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Streamlining the Financial
Close with OneStream’s
In today’s volatile and sometimes disruptive economic environment, CFOs and finance organizations need to be able to lead the organization’s decision-making processes with insight, speed and confidence. Yet many finance organizations are still bogged down by inefficiencies in routine processes such as the period-end financial close and reporting cycle and are unable to shift their time to value-added analysis and decision support. This white paper highlights the key capabilities OneStream’s unified Intelligent Finance platform provides to help organizations conquer the complexities of the financial close, consolidation and reporting process. It also documents the results several OneStream customers are achieving with the platform.
OneStream Software provides a unified, Intelligent Finance Platform that simplifies financial close and consolidation, planning, reporting, analytics and financial data quality for sophisticated organizations. Deployed via the cloud or on-premise, OneStream’s unified platform enables organizations to modernize Finance, replace multiple legacy applications, and reduce the total cost of ownership of financial systems. OneStream unleashes Finance teams to spend less time on the mechanics of managing finance processes and more time focusing on driving business performance. OneStream is the first and only solution that delivers corporate standards and controls, with the flexibility for business units to report and plan at additional levels of detail without impacting corporate standards—all through a single application. We call this unique capability Extensible Dimensionality®.
Supporting an efficient period-end financial close process is essential to producing timely and accurate financial and operating results for any internal and external stakeholders that require agile decision-making. This might sound easy on the surface, but in a large global enterprise, the process can be very complex. Such a process includes collecting and consolidating financial results from multiple systems, managing currency translations, handling intercompany eliminations, accounting for partial ownerships and reporting in accordance with multiple reporting standards. Purpose-built software applications to support the financial close and reporting process have been available for over 20 years. Yet many organizations struggle in managing this complex process with spreadsheets and manual work, or legacy financial applications that are inflexible and no longer meet current business requirements. Organizations that have adopted modern, cloud-based applications for financial close, consolidation, reporting and other processes have been more successful in streamlining the process, ensuring the accuracy of their financial results. And perhaps most importantly, such organizations have gained the agility needed to adopt quickly to changing business and industry requirements.
International growth at Paques
Rapid availability of reports at Flow Traders
Using OneStream for results by store at Hunkemöller
Streamlining Reporting at Parlevliet & Van der Plas
Multiple Reporting Standards at Terberg Group after Merger
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