Account Reconciliation with OneStream
MindStream Account Reconciliation with OneStream
OneStream is a powerful financial platform to help any business streamline their consolidation, planning, reporting, data quality, and financial signaling. To further expand on these areas the OneStream MarketPlace Solutions were developed. The OneStream MarketPlace has more than 50 pre-configured solutions to help including productivity solutions, planning and analysis solutions, and financial close solutions.
Account Reconciliations is a MarketPlace solution to assist with your companies financial close and reporting processes. An account reconciliation is performed to validate the accuracy of a reported account balance and compare it to the source. The quality of a business's financials is dependent on the account reconciliation process especially for publicly traded companies that must meet SEC reporting requirements. The process can provide for a clear audit-trail leading to the appropriate validation of the financial statements.
The MarketPlace solution is a purpose-built Account Reconciliation software removing the need for tracking account balances in manual spreadsheets. The application allows for the ability to load account balances and transactions from the general ledger systems. The solution automatically compares and matches the balances between the systems and streamlines the workflow and approvals.
Risk-Based Reporting is one of the key features of the Account Reconciliation solution. It provides a quick and easy view of the status of all high-risk reconciliations. Financial reports will receive a quality score based on the status of the reconciliations to enable more control in the risk and improve confidence in your reporting. Another key feature of the solution is the ability OneStream provides to drill-to-reconciliation. Since financial consolidation, reporting, and account reconciliations will live together in one cohesive system a user can drill on a reported balance to the individual reconciled account balances. Changes to the account reconciliation status can trigger automatic notifications to ensure reported balances are complete and accurate.
There should never be a disconnect between the reported financial statements and the account reconciliation process with this OneStream MarketPlace solution. The source data, chart of accounts, workflows, and security are all in a unified location. Reduce the month-end close cycle by automating transaction matching and quickly identify discrepancies. Users can spend more time resolving the differences in high-risk accounts to ensure the data quality of the reported financials earlier. Finance management can more confidently lead at speed with the OneStream platform and the MarketPlace Account Reconciliation Solution.
Contact MindStream Analytics
Want to know more about partnering with MindStream Analytics for your OneStream Account Reconciliation project? Complete the form below and a MindStream representative will contact you.
Featured Webinar
Unlock the power of OneStream Quickviews and elevate your financial planning and analysis (FP&A) process with this insightful webinar hosted by Erick Lewis of MindStream Analytics.
Partner SpotLight
OneStream CPM
OneStream aligns to your business needs and changes more quickly and easily than any other product by offering one platform and one model for all financial CPM solutions. OneStream employs Guided Workflows, validations and flexible mapping to deliver data quality confidence for all collections and analysis while reducing risk throughout the entire auditable financial process.