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RapidRecs - Account Reconciliations

  Home/RapidRecs - Account Reconciliations

RapidRecs: A Pre-packaged Solution for OneStream's Account Reconciliations Application.


The Fast-Track Route to Automating Account Reconciliations

Account Reconciliation is the accounting process that ties out two sets of results. It ensures that account balances in the general ledger and sub-ledgers are consistent with the results in published financial reports. Account Reconciliations often depend on spreadsheets or stand-alone financial control applications, each of which creates a delay in the financial close cycle if not fully integrated with the financial reporting system.

Account Reconciliations in the Financial Close

OneStream XF is a unified SmartCPM solution that offers an integrated reporting environment. The trial balances and transactions that feed financial reports can be used in parallel to feed Account Reconciliations from the same source, reducing risk of differences and speeding the close. OneStream provides designated workflows for each type of user ensuring segregation of duties. It enables direct integrations with source systems for fast, reliable and sophisticated data uploads. Our RapidRecs package also includes a range of standardised spreadsheet collection templates.

OneStream preparer screens enable clear visibility of required reconciliations and a controlled environment for recording reconciliation items. Key reports and dashboards are provided out of the box to help all levels of user monitor progress. OneStream's guided reporting provides scope to extend and tailor the variety of outputs.

Concentric’s RapidRecs package offers a fast-track route to implementing an integrated Account Reconciliations process. It enables the Office of Finance to gain confidence in the numbers. The solution applies a systemic approach to a manual process typically undertaken using spreadsheets and emails. It helps users automate reconciliations, discover and explain balances that have changed, and provides a centralised financial control process for record of commentary and substantiating documents.

RapidRecs uses OneStream’s Account Reconciliation application and our ready-made model to solve the functional challenges of Account Reconciliations between source general ledger systems and an IFRS-compliant pack of financial reports. It includes a fixed-scope, fixed-price package of consulting and end-user training that enables you to tailor our starter kit solution to your needs, accelerating your time to value.

OneStream Account Reconciliations Dashboard


Key OneStream Solution Features:

Risk-based Reporting

  • Gain complete visibility on preparer status against due dates, and the top, high-risk unreconciled balances by entity.
  • Manage data quality and form a risk-adjusted view of your financial reports.

Drill-to-Reconciliation

  • Use our RapidRecs IFRS model to link reported balances to reconciled accounts. OneStream’s Drill-to-Reconciliation functionality instantly provides correlation between reports and record of reconciliations.
  • Create automated alerts that flag changes to previously reconciled account balances, ensuring confidence in published reports.

Common Trial-Balance Feeds

  • Leverage RapidRec’s IFRS-compliant reporting model ensuring the same data sources, data mappings and account structures are used for reporting as for account reconciliations.
  • Capitalise on OneStream’s integrated feed of data that surfaces information to both financial reports and account reconciliations in parallel, reducing reconciliation delays.

 


RapidRecs Benefits:

  • Fixed-scope, fixed-price solution that reduces control and compliance risks
  • Built by accountants for accountants
  • Pre-configured models enable faster time to value
  • Integrates with existing systems and sources of trial balances
  • Segregated workflows control each user’s actions
  • Pre-built monitoring, aging and exception reports assist continuous improvement
  • Future-proofed solution that can be extended to drive further value from the OneStream XF platform

For more information about our RapidRecs Account Reconciliation solution, request our Fact Sheet or talk to us today on 0203 411 0140

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