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Account Reconciliation - Reconcile What You Report with the OneStream XF MarketPlace Solution

Let’s talk about the disconnect of deploying separate products for account reconciliations and financial reporting. If you have two separate trial balance or transactional loads and mapping processes in two separate systems, who can tell you if they are in sync? What happens when you get a last minute trial balance load to the financial reporting system that changes the balance of a previously reconciled account? Who is reconciling the account reconciliation system to the financial reporting system?

A single sourcing for all trial balance or transactional information offers you a path forward for a new level of data quality and risk management. If there is a last minute trial balance load and your previously reconciled account changes, OneStream immediately identifies the discrepancy and alerts you to this event. There is no need to worry about the reconciliations and financial reports being in sync, because they always are. 

How can we better measure the quality of our financial reports? OneStream XF’s unified platform for both account reconciliations and financial consolidation and reporting delivers a true statistical representation of the quality of your financial reports. The office of the CFO needs to understand the complete picture of what was reconciled vs. what was reported. OneStream offers a new level of data quality with a quality score that can be applied to the financial reports. 

OneStream is a full feature solution that meets and exceeds functionality seen in purpose-built account reconciliation products. Because it is unified with financial reporting, there is never a disconnect between two separate products and therefore, delivers a higher level of confidence and transparency to the quality of the close. Key features you can expect in OneStreamXF’s MarketPlace Account Reconciliation solution (available to all current customers as a free download) include:

  • Create Reconciliation Groups to simplify maintenance
  • Transactional matching
  • Instantly discover new required reconciliations
  • Link to Account Reconciliations with seed values
  • Pull forward prior reconciliations
  • Attach documents, templates or commentary to support the reconciliation
  • Templates auto download with required reconciliations populated and re-import for a simplified end user experience
  • Complete exception reporting for immediate visibility to unreconciled accounts
  • Reconciling items are flagged with clearing date and categorized by impact type
  • Automatic e-mail alerting for instant notification

Craig Colby

Craig was a founder of UpStream Software in January of 2000 and an original founder of OneStream Software. Craig has a Finance education and background, however, his passion is communicating value to customers. The key to delivering 100% customer success starts with effectively setting expectations with regards to the product, solutions, support and services. He has a passion for working with financial applications that combine ease of ownership, maintenance and use with the power to solve any complexity. Craig is committed to an organizational culture that makes it easy for customers and partners to do business with OneStream. He knows if you do business with OneStream, you will receive the attention and support you need to deliver success.