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Account Reconciliation in the OneStream XF MarketPlace

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Many businesses are still relying on manual methods to complete their account reconciliations — in fact, it’s almost two-thirds of corporations in the U.S. Using spreadsheets to complete your account reconciliations almost ensures inconsistent data and creates a major bottleneck in your monthly close cycle.

If you’re thinking about speeding up your account reconciliation process, but worried about integrating the tool with your source system — OneStream XF might be your solution. OneStream XF combines financial close and consolidation as well as planning and forecasting into one unified platform. Your account reconciliation solution can be downloaded straight from the XF MarketPlace — like downloading an app to your phone.

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OneStream’s account reconciliation tool can be downloaded and deployed to current financial reporting customers as well as a standalone solution for Account Reconciliation customers. However, using OneStream’s account reconciliation solution in the unified platform gives you the following functionality:

  • Risk Management Reporting
  • Drill-to-Reconciliation
  • Trial Balance Single Sourcing
  • Process Control

Risk Management Reporting

If you’re still on the fence about automating your account reconciliations, know that this is something your spreadsheets simply cannot do. With risk management reporting, comprehensive statistics will be available right on your balance sheet. You’ll completely understand the quality of your financial reports and obtain transparency in your account reconciliation process.

Risk management reporting comes with more than a risk-adjusted balance sheet, but you also get the following insights and capabilities:

  • An immediate view into the status of all your high-risk reconciliations as they relate to your financial reports
  • A better understanding of the quality of your financial reports
  • More confidence in your results and true risk management
  • The ability to reconcile what your report

Drill-To-Reconciliation

There are currently no other account reconciliation solutions that can provide a link from reported balances to reconciled balances. This function allows you to immediately drill to your reconciliations from your financial reports, all in one system.

With financial reporting and account reconciliation together in the same system, you’re able to obtain full visibility from the top-level number all the way down to your account reconciliation. You’ll also receive automated alerts when changes are made, giving you insight into account reconciliation status and assurance that your reports are always aligned with reconciliations.

Trial Balance Single Sourcing

Trial balance single sourcing means your account reconciliations live together with your financial reporting. This means there will never be a disconnect between your financial reports and your account reconciliation process.

Instant reconciliation status checks let users know if a previously reconciled account has changed due to an updated trial balance import. Because all your financial information is collected and handled at one time, your financial reports and account reconciliations are always in sync.

Process Control

OneStream can provide complete process controls to deliver the compliance you need. The account reconciliation solution provides guided workflows, making end user training a cinch. The workflow is embedded into your solution, allowing you to logically prepare your account reconciliations at the proper time in your close process.

No longer are you responsible for the hard, redundant work of collecting and validating all GL/ERP information across your enterprise — it’s already done for you through OneStream XF.

Lastly, you’ll never have to wonder about the quality of your data. The entire OneStream solution already supports transparency and audit requirements.

Additional Features

Your OneStream account reconciliation solution will also allow you to look up account metadata and tag accounts that require reconciliation by risk level, granularity, and definition. You can create groups, assign tasks, and set rules to make sure the reconciliations are handled properly.

Other key features include:

  • Pull forward prior reconciliations
  • Attach documents, templates, or comments to support your reconciliation
  • Templates automatically downloaded with required reconciliations populated
  • Instant notification with automatic email alerts

Want to know more about the OneStream suite? Download the eBook!

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US-Analytics is a full-service OneStream consulting firm. To ensure end-to-end coverage of your technology, we provide a complete range of services: process and advisory, infrastructure, implementations, upgrades and migrations, training, and managed services.

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