killeen & Zubin Shah, Alithya 6/21/21 | 1:40 - 2:20 PM > Geordan Drummond, Alithya 6/22/21 | 12:40 - 1:40 PM > Seema Shah; Nick Boronski, Oracle, & Lee Divers, State Street 6/23/21 | 12:40 - 1:40 PM > Ryan Ward & Sara Beth Good, Alithya 6/23/21 | 2:20 - 3:20 PM > Andrew Laferla, Alithya & William Harned, MUFG Union Bank 6/24/21 | 11 AM - 12 PM > Alecs Mlynarzek & Vatsal Gaonkar, Alithya 6/24/21 | 2:20 - 3:20 PM > Kevin Black, Alithya & Robert Kursten, Viasat 6/25/21 | 12:40 - 1:40 PM > Geordan Drummond; Nick Boronski & Tim Gaumont, Oracle 6/28/21 | 4 - 5 PM > Kevin Black; Matthew Jacobsen, WillScot Mobile Mini 6/29/21 | 4 - 5 PM > Alecs Mlynarzek, Alithya & Caroline Dill, General Dynamics IT 6/30/21 | 11 AM – 12 PM > Alecs Mlynarzek & Geordan Drummond, Alithya 6/30/21 | 12:40 - 1:40 PM > Andrew Laferla, Alithya 6/30/21 | 2:20 - 3:20 PM
Editor's Notes
- #9: If intercompany is setup efficiently within ERP (i.e, within subledgers), then intercompany is a relatively straightforward process But that’s not always the case… Or this could be a secondary check **But that’s not why you’re here!
- #11: Residual difference is tucked away in BS (plug account in FCC) Blackline’s proposal is an ERP implementation equivalent*** AND SUPER EXPENSIVE - If you’re going to look at this, you might as well look at an actual ERP reevaluation
- #12: Residual difference is tucked away in BS (plug account in FCC) Blackline’s proposal is an ERP implementation equivalent*** AND SUPER EXPENSIVE - If you’re going to look at this, you might as well look at an actual ERP reevaluation
- #13: Residual difference is tucked away in BS (plug account in FCC) Blackline’s proposal is an ERP implementation equivalent*** AND SUPER EXPENSIVE - If you’re going to look at this, you might as well look at an actual ERP reevaluation
- #17: Update this example – Unexplained Diff shouldn’t be OOB – chat with Amy Security purposes Such as in an acquisition Centralized v decentralized
- #26: In FCC this should align with TM (since FCC has the Periodic activity)
- #27: This approach works with multiple ledgers / instances of Oracle Cloud ERP Book journal entry to remediate If there was timing, you would see all on one-side Then you would Support
- #28: Talk through end-to-end at high-level