Harmonising Account Reconciliations

Uncover the story behind your numbers and ensure everyone in your team is on the same page ...

Would you like to modernise your Account Reconciliations process and be able to:

• • Immediately view the status of high-risk reconciliations as they relate to your financial reports?
  • Understand the quality score of your financial reports?
  • Gain more confidence in your data and achieve true risk management?
  • Drill-down directly from your Balance Sheet to the Account Reconciliations?

A solution from our partner OneStream allows for just that and we have implemented this solution for many of our customers.

OneStream complements Finance Transformation at Jardine Motors Group

We recently helped Jardine Motors Group to optimise and automate their Account Reconciliations as part of an ongoing wider Finance Transformation project.

Jardine Motors Group operates more than 50 franchised motorcar dealerships across the UK, comprising a range of luxury brands such as Jaguar, Land Rover and Mclaren.

Prior to implementing OneStream, each dealership completed its reconciliations in Excel and there was a considerable lack of visibility and standardisation. A more efficient electronic solution was needed to centralise the Account Reconciliations process and create a reporting layer with intelligent data insights and transparency for audits.

Concentric delivered with a custom dashboard that enabled users to drill-down to data and identify exceptions and adjustments for particular items. We also helped them consolidate accounts with similar properties into one reconciliation to reduce the number of reconciliations being performed each month.

“Financial close is a far more straightforward process now. Working with Concentric has been a really positive experience and I know that the rest of my team would say the same. It feels like they genuinely want to help deliver what we want and they make time to explain the best way to do it. They have been really patient; they have really listened to what we have asked them to do and always tried to come back with solutions. It has just been a pleasure working with you.” - Mark Rogers, Divisional Financial Controller

Key OneStream features

Drill-to-Reconciliations

OneStream is the ONLY solution that can provide a link from reported balances to reconciled accounts. Drill-to-Reconciliations instantly from your financial reports in one unified system.

• It allows you to drill from your Balance Sheet directly to the Account Reconciliations.
• Automated alerts to changes to reconciled account balances status ensure confidence that reports are always aligned with reconciliations.
  
  

Trial Balance Single-Sourcing

Account Reconciliations are inextricably linked with financial reporting so there is never a disconnect between your financial reports and your reconciliation process.

• Leverage the same data sources, data mappings, account hierarchies, workflows, and security as actuals.
• Base financial information is collected and handled one time.
• Immediate reconciliation status checks alert users if a previously reconciled balance has changed due to an updated trial balance import.

Further areas where you may need help harmonising your Account Reconciliations process include:

• Transaction Matching is mainly used to match payments from customers (or to suppliers) against sales invoices (or purchase invoices) held on the system - but in fact you can match any ledger debit to any ledger credit (e.g. sales invoice to sales credit note).

• Financial Close Task Management is a recurring process in management accounting by which accounting teams verify and adjust account balances at the end of a designated period in order to produce financial reports representative of the company's true financial position to inform stakeholders.

• Intercompany Eliminations is the process that a parent company goes through in order to remove transactions between subsidiary companies in a group. Parent companies complete intercompany eliminations when they're preparing consolidated financial statements.

• Generation of Consolidated Financial Statement requires a company to integrate and combine all of its financial accounting functions together in order to create consolidated financial statements that shows results in standard balance sheet, income statement, and cash flow statement reporting.

• Multi-currency consolidation is the process of combining financial information from different entities or subsidiaries that operate in multiple currencies into a single consolidated financial statement in a single currency, typically that of the parent company.

Why not arrange a no-obligation call with one of our experts to discuss how we could help harmonise your Account Reconciliations. Contact us on +44 (0)1782 218 270 or send us a message.