Rochester-based OneStream Software, a provider of corporate performance management solutions for mid-sized to large enterprises, has introduced a new transaction matching solution that can speed account reconciliations and shorten the financial close process.
OneStream Transaction Matching allows companies to collect and match large volumes of transactions from multiple sources to identify and resolve differences and finalize period-end balances sooner than with third-party tools or spreadsheets.
“Account reconciliations and the matching of transactions across multiple systems can be a very time-consuming process for large enterprises with multiple systems and thousands of accounts to reconcile,” says Tom Shea, CEO. “OneStream Transaction Matching replaces spreadsheets and third-party point solutions so our customers can accelerate the matching and account reconciliation process within our unified platform. Early users are seeing significant time savings by starting transaction matching much earlier in the close process, resulting in faster and more confident period-end financial reporting.”
The solution complements OneStream’s Account Reconciliations solution, and both are available on the OneStream XF MarketPlace of productivity and business solutions at no additional cost for existing customers. Both can be deployed on-premise or in the cloud.
OneStream Transaction Matching allows companies to match transactional-level information from multiple sources using a configurable, rules-driven approach that identifies and resolves differences in transaction data, replacing 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 undue write-offs that can negatively impact a company’s income statement and balance sheet.
The system can match transactions across the entire business, including intercompany transactions, accounts payable and receivable, travel and expense reporting reconciliations, bank clearing, and lockbox to general ledger cash accounts.