OneStream Software Launches Transaction Matching Solution to Accelerate Account Reconciliations and Financial Close
Platform approach reduces cost and risk of reliance on spreadsheets, manual processes and third-party tools for transaction matching and account reconciliation
ROCHESTER, Mich.–(BUSINESS WIRE)–OneStream Software, a leading provider of modern Corporate Performance Management (CPM) solutions for mid-sized to large enterprises, has introduced a new transaction matching solution that can speed account reconciliations and shorten the financial close process. OneStream Transaction Matching allows companies to collect and match large volumes of transactions from multiple sources to quickly identify and resolve differences to accurately finalize period-end balances much sooner than with third-party tools or spreadsheets.
“Account reconciliations and the matching of transactions across multiple systems can be a very time-consuming process for large enterprises with multiple systems and thousands of accounts to reconcile. OneStream Transaction Matching replaces spreadsheets and third-party point solutions so our customers can accelerate the matching and account reconciliation process within our unified platform. Early users are seeing significant time savings by starting transaction matching much earlier in the close process resulting in faster and more confident period-end financial reporting,” said Tom Shea, CEO of OneStream Software.
This solution complements OneStream’s Account Reconciliations solution, both of which are available on the OneStream XF MarketPlace of productivity and business solutions at no additional license cost for existing OneStream customers. Both are fully supported solutions that can be deployed on-premise, or in the cloud so end users can manage these processes either from the office or remotely.
OneStream Transaction Matching allows companies to match transactional-level information from multiple sources utilizing an easily configurable, rules-driven approach that identifies and resolves differences in transaction data. This replaces spreadsheets and manual processes that prolong period-end account reconciliations and can delay the financial close. Failure to accurately match transactions and reconcile accounts can result in reporting issues or even undue write-offs that can negatively impact a company’s income statement and balance sheet.
Built on the unified OneStream XF platform, OneStream Transaction Matching eliminates additional license costs and maintenance of third-party tools while leveraging existing and proven data integration and data quality capabilities of the platform for loading and matching large volumes of transactions. All the reporting, dashboarding, commentary, audit trails and other capabilities of the OneStream XF platform are inherently available for Account Reconciliation and Transaction Matching for more robust visibility, control and optimization versus third-party solutions.
The new OneStream Transaction Matching solution can help streamline account reconciliations and the financial close process by matching transactions across the entire business, including intercompany transactions, accounts payable/receivable, T&E reporting reconciliations, bank clearing and lockbox to general ledger cash accounts.
“We are currently using OneStream Transaction Matching for a new process we are implementing with claims. This new process involves direct payments from our bank account, requiring us to reconcile the transactions daily, instead of waiting for month-end. Doing this daily matching of bank transactions manually with Excel would have been a nightmare, whereas the Transaction Matching solution allows us to automate much of the process and save a great deal of time and effort,” said Jessica Greisch, financial analyst and tax manager, West Bend Mutual Insurance.
OneStream Software provides a market-leading CPM solution that unifies and simplifies financial consolidation, planning, reporting, analytics and financial data quality for sophisticated organizations. Deployed via the cloud or on-premise, OneStream’s unified platform enables organizations to modernize Finance, replace multiple legacy applications and reduce the total cost of ownership of financial systems. OneStream unleashes Finance teams to spend less time on data integration and system maintenance – and more time focusing on driving business performance.
The OneStream XF MarketPlace features downloadable solutions that allow customers to easily extend the value of their CPM platform to quickly meet the changing needs of finance and operations. OneStream was named to the 2019 Inc. 5000 as one of the top 700 fastest-growing companies in North America. Learn more at www.onestream.com
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