There’s Only One Financial Close Solution to Consider in 2022

Finance team in corporate setting discusses financial close solutions and selects OneStream

The financial close is one of the more complicated aspects of fiscal activity within corporations. It requires the full cooperation of Finance as well as input from business units across the enterprise to coordinate the closure of a financial period each month, quarter, or year.

Without the right software solution in place, organizations are vulnerable to mistakes, errors, and other challenges that could slow down their financial close process.

That’s why we recommend migrating to the leading financial close solution on the market today, the OneStream intelligent finance platform.OneStream breaks down the complexity of the financial close and streamlines processes, enabling Finance to lead at speed.

Those looking for third-party confirmation of OneStream’s efficacy as a leading financial close solution need only turn to one of the top research companies in the world. According to the latest Gartner Financial Close Solutions Review, OneStream has separated itself as a flexible, cost-efficient, long-term platform that supports the latest needs of organizations.

We back this sentiment. HollandParker has committed 100% of our resources to implementing the OneStream platform for organizations. As a Diamond Implementation Partner, we have built a robust team that enables us to deliver superior OneStream implementation services. Let us further explain why OneStream is the solution your organization needs to support the financial close in today’s business environment.

A Key Factor When Evaluating Financial Close Solutions

Migrating to a modern, reliable solution such as OneStream takes on greater importance when you consider the full weight of regulatory requirements in today’s globally connected business environment.

Executing a proper financial close is critical at the corporate level due to the standards in place from regulatory bodies such as the Securities and Exchange Commission (SEC), Financial Accounting Standards Board (FASB), and International Accounting Standards Board (IASB).

These organizations provide best practice recommendations such as the generally accepted accounting principles (GAAPs) or International Financial Reporting Standards (IRFS) to ensure that corporations are truthful about their financial position.

For large organizations that have global subsidiaries, this process of complying with oversight and regulatory bodies can become cumbersome without the proper solution.

Tracking down data, communicating across time zones, and ensuring proper intercompany eliminations across different global business units necessitates a more robust financial close solution. OneStream provides the answer.

WEBINAR

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

OneStream: The Optimal Financial Close Solution

OneStream is the frontrunner among other financial close solutions because the platform allows Finance teams to eliminate manual processes, replace spreadsheets and standalone financial consolidation software, and execute the financial close quickly, effectively, and in accordance with all regulations.

OneStream also offers a host of additional functionality to unify all financial processes in one platform. OneStream unleashes the power of finance by unifying the financial close with planning, consolidation, reporting, and analytics in one extensible solution. No more fragmented, legacy software tools or Excel spreadsheets.

The core features of Onestream translate into these benefits for enterprises using the unified platform as their financial close solution

– Hyper-efficient financial close and consolidation. By automating data input as well as integrations and report generation, organizations benefit from quicker validations, error identifications, and resolutions. The time required to address errors is drastically reduced from days to minutes.

– Complete confidence in financial reports. Instill confidence in your board room and among shareholders by providing complete transparency into data, processes, performance metrics, and audit results.

– Always be audit-ready. No more scrambling to gather financial documents to validate reports. When it’s time for the audit, your team can rapidly produce necessary records from the OneStream platform.

– Unlock financial insights. A faster period-end close means more time for organizational leaders to make critical decisions. OneStream empowers the enterprise with financial insights to support faster and more informed decision-making.

Make 2022 the Year You Solve the Financial Close

Now more than ever, organizations need to eliminate uncertainty or errors with the financial close. Organizations also need to achieve agility so that you can satisfy increased demand for the timely delivery of financial reports.

We can help through the implementation of the OneStream platform. As a Diamond OneStream Implementation partner, HollandParker has the expertise and resources to support your organization’s migration to OneStream.

Just take a look at our client success story for West Bend Mutual Insurance (WBMI). We helped one of the largest insurance providers in the U.S. migrate from error-prone Excel spreadsheets to OneStream. The outcome was a streamlined financial close process and enhanced reporting that saved WBMI two full days for the month-end close and accelerated analysis of financial performance.

We can help your organization achieve similar results. After going live with OneStream, your team will be perfectly positioned to execute the financial close and meet necessary timelines to deliver accurate reports to organizational leaders, shareholders, and regulators.

We invite you to talk to us about why we believe so much in OneStream that 100% of our business is dedicated to OneStream implementation.

Contact us today to discuss your organization’s challenges with the financial close. Let’s identify a solution that will set Finance on the right path in 2022 and beyond.

There's Only One Financial Close Solution to Consider in 2022 1

Share this

About the author

Holland 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

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

View Post
CPM

An introduction to Corporate Performance Management Software (CPM)

View Post

HollandParker Named 2022 Power of the Platform Winner by OneStream

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.