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Account Reconciliation

Account Reconciliation unified with Financial Reporting

Account reconciliations are critical to ensuring the accuracy and completeness of financial statements. And if done right, a solid account reconciliations process can reduce risk of financial misstatements and reduce external audit costs. Unfortunately, despite their importance, many organizations still fail to invest into key back-office processes such as account reconciliations and face many challenges.

Device

Many organizations, especially those growing by acquisitions, live in the reality where different pieces of the Group operate not only with diverse business operating models but run the business with totally different systems such as ERP, typically with different data models. Disparate GL/ERP systems create areas of risks due to very low insights from the Group perspective, over-reliance on spreadsheets prone of errors, lack of workflow control, user tracking and versioning or limited visibility to material exposures.

We leverage OneStream Account reconciliation solution, which can be integrated into the financial close workflow and leverages data that already resides within the consolidation application.

There is no bolt-on solution and no movement of data to support account reconciliations. The solution uses the same application, same security and same user interface as OneStream.

What is available Out-of-the Box

Pre-built Features

Trial Balance single Sourcing

Base financial information is collected once for both Reconciliation and Consolidation

Automated Alerts on Balance Changes

Providing flags to users on account balances requiring reconciliation and validation

Unified with Consolidation in a singe Application

Solution uses the same application, same security and same user interface as OneStream

Financial Statements in Sync with Reconciliation Status

Providing high degree of assurance over reliability and quality of reported financial statements

Drill to Reconciliation Balance Detail

Unified financial reporting and reconciliation allow users to drill from top level statements down to reconciliation account details

Risk Management Reporting & Oversight

Providing immediate view on data quality or high-risk areas within financial reporting process through scoring

Complete Process Control

Guiding workflows automatically track the status of reconciliation and feed group monitoring dashboards

Workflow Tasks within the Close Checklist

Easily expanding the workflow tasks which users needs to complete in reconciliations, side by side with other close requirements

Built-in strong Audit Trails & Logs

Leveraging OneStream out-of-the-box strong audit trail features on who or when completed or approved the reconciliations

... and many more

Account Reconciliation at a Glance

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Risk Management

Allowing real-time view on Reconciliation status and Risk management over reported balances from your subsidiaries

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Drill from Statements to Reconciliation

Ensuring that your financial statements are always aligned and supported with proper reconciliation in a single place

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Account Reconciliation Dashboarding

Governed by Workflow and Reconciliation Rules

FAQs

How does the typical implementation of Account Reconciliation look like?

As the Account Reconciliation application is available for OneStream customers within the MarketPlace, it has already pre-built majority of the required features. Deployment assumes that a customer already has OneStream CPM solution for Close & Consolidation implemented. During the implementation, we would typically leverage or extend existing data sourcing interfacing from your source systems, we would integrate it with OneStream underlying multi-dimensional model, required security rules and established required workflow and approval policies and procedures. Implementation and configuration can be relatively fast.

How you deal with diverse GL/ERP systems many Groups have?

We leverage OneStream CPM data quality engine and transformation rules which are very flexible and powerful. That means that we feed data into OneStream in the source data formats and structures (balances or transactions) and store these within the staging tables. Using the transformation rules, we transform them into unified target multi-dimensional data reporting structure which trigger both reporting process incl. consolidation and account reconciliation needs. This leads to significant process unification and simplification while providing ability to drill from Group financial statements to underlying source data in specific local formats. Solution is very flexible and many OneStream customers deal with this reality, which changes over the time.

What about proper segregation of duties or mitigating controls?

We are very flexible in terms of process and data access security setup and controls allowing organizations to meet specific financial control requirements. Our team has extensive experience with dealing with proper financial and IT controls incl. SOX and can assist you with designing and suggestion the best fitting model.

What is the key benefit for me as a CFO when producing Group financial statements?

Deploying account reconciliation process in place and enable it with a solution unified with or being essential part of the Close & Consolidation process gives you much better financial control and assessment of the overall risks of misstatements. Most of the customers value ability to detect financial risks much earlier in the close process, much closer to source and origin of the issue. They also appreciate greater visibility and collaborative and workflow-driven process, critical mainly for larger multinational Groups.