Global Commercial Flooring Company

Discover how our OneStream implementation services enable your organization to streamline the financial close, report with confidence, and deliver faster, more accurate insights to stakeholders.

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A global commercial flooring company required standardization for financial consolidations.

The company’s three regions were utilizing their own software and relying on manual-entry processes. After selecting OneStream Software as their solution-provider for Corporate Performance Management (CPM), we implemented the OneStream platform to consolidate global financial information at the Corporate level and automate their existing manual touchpoints.

Created new, global multi-currency consolidation application for consolidated financials.
Minimized dependency on Excel modeling for consolidation, currency translation, and eliminations.
Set up four direct connects to retrieve source data obtained from ERP systems.
Supported company-wide Change Management initiative to align all segments for reporting, account usage, and overall close processes.

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Summary

A global commercial flooring company required standardization for financial consolidations. The company’s three regions were utilizing their own software and relying on manual consolidations processes. After selecting OneStream Software as their solution-provider for Corporate Performance Management (CPM), we implemented the OneStream XF platform to consolidate global financial information at the Corporate level and automate their existing manual touchpoints.

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The Problem

Why Global Commercial Flooring Company Approached HollandParker?

The company lacked standardization across their regions of how the financials were consolidated. One region used Oracle HFM for consolidations, while the others used Excel to manually consolidate. This fragmented approach included manual processes that were prone to human error. The company also required manual processes in Excel to perform intercompany eliminations.

Furthermore, each business segment had unique business processes and separate ERP instances. Change Management was required to align all segments in terms of reporting, account usage, and overall close processes.

The Solution

How We Approached the Problem

We supported the company’s large initiative to clean up the go-forward intercompany activity in each of the ERP systems to be able to use the out-of-box eliminations in OneStream XF. This included implementing a unique approach to generate historical data for intercompany eliminations, as the full detail was not available. Additionally, we provided the following support in the Consolidations phase of implementing OneStream XF:

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Created new, global multi-currency consolidation application for consolidated financials.
Standardized financial statement presentation of reports (Income Statement, Balance Sheet, Cost of Sales) to be used for GAAP and Internal Management purposes.
Set up four direct connects to retrieve source data obtained from ERP systems.
Allowed for budget and forecast planning through Excel templates to ease loading into OneStream.
Minimized dependency on Excel modeling for consolidation, currency translation, and eliminations.