Account reconciliation is essential, but the preparation can be tedious if staff cannot access modern tools. And when work starts to pile up, so does the pressure on your accounting staff. With OneStream, you harness automation to make some of the most monotonous, error-prone tasks a breeze.
In this blog, eCapital Advisors shares how OneStream can streamline your work and processes to make preparing account reconciliations something your staff can actually enjoy.
Automating Subledger-Supported Reconciliations
With OneStream, you can import balances from multiple subledger systems, including accounts payable, accounts receivable, fixed assets, and inventory. Moreover, the software can check and certify results with “Balance Check” features, which compare subledger balances to general ledger balances. The reconciliation can be auto-certified if the balances match within a tolerance.
Suppose you need an aging analysis in addition to the accounts receivable reconciliation. In that case, you can import your Open AR Invoices instead of the AR Balance. OneStream can perform the balance comparison and produce an aging analysis that supports that reconciliation.
When Transactions Require Analysis
Some reconciliations require a breakdown of the transactions within the account. For example, it can take hours to manually reconcile high-volume accrual and suspense accounts just to figure out the net composition of the account balance. Similarly, balancing intercompany receivables and payables can take a lot of time. And for some companies, bank reconciliations require full-time focus.
Fortunately, OneStream’s Transaction Matching solution streamlines transaction-intensive reconciliations, automatically matching transactions within and across data sets to identify those that remain unmatched as of the end of the period. Then the software summarizes the transactions for presentation in the period-end reconciliation.
When Spreadsheets Are Essential
Some accounts require analysis using models in Excel. An example is calculations based on model inputs that provide the justification for an account balance. In fact, you can alter the OneStream reconciliation templates so that the same spreadsheet can be used month over month to create the reconciliation documentation. Even further, you can use automation bots to attach the documentation to the reconciliations, making the reconciliation preparation process seamless.
Making Work Less Tedious
Account Reconciliations are one of those activities ripe for automation. Yet, many companies remain stuck in the past, missing an opportunity to recognize labor savings and make work more enjoyable for their staff.
Whether you are considering a new implementation of OneStream account reconciliations or you have been a client for years, eCapital Advisors is here to help. By partnering with our experts, you get OneStream specialists who know precisely how to ensure you get the most out of your OneStream Account Reconciliation investment. Connect with eCapital today to learn more.