Account Reconciliation with OneStream

What is Account Reconciliation?

Account Reconciliation ensures that the money leaving an account matches the money actually spent. To do this, balances at the end of a given accounting period are reconciled. Reconciliations between accounts are critical to ensure the accuracy and completeness of financial statements. In addition, a robust reconciliation process can reduce the risk of financial corrections and lower external audit costs.

Challenges of Account Reconciliation

Many organizations run into several challenges within the Account Reconciliation process. These challenges take additional time and effort, which delays the overall financial closing process:

• Sifting through vast amounts of segmented spreadsheets
• Connecting data between multiple software applications used within a company
• Maintaining data integrity despite point solutions completely separate from consolidated financial results
• Reconcile data that changes in real time during the period-end process
• Prioritize which accounts should be reconciled based on materiality
• Obtaining appropriate reviews and approvals
• Ensure proper audit trail for account reconciliations

Improve your Account Reconciliation process with OneStream

Account Reconciliation with OneStream overcomes these challenges and delivers the following benefits:

Reduce risks

Instantly view the status of all high-risk reconciliations in relation to your financial reports.

Improve internal controls

OneStream is the only platform where financial data is directly linked to your reconciled data. This allows you to create a complete audit trail of who completed and approved reconciliations when.

Accelerate financial closure

You can start reconciling accounts as soon as the balance sheets are submitted. So you no longer have to wait until the corporate close is complete!

OneStream offers a solution that is fully unified with the financial consolidation and reporting process. With OneStream, you can integrate account reconciliations into the financial period-end and use data that already exists within the consolidation application. By aligning account reconciliations with financial reporting, financial results are less complex and more complete!

Finext and OneStream

OneStream is a major player in the field of Performance Management. As a Diamond Partner, Finext has already implemented more than 50 OneStream projects worldwide. The experience and knowledge gained from these projects are used to successfully and efficiently set up this modern corporate performance management platform for our clients. Finext is happy to help you achieve the goals of your business!