Typically, our first engagement focuses on the bigger picture - how to create consolidated processes for the larger organization. Likewise, planning and forecasting models can be developed to guide a company's future. In most cases,after this work is complete, disparate or isolated Excel processes are revealed that are tedious or time consuming. These processes create bottlenecks - particularly in environments that require robust data management and extensive collaboration. Introducing OneStream Financial close and specifically Transaction Matching!
Typically, our first engagement focuses on the bigger picture - how to create consolidated processes for the larger organization. Likewise, planning and forecasting models can be developed to guide a company's future. In most cases, after this work is complete, disparate or isolated Excel processes are revealed that are tedious or time consuming. These processes create bottlenecks - particularly in environments that require robust data management and extensive collaboration.
Introduce in OneStream Financial close and specifically Transaction Matching!
In this example – our client is in the construction industry. Since construction happens everywhere and involves many parties (vendors, contractors, suppliers, etc.)the amount of bank transactions are numerous and involved. Our client was dealing with multiple bank records, hundreds of ACH transactions, and fraudulent checks that slowed payments. To add to their issues, a sole analyst had been running the process for 15 years and was preparing for his retirement. When asked why this task was run this way, the response was “business as usual”.
Our client’s needs were to solve for this process and create a consistent solution that could be applied to all their bank transactions for their New York entity as well as internationally.
OneStream Transaction Matching solution was our best tool to simplify a complex problem. Our goal was to break down a monthly bank statement into smaller subsets that were consistent company wide.
· First, we analyzed the client bank statements and identified “like” transactions (ACH, Wire, Checks, etc.) being fed to TXM.
· We grouped these transactions and matched them to their corresponding records through our GL feed.
· We then looked at the last “outstanding”transactions (one offs, invalid data, miss keyed/erroneous data) and built rules to coral them for further analysis.
By Using OneStream to match bank transactions three core benefits arose.
· User Security
· Tracking enhancement
· Error identification and clearer analysis
OneStream Transaction Matching provides a comprehensive, secure, and scalable solution for enterprise-level change tracking and management. In addition, OneStream’s detailed audit logs, role-based controls, and integrated compliance features make a “one off” issue become a standard monthly process. Creating security groups in OneStream made certain that only users for each entity had access to specific banking records. Finally, matching rules were established to identify errors in the data feeds, processes, and dollar amounts. These rules helped end users determine erroneous numbers, valid transactions, and gave limits to amounts that individual entities could ignore. The resulting transactions made timely decision making possible.
By breaking down “unique” business processes TXM can reveal patterns in what previously could be considered chaos. Individual bank records are different, but the process to manage them can be consistently similar.
Using TXM we created a process that was consistent for their bank statements that could then be configured for other “unique” problems. Ultimately, we used TXM to solve similar issues with the A/R, A/P, and Work-In-Progress sub ledgers by using the same methodology and adjusting for each purpose.
Transitioning to OneStream can enhance efficiency, security, and collaboration, ensuring that organizations can manage their data with greater confidence and effectiveness when first implemented. As companies organize at the consolidated and planning level, OneStream TXM creates efficiencies at the macro level to redefine “business as usual” and re-direct staff to more pressing issues at hand.
