I remember a couple of months in to one of my first accounting jobs when I was told to fix our account reconciliations, bank reconciliations included. Shuffling through years of either incomplete or incorrect data was such a nightmare. After just a few short hours I was about ready to ask if we could just do a massive write-off and start from scratch. It was either that or pull all of my hair out in despair. I'm happy to share that I still have most of my hair, but there were many long days and nights cleaning up the mess.
This post is not about a new revolutionary hair loss solution (although if you're anything like me it could be). This post is about #OneStream's XF Marketplace Solution - Transaction Matching. OneStream Transaction Matching allows companies to match transactional-level information from multiple sources utilizing an easily configurable, 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, OneStream Transaction Matching eliminates additional license 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 inherently available for Account Reconciliation and Transaction Matching for more robust visibility, control and optimization versus third-party solutions.
The new OneStream Transaction Matching solution can help streamline account reconciliations and the financial close process by matching transactions across the entire business, including intercompany transactions, accounts payable/receivable, T&E reporting reconciliations, bank clearing and lockbox to general ledger cash accounts.
Reach out to AIT Consulting for more information on how the OneStream Transaction Matching solution can improve your organization's current processes. At AIT Consulting we specialize in comprehensive finance solutions that leverage a unique combination of IT and accounting expertise.