Account Reconciliations
Deliver a New Level of Risk Management
Conquer complexity and improve the integrity of financial results by aligning account reconciliations with financial reporting. Replace spreadsheets or standalone accounts reconciliation software solutions with a unified CPM software platform.
Conquer complexity and improve the integrity of financial results by aligning account reconciliations with financial reporting. Replace spreadsheets or standalone accounts reconciliation software solutions with a unified CPM software platform.
This is a carousel. You can use Next and Previous buttons or the numbers on top of the slide to navigate
01
02
03
Key Features
This is a carousel. You can use the Next and Previous buttons to navigate through each slide
Customers We Work With
This is a carousel with auto-rotating slides. You can disable the auto-rotating feature by pressing the Pause button, this will change it to a Play button that re-enables the auto-rotating feature. You can also use Next and Previous buttons to navigate through the slides.
Related Solutions
Lead at speed by aligning account reconciliations with financial close, consolidation and reporting.
This is a carousel. You can use the Next and Previous buttons to navigate through the slides
This is a carousel. You can use the Next and Previous buttons to navigate through the slides
This is a carousel. You can use the cards on the bottom part of the carousel to change slides.
Delivering 100% Customer Success
“In addition to consolidations, OneStream offers full budgeting and forecasting capabilities along with superior cash flow reporting and a solution for account reconciliations that replaced our previous account reconciliation solution. The Guided Workflows provide simple end user steps that allow us to focus on results instead of mechanics..”
Related Resources
FAQ
-
What are Account Reconciliations?
Account reconciliation is the process of ensuring financial statement account balances are correct at the end of an accounting period. It’s a process that uses two sets of records to ensure figures are correct and in agreement. And if they are not in agreement, making necessary adjustments or identifying and explaining differences.
Account reconciliations are typically performed after the close of a financial period. Accountants review each account in the financial statements and verify that the balance listed is accurate. This often involves comparing the financial statement balance to another source of information – for example comparing the balance for the Cash account to an external bank statement. Other examples of critical accounts that require reconciliation include:- Cash and investments – comparing to external bank and investment accounts
- Accounts Receivable – comparing to the AR sub-ledger
- Accounts Payable – comparing to the AP sub-ledger
- Prepaid Expenses – listing the components of the account balance
- Accrued Liabilities – listing the components of the account balance
- Intercompany Payables and Receivables – ensuring they eliminate during consolidation
- Fixed Assets – listing the components or tying out to a sub-ledger
The main reason for performing accounts reconciliation is to ensure consistency and accuracy in financial reporting. Account reconciliations are especially important and are a key internal control for publicly-held companies that need to report financial results to external stakeholders, with detailed audit trails available to back-up all account balances. -
What is Account Reconciliations Software?
There are several types of tools accountants can use to perform account reconciliations. Prior to the availability of PCs and electronic spreadsheet software, account reconciliations were often performed manually – using pencil and paper. The availability of personal computers and spreadsheet software in the early 1980’s changed this, and spreadsheets became one of the most popular tools for performing account reconciliations.
Since the early 2000’s, purpose-built account reconciliations software applications have become available. These software applications provide the ability to load account balances and transactions from GL/ERP systems, automate manual matching and comparison tasks, and support electronic workflow and approvals.
Purpose-built account reconciliations software applications are available on a standalone basis, and also can be implemented as part of an integrated suite of CPM software applications. These applications typically include financial close and consolidation, planning, budgeting and forecasting, reporting analysis and other capabilities.
Get Started With a Personal Demo
Get Started With a Personal Demo
Hundreds of organizations have made the leap from spreadsheets and legacy CPM applications to OneStream and never looked back. Join the revolution!
Request a DemoOops, looks like we couldn't find what you were looking for. Please adjust your filters
