Please disable pop-up

blocking software before

viewing this webcast

Streamlining the financial close

with Oracle Account
Reconciliation Cloud

June 6, 2018
For a better webcast experience
Use a wired internet connection from your local office and turn off your computer's Wi-Fi
signal.

For optimal viewing speed, close all other applications, including Outlook.

Most technical issues (e.g., buffering, silenced audio) can be resolved by refreshing your
feed using the F5 key.

Use the Help button if you have technical difficulties.

You can also call 877.398.9939 or contact [email protected]

Click the Resources button to download the presentation materials

Use Q&A to ask questions during the webcast.

© Grant Thornton LLP. All rights reserved. 2

 Please disable pop-up
blocking software before
viewing this webcast

Streamlining the financial close

with Oracle Account
Reconciliation Cloud

June 6, 2018
Speakers

Kamron Miller Tim Gaumont Brad Kwiatek

Managing Director, Technology Solutions Director, Product Management Director, Technology Solutions
Grant Thornton LLP Oracle Grant Thornton LLP
[email protected] [email protected] [email protected]

© Grant Thornton LLP. All rights reserved. 4

Agenda
1 Account Reconciliation value proposition

The features, functionality and user interface of the

2 Account Reconciliation application

3 Implementation approach and leading practices

Customer use cases and the impact Account

4 Reconciliation has made in clients’ close processes

© Grant Thornton LLP. All rights reserved. 5

What are customers looking for? What’s the value?
• Single, scalable repository and process for global reconciliation process
• Less time spent by auditors searching/validating recons
• Less time spent by preparers/reviewers due to a consistent and streamlined process
• Less time spent training employees that are new or rotating due to consistent & known
process for all reconciliations
• Eliminate risk of lost reconciliations, lower risk of poorly performed recon’s

• Automatic reconciliation
• Reduces FTE and increases consistency and quality when “rules” are followed

• Integrated / automated data loads

• Reduces FTE and increases consistency and quality when systems manage data

© Grant Thornton LLP. All rights reserved. 6

Overview of Oracle's Account Reconciliation Cloud
 The complete financial close process
01 Post Sub-ledgers
02 Close General ledger
03 Consolidations

04 Reconciliations
05 Internal Reporting
06 Compliance
© Grant Thornton LLP. All rights reserved. 8
 The complete financial close process
01 Cloud Financials
02 Cloud Financials
03 Financial Consolidation & Close (FCCS)

04 Account Reconciliation (ARCS)

05 Enterprise Performance Rpt (EPRCS)
06 Tax Reporting (TRCS)
© Grant Thornton LLP. All rights reserved. 9
Typical reconciliation
preparation and review
without Oracle Account
Reconciliation

Excel has been the tool of choice

• Search “sample reconciliations”
and find excellent real-life
examples

© Grant Thornton LLP. All rights reserved. 10

How is the overall reconciliation compliance
process managed today?
• Excel
• Home-grown

© Grant Thornton LLP. All rights reserved. 11

What’s wrong with this approach?
• Uncertainty that every account is being reconciled
• No visibility into the status of completion
• Invalid formats / incomplete explanations
• What happens if the balances change? Are reconciliations updated?
• Inability to report across reconciliations
• Risk of lost reconciliations
• Difficult to optimize performance based on risk

© Grant Thornton LLP. All rights reserved. 12

Modernize your Account Reconciliation
Oracle Account Reconciliation Cloud

© Grant Thornton LLP. All rights reserved. 13

Best-in-class reconciliation solution
Reconciliation compliance
• Manage entire reconciliation process
• Balance sheet
• B/S and P&L variance analysis
• Consolidation check
• Local GAAP vs STAT, etc.
• Ensure compliance requirements

Transaction matching
• Automate performance of matching
high volume, multiple source, labor
intensive transactions across one or
more datasets

