Migrate From HFM to OneStream for Consolidations and Reporting

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 Business moves too quickly to try to utilize outdated solutions such as Oracle HFM for financial consolidations and reporting.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 Your organization can join the list that have moved from outdated and fragmented legacy applications such as Oracle HFM to OneStream.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.

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.

Leave a Comment

Your email address will not be published.