One of the newest solutions introduced by OneStream Software is a Transaction Matching solution that serves two primary purposes. OneStream Transaction Matching helps organizations speed up their account reconciliations process and also helps to shorten the cumbersome financial close process.
By accelerating the financial close process, organizations can realize tremendous time-savings, while also gaining confidence in the accuracy of financial reports.
One of our customers, West Bend Mutual Insurance (WBMI), was one of the first companies to successfully deploy the OneStream Transaction Matching solution. We can attest that the solution is a tremendous asset for organizations that are looking to optimize their accounting processes, spend less time reconciling transactions, and start moving away from Excel spreadsheets to support the financial close.
How the OneStream Solution Supports Account Reconciliations
Mid-sized to large organizations need to be able to balance speed and accuracy gathering transactions and reconciling accounts from multiple business units spread across the globe. Not every piece of accounting software on the market can help organizations achieve this objective. That’s what separates OneStream Software and their new transaction matching solution.
OneStream Transaction Matching allows organizations to collect and match high-volume transactions from multiple sources. No more reliance on spreadsheets trying to perform time-consuming manual processes reconciling accounting records, reviewing bank statements, or sorting through sets of records that are not clearly organized.
Your team will be able to quickly identify discrepancies from multiple data sources, resolve issues in the software solution, and improve the data quality. This allows your team to achieve accuracy in finalizing period-end balances at a much faster rate than trying to use third-party tools or spreadsheets.
The added benefit is that once your team becomes comfortable utilizing the solution to optimize the matching process, you can start performing account reconciliations much earlier in the period. Organizations can start transaction-matching earlier in their close process, reducing the amount of time and effort required to advance to the financial close.
“We are currently using OneStream Transaction Matching for a new process,” says Jessica Greisch, financial analyst and tax manager, at WBMI. “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.”
How the OneStream Solution Accelerates Financial Close
Once the reconciliation process is streamlined in your organization, then your team can achieve greater efficiencies in completing the financial close.
It’s a much better situation compared to the alternative. Organizations that rely on manual-entry spreadsheets or other disconnected software tools often have to return to the reconciliation stage, delaying the financial close. In some cases, organizations that fail to accurately match transactions and reconcile accounts can experience reporting issues that can negatively impact income statements, the balance sheet, and cash flow statements.
That’s not the case with OneStream Transaction Matching. Organizations that utilize this solution will be able to accelerate the period-end close process and improve the accuracy of financial statements.
Plus, through enhanced visibility of where the financial data is coming from and how transactions are being matched, you can improve internal control over your intercompany transactions, bank reconciliations, and cash accounts. Creating clear audit trails is increasingly valuable for organizations that are subject to domestic and international scrutiny as they grow and enter into new markets.
Work with HollandParker to Optimize Reconciliations and Close
Ready to eliminate manual processes and spreadsheets? We can help you optimize account reconciliations and the financial close through the OneStream Transaction Matching solution.
As a Diamond Implementation and Authorized Training partner, we will implement this solution and help optimize your team’s processes to leverage the full software capabilities.
– Not a current OneStream Software customer? We can support your organization’s migration to the leading CPM platform on the market, OneStream XF, to unify all of your financial processes. We will also implement this solution and train your team on how to utilize the software platform.
Contact us today for a consultation to implement the OneStream Software Transaction Matching solution and optimize your processes. Our expert team is here to help!
