As an online seller are you facing the issues of receiving incorrect payments from vendors or overpaid fees? These issues can be solved when the finance team performs data reconciliation. Data reconciliation is a difficult but extremely important process to ensure that your finances are intact and accurate.
However, manually reconciling data can be quite time-consuming and tedious for the finance team. This has caused many businesses to switch to automation. With the help of automated reconciliation, businesses are able to get accurate results from reconciled and unreconciled transactions with ease.
Two reconciliation softwares that could be a great fit for your business are Cointab and OneStream. We have described their features and benefits in the following article so that you can compare these softwares and pick the right one for your business.
Cointab
Cointab reconciliation streamlines reconciliation to simplify the process for your finance teams. It automates the various repetitive tasks included in the reconciliation process such as automatically loading data into the system. Also, a schedule can be set to run the reconciliation automatically.
With its automation features it also offers various customisations such as for data loading a custom file format can be chosen. Along with that, a custom rules engine is also accepted so that users can set the matching conditions to suit their unique business rules and policies. To export data, a custom file format with specific data fields and columns can be selected providing a flexible way to reconcile data.
The results reconciliation results are produced in a form that is easy to understand with columns and graphs for analysis. The software highlights the rows with amount mismatches so that managers can pay more attention to these transactions as some amount might be underpaid by vendors on these orders. The details of each transaction can be viewed in detail across all reports used for reconciliation. Exceptions can be added to transactions that have to be settled manually so that accuracy is maintained in reconciliation. These results can be used to raise disputes against the vendors so your business can claim that underpaid amount. Along with these features, the software also maintains a complete audit trail for actions for increased accuracy. Companies can simplify and conduct reconciliation easily with Cointab reconciliation.
Key Features
- Automate data load, export and schedule to run reconciliation
- File format for import and export can be of any type
- Customize rules engine
- Highlights for transactions where amounts mismatch
- Add exceptions wherever needed
- Maintain a complete audit trail
OneStream
OneStream is a software that provides a wide range of financial services. The software looks to provide a unified way to manage the reporting, planning and other analytical processes for your financial services. It eliminates the use of spreadsheets and streamlines the account reconciliations, transaction matching, task manager, people planning, capital planning and predictive analytics.
With Onestream account reconciliations, users can streamline it with financial reporting to get better financial results. Its account reconciliation tool matches transactions from multiple sources at a time which makes the reconciliation process faster. It has an automated transaction matching system that has configurable rules to suit your business rules. Users can identify and resolve unmatched transactions easily so the results are accurate. Approvals are given by finance managers along with a feature for adding comments wherever needed. A complete audit trail is maintained by Onestream for all actions in the reconciliation process.
The results of Onestream consist of KPIs on transactions with a support analysis which can be used for reporting. With Onestream users can get a complete view of their financial statements with a risk-adjusted balance sheet. Users can also start the reconciliation process when the trial balances are submitted without needing to wait for corporate close. Hence with Onstream unifying these financial processes, users can carry out reconciliation easily.
Key Features
- Configurable rules
- Add comments wherever needed
- Maintain audit trail
- KPIs and support analysis for transactions
- Get an overview with a risk-adjusted balance sheet
Conclusion
Both these softwares are great software to use for financial data reconciliation. However, they both have slightly different offerings. Cointab reconciliation sticks specifically to the reconciliation process and thoroughly covers everything related to automating the data reconciliation along with many customizations. Onestream covers many other financial processes along with reconciliation. It does have many features to make the reconciliation process easy but since it does not fully focus on reconciliation the features offered are lesser. So you can evaluate your business needs and accordingly pick a software.
