Energy Utilities and Construction

Energy Utilities and Construction 1

Energy Utilities and Construction

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.

Streamlined Close Complete Transparency Internal Controls

An energy utilities and construction company needed to move away from manual input in Excel spreadsheets, upgrade from a consolidations tool that was no longer supported, and gain visibility into cash flow.

The company was also acquiring an international company, complicating the comparability of data. We built a new multi-currency OneStream Consolidations application to report monthly actual data, which allowed for efficient and timely financial reporting.

  • Supported the advancement from U.S. to multi-currency data.
  • Achieved imperative goal of automated cash flow post-acquisition.
  • Broke the company’s attachment to Excel spreadsheets to create reliable automation.
  • Used OneStream to perform the first year end-close for the merged company.
  • Cut out several steps in the process of intercompany eliminations.

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Summary

A U.S.-based corporation specializing in energy utilities and construction with $4.4 billion in annual revenue and four business units required a new approach to consolidations. The corporation migrated from manual data consolidation and the expiring Hyperion Enterprise application to OneStream XF to create a standardized close and consolidation process rolling up financial data from the business units to the corporate general ledger. We implemented a multi-cube design that seamlessly connected all business units to the corporate account structure.

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The Problem

Why Energy Utilities and Construction Approached HollandParker?

The corporation required a uniform solution to execute consolidations that would address each of these challenges:

  • The consolidation tool used by the corporation was implemented on an on-premises system that would no longer be supported.
  • The corporation needed a consistent close process across all business units. Previously, all business units used separate G/Ls with consolidations completed at different levels.
  • Significant aspects of the consolidation processes required time-consuming manual data consolidation, management, and collation that presented the risk of human error.
  • Corporate needed to wait for each business unit to finish consolidations to complete the close, which took time away from analyzing financial performance
  • The corporation needed to support both FERC reporting and GAAP reporting in one location.

The Solution

How We Approached the Problem

We supported the corporation’s migration to OneStream XF, which required a very complex multi-cube design and unique data mappings for all business units to connect to their various data sources. The project also called for rolling up all of the business units to the same account dimensions and using the correct intercompany mappings/plug accounts.

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  • Multi-cube design enforced the need for all business units to use corporate’s account structure.
  • Ensured that all business units used the correct roll-ups through validations and feedback with project team members.
  • Wrote business rules to automate net position calculations, eliminating the need for top-sided journal entries while also mitigating the risk of human error.
  • Streamlined numerous data sources and complex transformation rules across all entities to pull accurate data and enabled drill back functionality.
  • Supported the needs of each business unit’s unique reporting requirements.

Here Are the Key Achievements for This Client

Standardized close and consolidation process.

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Faster data collection improved data accuracy, reliability, and responsiveness in support of higher quality and more frequent data analysis.

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Real-time access to centralized financial data in a consistent and uniform format.

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One platform for central data collation, management, analysis, and reporting across multiple data sources.

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Enabled Corporate to have advanced insight into financial performance with the ability to drill down/drill back to source.

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Supported a checks and balances system to track each business unit’s close processes and workflows.

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Flexible data management standardized diverse information from each business unit.

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FERC reporting and GAAP reporting were completed in one location, removing the need for separate reporting.

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Extensibility of the modular and expandable OneStream XF platform will support the addition of new corporate organizations, as applicable.

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Finance Technology Implementations Completed

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The Pre-Transformation Checklist for Finance

An 11-Step Risk Reduction Tool for CFOs and CAOs Who Aren’t Sure Where to Start

Leverage wisdom from 500+ enterprise finance transformations to ensure yours is smooth and successful.

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