Migrate From HFM to OneStream for Consolidations and Reporting

migrate hfm onestream holland parker houston texas

In 2020 and beyond, forward-minded financial leaders need to be able to move at the speed of technology to ensure competitiveness in global markets.

The days when you were able to utilize multiple legacy applications to fulfill your financial processes have passed. Business moves too quickly to try to utilize outdated solutions such as Oracle HFM for financial consolidations and reporting. Instead, leading financial decision-makers are turning to a unified platform delivered by OneStream that combines financial close, consolidation, and reporting — plus additional financial functions — in one platform.

If you’ve been seeking an answer to what is an HFM alternative, the OneStream XF software platform is the clear answer. And, some of the world’s largest companies such as Toyota and UPS have already migrated to OneStream for financial consolidations and reporting. Your organization can join the list that have moved from outdated and fragmented legacy applications such as Oracle HFM to OneStream.

How OneStream XF Delivers Financial Consolidations, Reporting, and More

Solutions such as Oracle HFM that were built in past decades were useful in their time, but are no longer fully capable of addressing modern financial challenges.

Think about what’s in your pocket or in your hand. You can now perform financial functions on your smartphone that once required telephones, calculators, notepads, calendars, and watches. Similarly, OneStream does the job of dozens of financial applications on the same platform:

  • Global financial consolidation
  • Foreign cash flow reporting
  • Intercompany eliminations
  • And more

Global Financial Consolidation and Reporting

Meet all true and local statutory requirements through OneStream. The OneStream XF software platform supports the most advanced financial reporting requirements, allowing you to provide incredibly detailed and accurate information to the C-Suite without slowing down your financial teams in the process.

Complete Foreign Exchange and Cash Flow Reporting

You can clearly view the cash flow of the entire organizations across all currencies. OneStream also supports budgeting and forecasting with ease, putting all the information at your fingertips so that you can make critical financial decisions with the best possible information available.

Powerful Intercompany Eliminations

OneStream delivers exceptional value in the creation of consolidated financial statements through intercompany eliminations. The software allows you to record and manage each transaction from each division, with powerful drill-down capabilities to source information and transactional details. This improves awareness of discrepancies while reducing complex and tedious rules.

WEBINAR

Building to the ‘Top’ with OneStream: HFM Replacement Story

Financial Reporting and Analysis

OneStream XF enables top-of-the-line reporting and includes analysis technology in one platform. Not only does the software ensure efficiency and accuracy because all of the data is housed in one location, you no longer need to log the same data into multiple systems. This eliminates unnecessary extra steps and reduces the risk of error from manual entries.

Consider some of the reporting and analysis tools available through OneStream:

Guided Reporting. A selection of pre-formatted rows and columns allows you to try out different combinations of custom charts, graphs, reports, and grids for enhanced comprehensibility.

Excel Integration. State-of-the-art Excel analytics makes it easier than ever to share critical information with employees and shareholders, answer questions with drag, drop, and pivot technology, and update information at a breakneck pace.

Production Reporting. Approximately 50 pre-built web reports such as audit, process log, drill down, security analysis, process control, and certification status ensures that production reporting will be more accurate than ever. The production reporting software unifies data in a streamlined and cohesive manner, providing you with more organizational control.

Microsoft Office Blend. No more re-working data for multiple platforms. The Microsoft Office blend delivered by OneStream merges Office content including Microsoft Word, Excel, and PowerPoint to simplify and parameterize reports, charts, and books. Now, your teams can do the work once, align information with other platforms used in the organization, and spend the saved time on more critical tasks.

Interactive Dashboards. When you need to see real-time information to make important financial decisions, it’s important that you have a system you can trust. Interactive dashboards are included in the OneStream XF software platform to support critical functions such as market research and forecasting. Now, everyone in the organization can achieve alignment around large decisions that carry global implications.

Built-in Governed Analytics. OneStream created a modernized method to merge data in one location. Whether it’s managing operational, financial, or transactional data, you won’t have to worry about misinformation or security breaches that can halt your organization.

OneStream XF: A Clear Alternative to Legacy Platforms

The OneStream XF software platform offers the ideal blend of features and capabilities that the CFO needs to execute consolidations and reporting.

Migrate From HFM to OneStream for Consolidations and Reporting 1

Fortunately, HollandParker can help organizations complete the migration from legacy platforms such as Oracle HFM to OneStream.

