Renown Specialty Manufacturer
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.
A renown manufacturer of metal powders needed a centralized consolidation system to provide consolidated financial statements, intercompany eliminations, and currency translation.
The company’s entire Consolidations process lived in Excel, which created risks from human error and a lack of transparency. After the company selected OneStream Software as their CPM provider, we implemented the OneStream platform to create transparency, standardize processes, and ensure a cleaner accounting close process.
- Created transparency using OneStream out-of-box eliminations and associated reports.
- Built drill-down capabilities to loaded source data.
- Served as a mentor to provide knowledge, expertise, and training to help team members trust the platform.
- Enabled constraints on dimensions to protect data integrity.
The Pre-Transformation Checklist for Finance
An 11-Step Risk Reduction Tool for CFOs and CAOs Who Aren’t Sure Where to Start
Summary
A renowned manufacturer of fine metal powders needed a centralized consolidation system to provide consolidated financial statements, intercompany eliminations, and currency translation. The company’s entire consolidations process lived in Excel, which created risks from human error and limited transparency. After the company selected OneStream Software as their Corporate Performance Management (CPM) solution provider, we implemented the OneStream XF platform to improve transparency, standardize processes, and ensure a cleaner accounting close process.
The Problem
Why Renown Specialty Manufacturer Approached HollandParker?
The company was required to complete separate consolidations for different parent companies and in different currencies. This created a disconnect because of their dependence on manual processes and a rudimentary consolidation process of distributing spreadsheet files. Additionally, their team performed journal entries — including top-sides — directly into Excel spreadsheets. Thus, there was no reliable method to trace, track, or authenticate the data used to provide the financial statements.
The Solution
How We Approached the Problem
During Phase 1 of the OneStream XF implementation process, we helped bridge the gap from an archaic, manual-entry system to a more robust, automated process for Consolidations. We addressed the company’s reporting challenge of not having a transparent consolidation system or process in these ways:
- Created transparency using OneStream out-of-box eliminations and associated reports.
- Built drill-down capabilities to loaded source data.
- Enabled constraints on dimensions to protect data integrity for multi-currency needs.
- Served as an advocate and subject matter expert to provide knowledge, expertise, and training to help team members trust the platform.
Here Are the Key Achievements for This Client
Consolidated financials with intercompany eliminations.
Repeatable and standardized processes.
Increased transparency.
More efficient accounting close process.
Improvements in how financials are recorded.
Broke company-wide reliance on Excel.
Identified new and future internal initiatives using OneStream.
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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.