OneStream, a leading provider of innovative corporate performance management solutions for medium and large businesses has released a new transaction matching solution that can accelerate account reconciliations and reduce the financial close process.
OneStream Transaction Matching enables businesses to gather and combine large transaction sets from various sources and quickly select and assess anomalies to deliver efficient period-end balances much quicker than by using external tools or traditional spreadsheets.
Tom Shea, the CEO of OneStream Software explains how time-consuming account reconciliation and transaction matching can be, especially when being applied across a range of systems and a number of accounts. Shea highlights that OneStream Transaction Matching will replace spreadsheets and other external solutions, allowing customers to improve the matching and account reconciliation process. Shea points to a number of early users that have experienced considerable savings in time by implementing the transaction matching process far quicker, generating quicker results and more accurate financial reporting.
The new system supports the OneStream Account Reconciliation solution, both of which are available on the wider OneStream XF MarketPlace. Both offer complete supported solutions, available on-premise or in the cloud, enabling end-users to manage their processes from an office or remotely.
OneStream Transaction Matching enables businesses to match transactional-level details from a range of sources through a simple, rules-based approach that selects and measures variances in transaction data. The system will replace manual systems and the use of spreadsheets, tools that tend to extend the period-end reconciliation process and can delay financial close. A lack of accurate transaction matching and account reconciliation can lead to reporting issues or potential undue write-offs which have a detrimental impact on income statements and balance sheets for business.
Developed on the OneStream XF Platform, OneStream Transaction Matching removes the added licence costs and maintenance of external products and combines the existing data quality tools of the platform for the generation and matching large data sets.
The Transaction Matching service streamlines account reconciliations and the overall financial close process by matching transactions within the entire business. West Bend Mutual Insurance is currently using the Transaction Matching system to support their claims. The new process involves measuring direct payments and daily reconciliation, instead of waiting until month-end. By implementing daily matching of transactions manually through Excel would be far too time-consuming for the business. The transaction matching service enables the business to automate most of the process and save significant time and effort.