© Grant Thornton LLP. All rights reserved. 14

Oracle Account Reconciliation enhances
traditional ERP system
KEY CONSIDERATIONS Native functionality within Account Reconciliation
ERP Financials Cloud Cloud Service
“Reconciliation” scope
 Bank accounts (ERP is GL to bank only – no additional sources) X X
 Sub ledger-to-ledger (see next slide) X X
 Clearing accounts (ERP matches on one field) X X
 100% balance sheet account reconciliation X

Other critical considerations

 Reconcile third party source sub-ledgers and third party general ledger X
 Manage the reconciliation process (including workflow assignments, approval X
routing, risk reporting & management, compliance & audit reporting)
 Variance analysis workflow across all accounts and roll-up’s X

© Grant Thornton LLP. All rights reserved. 15

Oracle Account Reconciliation features,
functionality and user interface

Homepage
dashboard

© Grant Thornton LLP. All rights reserved. 16

Oracle Account Reconciliation features,
functionality and user interface

Worklist

© Grant Thornton LLP. All rights reserved. 17

Oracle Account Reconciliation features,
functionality and user interface

Reconciliation
Details

© Grant Thornton LLP. All rights reserved. 18

Oracle Account Reconciliation features,
functionality and user interface

Transaction
matching

© Grant Thornton LLP. All rights reserved. 19

Oracle Account Reconciliation features,
functionality and user interface

Compliance
dashboards &
other reporting

© Grant Thornton LLP. All rights reserved. 20

Oracle Account Reconciliation features,
functionality and user interface

Data
management

© Grant Thornton LLP. All rights reserved. 21

Implementation approach and leading practices
Adoption of leading practices
Top performers adhere to leading practices with respect to reviewing and approving account reconciliations

OPPORTUNITY

© Grant Thornton LLP. All rights reserved. 23

Account Reconciliation validation
What form does the validation take?
• Depends on the type of account; for instance:

o Cash: Compare GL/Bank balance

o AP: Compare GL to Sub-ledger

o AR: Compare GL to Sub-ledger & analyze aging of receivables

o Fixed Assets: Compare GL to Sub-ledger & perform a roll forward

o Prepaids / Accruals / Provisions / Reserves: Document net composition and

justify quality

© Grant Thornton LLP. All rights reserved. 24

Reconciliation process
Account reconciliations are a process like any other financial reporting process and
should be treated as such with formal consideration to their design, operation and
control in the following core areas:

• Roles/responsibilities
• Segregation of duties
• Frequency
• Scope
• Deadlines
• Review
• Document retention
• Monitoring

© Grant Thornton LLP. All rights reserved. 25

 ARCS implementation methodology
Design Build Train & test Deploy
 Review existing account  Initiate the application  Conduct end-user training for  Migrate test environment to the
reconciliation process  Configure required System each role within the system production environment
 Identify systems settings, such Settings  Create acceptance testing  Complete cutover tasks and final
as periods, frequency, currency,  Create custom Formats and scripts preparation for system go-live
calendars, etc. Attributes  Support acceptance testing
 Define the accounts to be  Iteratively load/create profiles for
reconciled and their properties account reconciliations
(i.e. Risk Rating, Normal
Balance, Instructions, etc.)  Assign workflow properties to
profiles
 Determine formats and
attributes, identify custom  Load Users/Roles, assign teams
requirements  Build integrations
 Define account reconciliation  Build custom reports
rules
 Define end-users, security, and
teams
 Identify integration requirements
and sources

© Grant Thornton LLP. All rights reserved. 26

Account Reconciliation project accelerators
Integration
Detailed design document UAT script(s) Decision memos
specifications

Detailed project Project status

work plan Security matrix

© Grant Thornton LLP. All rights reserved. 27

Customer use case and impact on clients' close process
Case study
Oracle Account Reconciliation Cloud implementation
Company overview & situation
• Caesars Entertainment is a public $4.7B hospitably, gaming, and entertainment company
• Owns and operates 40 plus locations around the globe under brands including Caesars Palace, Harrah's,
Horseshoe, Rio, Planet Hollywood, Paris.
• Over the years Caesars had grown significantly through acquisition and had numerous finance and
accounting systems with various level of capabilities and sophistication
• As part of Caesars' plan to upgrade to modern, Oracle based finance systems, Caesars selected Grant
Thornton to help implement Oracle Account Reconciliation Cloud (ARC) in order to replace Caesars' existing
BlackLine account reconciliation solution

