The Directors of Financial Reporting for publicly-traded companies have a lot on their plate. Not only do they need to keep up with the latest SEC rules and regulations, they also need to be able to trust their team to support accurate financial reporting.
There is not enough time to go through each entry in your company’s corporate performance management (CPM) software or Excel spreadsheets for every global business segment to validate the accuracy of the entry.
That’s likely why your company migrated to OneStream XF software to support accurate financial reporting for modern businesses. You need smart, reliable, and sophisticated software to support your team and help produce accurate financial reports on a quarterly and annual basis.
How OneStream XF Supports Global Financial Reporting
OneStream XF supports true statutory financial reporting requirements including U.S. GAAP, IFRS, Multi-GAAP, and local statutory requirements with the most sophisticated financial intelligence available.
- One set of data drives multiple GAAP/IFRS reporting formats
- Cell-level audit trails provide control without impacting performance
- Out of the box support for complex ownership and equity pickup
The software is set up to record transactions and produce reports for each subsidiary. The data input from your teams is traceable and easily tracked to create audit trails that are verified.
Then, the financial reports for each subsidiary are fed into the parent company account to produce the consolidated financial statements. These statements meet the requirements for U.S. GAAP, IFRS, XBRL, and EDGAR.
More Time to Perform Other Critical Financial Reporting Duties
OneStream XF is ideal for the Director of Financial Reporting because it eases the burden of verifying and validating financial statements for submission to the appropriate governing body.
This allows for a more straightforward audit process and creates more time to perform critical tasks in your role:
- More time for analysis and research on alignment with proposed accounting standards.
- More time to write or update corporate policies to ensure alignment with standards.
- More time to support financial reporting team in implementing accounting standards.
- More time to gather information and reports for finance department, legal team, and auditors.
As you become familiar with the OneStream XF software platform, consider utilizing additional software tools in the OneStream XF MarketPlace to support compliance.
One tool in particular is the Reporting Compliance app. This tool will help your company remain in compliance with changing global reporting requirements such as U.S. GAAP, IFRS, and other local statutory requirements.
You’ll be able to get ahead of new guidelines and provide advanced support for your team to ensure your entire department stays vigilant.
Stay in Touch With HollandParker
As a platinum-level OneStream implementation partner, HollandParker stays up-to-date on the latest OneStream updates for customers. We pass along these updates through our monthly eNews.
Consider subscribing to our eNews to receive the latest updates from our team. We look forward to supporting your use of the OneStream XF software platform to support accurate financial reporting.