The process of managing and completing account reconciliations in a large,
global enterprise can be daunting due to the number of data sources and the volume of reconciliations that need to be completed. Reliance on
spreadsheets or other disconnected solutions can result in errors and delays in completing critical account reconciliations. These delays can impact the monthly or quarterly financial close process, and errors or omissions can impact the accuracy of reported financial results.
OneStream XF SmartCPM™ Platform
OneStream XF is a unified SmartCPM solution where financial consolidation, statutory and management reporting, planning, analytics, data quality, account reconciliations and other processes all live together in a single rational system. Our mission is simple, by delivering a single point of maintenance and eliminating moving parts, we will deliver more value, less risk and a lower cost of ownership. 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.
The XF MarketPlace Solution for Account Reconciliations
A simple download of the OneStream XF MarketPlace Account Reconciliation solution lets you start solving the business problem of reconciliations on day one. Because OneStream XF is already doing the hard part of collecting, mapping and organizing GL/ERP trial balance or sub system information from your source systems, we are uniquely capable of extending the process to ensure that reconciliations are performed on your key balance sheet items for a new level of risk reporting for the office of the CFO.
Reporting on a Different Level
Typical purpose-built account reconciliation systems struggle with reporting on the very account recs they deliver. OneStream XF provides standard reports for complete visibility into reconciliations, history and status. Reports are prebuilt and provide drill capabilities, from report to the reconciliation. Reports are always linked to the balance sheet to immediately visualize the quality of your financial reports to provide a new level of risk management.
Leverage the Existing Data Integration Platform
OneStream XF is already doing the hard work of collecting and validating all GL/ERP information across your enterprise. Data Quality is part of our DNA so the core capability of the platform to understand all GL accounts across all GL trial balances that require reconciliations is a natural extension of the XF Platform.
Our Account Reconciliation solution delivers a complete audit trail of who and when reconciliations were completed and approved. Leverage powerful pre-built Reconciliation status and history reports for complete visibility into current and past reconciliations.
Single Trial Balance Load – introduces a new level of reporting and
reconciliation consistency for the Office of the CFO.
What happens when your account balance has changed while the Account
Reconciliation system believes the account is 100% reconciled? Your entire risk management solution is compromised as your financial reports are no longer in sync with your reconciliations.
With OneStream XF account reconciliations:
- Base financial information is collected and handled one time
- Immediate reconciliation status checks alert users to balance changes on previously reconciled accounts
- Financial reports and Account Reconciliations are always in sync as they live together in one application
Drill-to-Reconciliation – provides automatic drill-back from financial
reports to Account Reconciliations.
- Financial Reporting and Account Reconciliations live together in the same system for a truly unified approach
- OneStream XF allows you to drill from a top level number all the way through to your Account Reconciliation
- Deliver more confidence with automated change alerts on reconciliation status that ensure reports are always aligned with reconciliations
Risk Management Reporting – delivers transparency to all balance
sheet reconciliations status for a complete statistical picture of the
quality of your financial statements.
- Immediately view the status of all high-risk reconciliations as they relate to your financial reports
- Understand the quality score of your financial reports
- Gain more confidence in your results for true risk management
- Reconcile what you report
OneStream Account Reconciliations – offers complete process
controls to improve compliance while reducing internal controls risk.
- Familiar Guided Workflows simplify end-user training
- Workflow allows for the logical preparation of Account Reconciliations at the proper time in the close process
- Data Quality is in OneStream’s DNA and the entire solution already supports transparency and audit requirements
- Audit trail of who and when reconciliations were completed and approved
- Leverage pre-built status and history reports for visibility into current and past reconciliations
The Account Reconciliation solution helps organizations achieve a clear view of the quality of financial reports. This unique solution quantifies the risk exposure associated with your balance sheet with a statistical representation of financial statement quality. OneStream XF offers a full circle view of the status of both financial reports and reconciliations. With trial balance single sourcing and drill-to reconciliation, OneStream XF enables a new level of transparency and risk management.