Earlier this year, ActiveViam released an upgrade to its OSL (Operational Subledger) Accelerator. The OSL Accelerator (formerly ActiveLedgers) is used by major U.S. financial institutions to create business aligned subledgers where financial managers can quickly see the aggregated financial statements, and instantly drill-through to the detailed journal entries. The Q2 release implemented a new state of the art user interface to the OSL Accelerator, creating a snappier and more collaborative visualization and reporting environment.
ActiveViam’s software engineers worked flexibly and tirelessly with one of our U.S. clients to quickly implement new accounting rule changes defined by the client in mid-May to a segment of their sold products portfolio that took effect in July. The accounting rules and the new version of our data visualization tool, ActiveUI, were quickly implemented to facilitate a more streamlined process in time for the July month-end close.
Cut wait time
One of the biggest challenges financial managers face is that accounting data can come from multiple sources at varying times during the financial close period resulting in, among other things, an increased likelihood for errors. We provide a buffer for that. The OSL Accelerator absorbs and calculates entries from many systems at the same time, applies the required validations as data arrives and integrates it within the larger enterprise. At any point in time during the close financial managers can view their financial statements and drill-through to the detailed journal entries. There is no need to wait until a batch is completed, or all data for a particular account has arrived.
Our updated ActiveUI provides dashboards to present a series of views as data is updating and users can drill-through the aggregated data to do more interactive analysis. Accounting postings, whether created by rule or manually entered are included in the reports that are easily pre-definable, or defined ad-hoc by the end users. Users may view the impact of new postings immediately and can combine the postings data with data from other parts of the organization.
Reduce manual postings; Ensure reconciliations
With the OSL Accelerator, accounting rules are automatically triggered to produce detailed postings for the business unit. Users can easily send summarized postings to downstream systems such as data warehouses and the general ledger, ensuring reconciliation between the business subledger and general ledger and providing the ability to quickly generate any internal or regulatory reports.
Our clients’ accounting teams can detect errors faster, perform detailed root cause analysis and run ‘What-If’ simulations – all resulting in a reduced number of general ledger adjustments and a faster, more efficient financial close process.
Once dependent data for a specific process arrives accounting rules are automatically triggered to produce detailed postings for the business unit. Account balances are instantly calculated upon the arrival of new entries.
With the OSL Accelerator powered by ActivePivot’s real time engine, our clients can immediately view updated trial balances, roll forward reports, and income statements as new data arrives. By sending summarized postings from the OSL Accelerator to the general ledger, our clients ensure that the business subledger and general ledger are reconciled, thereby making their end of month close seamless and efficient.