OneStream Software, a provider of modern corporate performance management (CPM) solutions for mid-sized to large enterprises, has introduced a transaction matching solution that aims to speed account reconciliations and shorten the financial close process. OneStream Transaction Matching is designed to allow companies to collect and match large volumes of transactions from multiple sources to quickly identify and resolve differences to accurately finalise 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,” said Tom Shea, CEO of OneStream Software. “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.”
This solution complements OneStream’s Account Reconciliations solution, both of which are available on the vendor’s XF MarketPlace of productivity and business solutions. 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 utilising a 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, the new solution eliminates additional licence 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 available for account reconciliation and transaction matching, providing visibility, control and optimisation.
The solution can help streamline account reconciliations and the financial close process by matching transactions across the entire business, including intercompany transactions, accounts payable/receivable, travel and entertainment (T&E) reporting reconciliations, bank clearing and lockbox to general ledger cash accounts.
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