Are you also busy every month reconciling different general ledger accounts for the monthly period-end closing? And do you, like many other financials, experience this as a labor-intensive and time-consuming process? Discover how you can do your reconciliations better and more efficiently by using Account Reconciliation with OneStream!
What is Account Reconciliation?
You can use Account Reconciliation to ensure that the money leaving an account matches the money spent. To do this, the balances at the end of a given accounting period are contrasted. Reconciliations between accounts are critical to ensure the accuracy and completeness of financial statements. In addition, a solid 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, slowing down the overall financial close process:
- Sifting through massive amounts of segmented spreadsheets
- Reconciling data between multiple software applications used within a company
- Maintaining data integrity despite point solutions that are entirely separate from consolidated financial results
- Reconcile data that changes in real-time during the period end process
- Prioritizing which accounts need to be reconciled based on materiality
- Obtaining proper reviews and approvals
- Ensuring an appropriate trail of audit for account reconciliations
Improve your Account Reconciliation process with OneStream
Instantly view the status of all risky reconciliations concerning your financial reports.
Improve internal controls
OneStream is the only platform where you can link financial data to your reconciled data. This allows you to create a complete audit trail of who completed and approved reconciliations when.
Speed up the financial close
You can start reconciling accounts as soon as the balance sheets are submitted. So you no longer have to wait for the corporate close to be completed!
OneStream provides a solution that is fully unified with the financial consolidation and reporting process. With OneStream, you can integrate account reconciliations into the financial period 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. Onestream uses the experience and knowledge gained from these projects to successfully and efficiently set up this modern corporate performance management platform for our clients. Finext will gladly help you to achieve the goals of your business!
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