Applied expertise
• Utilized a robust project management structure and project delivery processes to organize resources across multiple locations
• Provided the functional and technical expertise to complete the full lifecycle implementation of Oracle ARC; this included direct integration to Oracle Cloud ERP-GL
as well as integration with various sub-ledger systems and processes
• Employed rigorous change management concepts to ensure adoption of new processes and systems at individual properties
• Leveraged existing content (e.g. reconciliations, account activity, account groupings, and user setup) in order to accelerate delivery of the solution while integrating
and interjecting ARC leading practices

Benefits and value achieved

• Provided end-users with consistent navigation, look and feel, and dashboarding to that of other Oracle Cloud solutions including Oracle Cloud ERP, Cloud HCM,
and EPRC (Enterprise Performance Reporting Cloud)
• Enabled direct integration including drill-through to Oracle Cloud ERP-GL
• Facilitated more robust controls for as-was reporting related to historical reconciliations (e.g. preparer and reviewer that actually performed reconciliations for a given
period instead of current preparers and reviewers assigned to reconciliation)

© Grant Thornton LLP. All rights reserved. 29

Questions?

© Grant Thornton LLP. All rights reserved. 30

Speakers

Kamron Miller Tim Gaumont Brad Kwiatek

Managing Director, Technology Solutions Director, Product Management Director, Technology Solutions
Grant Thornton LLP Oracle Grant Thornton LLP
[email protected] [email protected] [email protected]

© Grant Thornton LLP. All rights reserved. 31

Disclaimer

• This Grant Thornton LLP presentation is not a comprehensive analysis of

the subject matters covered and may include proposed guidance that is
subject to change before it is issued in final form. All relevant facts and
circumstances, including the pertinent authoritative literature, need to be
considered to arrive at conclusions that comply with matters addressed in
this presentation. The views and interpretations expressed in the
presentation are those of the presenters and the presentation is not intended
to provide accounting or other advice or guidance with respect to the matters
covered
For additional information on matters covered in this presentation, contact
your Grant Thornton LLP adviser
Disclaimer
**********************
IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the U.S. Internal
Revenue Service, we inform you that any U.S. federal tax advice contained in this PowerPoint is not intended or written
to be used, and cannot be used, for the purpose of (a) avoiding penalties under the U.S. Internal Revenue Code or (b)
promoting, marketing or recommending to another party any transaction or matter addressed herein.
*********************
The foregoing slides and any materials accompanying them are educational materials prepared by Grant Thornton LLP and are not intended as advice directed
at any particular party or to a client-specific fact pattern. The information contained in this presentation provides background information about certain legal and
accounting issues and should not be regarded as rendering legal or accounting advice to any person or entity. As such, the information is not privileged and
does not create an attorney-client relationship or accountant-client relationship with you. You should not act, or refrain from acting, based upon any information
so provided. In addition, the information contained in this presentation is not specific to any particular case or situation and may not reflect the most current legal
developments, verdicts or settlements.

You may contact us or an independent tax advisor to discuss the potential application of these issues to your particular situation. In the event that you have
questions about and want to seek legal or professional advice concerning your particular situation in light of the matters discussed in the presentation, please
contact us so that we can discuss the necessary steps to form a professional-client relationship if that is warranted. Nothing herein shall be construed as
imposing a limitation on any person from disclosing the tax treatment or tax structure of any matter addressed herein.

© 2017 Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd. All rights reserved. Printed in the U.S. This material is the work of Grant
Thornton LLP, the U.S. member firm of Grant Thornton International Ltd.
Thank you for attending

www.grantthornton.com twitter.com/GrantThorntonUS linkd.in/GrantThorntonUS

Visit us online.

If you experience any technical difficulties, please contact 877.398.9939 or email [email protected]

© Grant Thornton LLP. All rights reserved. 34