Our team is well-versed on HFM and other platforms to understand exactly how to migrate data, configurations, and processes to OneStream. As a Platinum OneStream implementation partner, we have helped numerous organizations make this transition with ease.

Contact us today to discuss our process for supporting migration to OneStream. We would also appreciate the opportunity to tell you more about utilizing OneStream XF for consolidations and reporting so that you can move at the speed of modern business.

Share this

About the author

Philip Parker

The Pre-Transformation Checklist for Finance

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

By following this checklist, organizations can systematically approach their finance technology transformation, ensuring that all critical aspects are addressed and that the transition is smooth and successful.

Related posts you might like

Transformation program leaders guide

THE TRANSFORMATION PROGRAM LEADER’S GUIDE TO FINANCE ROADMAPS

View Post
BUILDING A SCALABLE FINANCE STACK: WHAT HIGH-GROWTH CFOS NEED TO KNOW

BUILDING A SCALABLE FINANCE STACK: WHAT HIGH-GROWTH CFOS NEED TO KNOW

View Post
Why CFOs Should Lead the Finance Transformation Agenda

Why CFOs Must Lead the Finance Transformation Agenda

View Post

Privacy Policy

Introduction

Welcome to Holland Parker. We are committed to protecting your personal information and your right to privacy. If you have any questions or concerns about our policy or our practices with regard to your personal information, please contact us at [email protected].

Information We Collect

We collect personal information that you provide to us when expressing an interest in obtaining information about us or our products and services, when participating in activities on the website, or otherwise contacting us.

The personal information that we collect depends on the context of your interactions with us and the website, the choices you make, and the products and features you use. The personal information we collect can include the following:

  • Name and Contact Data: We collect your first and last name, email address, postal address, phone number, and other similar contact data.
  • Payment Data: We collect data necessary to process your payment if you make purchases, such as your payment instrument number (e.g., a credit card number), and the security code associated with your payment instrument.
  • Login Credentials: We collect passwords, password hints, and similar security information used for authentication and account access.
  • Other Information: We collect any other information you directly provide to us through our website.

How We Use Your Information

We use personal information collected via our website for a variety of business purposes described below. We process your personal information for these purposes in reliance on our legitimate business interests, in order to enter into or perform a contract with you, with your consent, and/or for compliance with our legal obligations.

We use the information we collect or receive:

  • To send administrative information to you.
  • To fulfill and manage your orders.
  • To post testimonials.
  • To request feedback.
  • To send you marketing and promotional communications.
  • To deliver targeted advertising to you.
  • For other business purposes.

Sharing Your Information

We may process or share your data that we hold based on the following legal basis:

  • Consent: We may process your data if you have given us specific consent to use your personal information for a specific purpose.
  • Legitimate Interests: We may process your data when it is reasonably necessary to achieve our legitimate business interests.
  • Performance of a Contract: Where we have entered into a contract with you, we may process your personal information to fulfill the terms of our contract.
  • Legal Obligations: We may disclose your information where we are legally required to do so in order to comply with applicable law, governmental requests, a judicial proceeding, court order, or legal process.
  • Vital Interests: We may disclose your information where we believe it is necessary to investigate, prevent, or take action regarding potential violations of our policies, suspected fraud, situations involving potential threats to the safety of any person, and illegal activities.

Cookies and Other Tracking Technologies

We may use cookies and similar tracking technologies to access or store information. Specific information about how we use such technologies and how you can refuse certain cookies is set out in our Cookie Policy.

Data Security

We aim to protect your personal information through a system of organizational and technical security measures. We have implemented appropriate technical and organizational security measures designed to protect the security of any personal information we process.

Retention of Data

We will only keep your personal information for as long as it is necessary for the purposes set out in this privacy policy unless a longer retention period is required or permitted by law.

Your Privacy Rights

In some regions, such as the European Economic Area (EEA), you have certain rights under applicable data protection laws. These may include the right to (i) request access and obtain a copy of your personal information, (ii) request rectification or erasure; (iii) restrict the processing of your personal information; and (iv) if applicable, to data portability.

Updates to This Policy

We may update this privacy policy from time to time in order to reflect changes to our practices or for other operational, legal, or regulatory reasons.

Contact Us

If you have questions or comments about this policy, you may contact us by email at [email protected].

The Pre-Transformation Checklist for Finance

Tap into wisdom gained through 300+ finance transformations to uncover answers to questions you have and those you should.

This field is for validation purposes and should be left unchanged.