B2B Payments

OneStream Launches Automated Account Reconciliation

OneStream's new Transaction Matching program cuts out the extra costs and time.

OneStream, which specializes in corporate performance management (CPM) for companies, has a new program that promises to speed up the time it takes to reconcile accounts, according to a press release.

The program, called OneStream Transaction Matching, will work to let companies collect and match large amounts of transactions from numerous sources, enabling the companies to quickly resolve any confusion. That will make for much more efficient period-end balances as opposed to the older processes using third-party tools and spreadsheets.

Transaction Matching lets users pull in transactional data from several sources at once, using a configurable approach that operates on simple rules. Failure to complete those processes correctly could result in issues with reporting and undue write-offs, which can have detrimental effects on a company’s bottom line.

But OneStream’s new program is a change from the old ways of spreadsheets, which were often much more time consuming and took longer to reconcile issues with accounts.

Transaction Matching, according to the press release, eliminates extra costs that third-party companies might impose and leverages the existing data for many transactions all at once. The program can be used for everything from intercompany transactions, accounts payable and receivable, travel and entertainment (T&E) reporting, bank clearing and lockbox to general ledger cash accounts.

The Transaction Matching software goes hand-in-hand with OneStream’s existing Account Reconciliation. Both of those applications are fully supported, available in the cloud or on-premise, so users can choose whether to do work at home or in the office with the products.

Speedier processing for financial closes have been popular as of late, with Trintech and Sage partnering earlier this month in order to implement more tools to help companies save money and time on data integration between the two companies’ products.

Eileen Wiens, vice president of business development for Sage Intacct, said the partnership would make company processes more controlled and transparent.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.