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.
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.
