Financial leaders face many challenges in 2022 performing financial consolidations, managing the financial close, and producing accurate financial reports within period-end deadlines. The fast-paced nature of today’s business environment makes it even more difficult to achieve all three objectives with consistency during each reporting period.
In fact, getting the basics right can be just as challenging as executing complex financial processes in the current era of tight deadlines, fewer resources, and more distractions. Fortunately, the OneStream intelligent finance platform is prepared to unleash the power of finance for your organization so that you can excel in the new year.
Time for a Return to Basics Supporting Finance Processes?
Looking strictly at the financial consolidations aspect of finance, the trend that we are seeing is that financial leaders are prioritizing a back-to-basics approach. The evidence can be found in a recent market study published by Dresner Advisory Services.
The Dresner study revealed that the #1 financial consolidation priority for finance leaders is “basic financial consolidation to allow financial reporting across multiple companies.” 80% of respondents noted this basic process as a critical or very important priority. Comparatively, 59% of respondents rated more complex financial consolidation capabilities as critical or very important.
Here’s the challenge. Many finance teams are hamstrung by manual processes using Excel spreadsheets, or they are stuck with outdated, legacy software platforms that do not meet their needs at a fundamental level. And, they certainly cannot take the next step of efficiently performing complex financial consolidations (e.g. partial ownership, multi-currency, or multi-GAAP).
It’s clear that in order to confidently execute basic or complex finance processes in 2022, finance leaders need a robust solution. The answer is the OneStream platform, which transforms Financial Consolidation, Close Management, and Reporting (FCCR) for organizations of all sizes so that you can lead at speed.
How to Transform Finance Utilizing the OneStream Platform
OneStream offers clear advantages for financial consolidation, close, and reporting. Consider the power of unifying these processes in a single, extensible solution.
1. Streamline Financial Consolidations
OneStream offers comprehensive support for basic consolidation processes all the way to complex consolidations that involve multiple currencies for business units spread across the globe.
By utilizing OneStream, your organization can aggregate financial data from multiple entities to produce an overall consolidated financial view of operations. This process is easily automated within the platform, which increases the accuracy, reliability, and dependability of the data. No more error-prone manual processes using spreadsheets or legacy software platforms.
Additionally, intercompany eliminations are easily handled in OneStream. Eliminations can be set up to automatically occur based on the parameters put into place. Instead of performing eliminations over and over again using complex rules, the platform automatically handles the process during each reporting period. Then, any discrepancies can quickly be handled.
Whether you need to perform basic financial consolidations across multiple entities or require a deeper level of support for complex consolidations, OneStream is built to conquer complexity in one unified platform.
2. Execute a Proper Financial Close
Another opportunity to transform Finance is to optimize the financial close. So many organizations waste time and effort during the close because they lack the proper tools to support their closing procedures.
Using the OneStream platform, your team can close faster with pre-and post-load validations, immediately identify errors, and quickly resolve data quality issues. Instead of the financial close controlling your team, this is your opportunity to regain control of closing the books each reporting period.
In OneStream, the data is automatically collected and validated, accounts are easily reconciled, transactions are matched, internal controls are supported, and there is a complete audit trail. The result is an accelerated close that enables your team to confidently produce financial reports.
3. Produce and Utilize Financial Reports
OneStream enables one-touch production of financial reports to help you meet key reporting deadlines. You can deliver reports that meet the needs of internal stakeholders and external shareholders.
OneStream supports U.S. and international financial reporting requirements, including GAAP, IFRS, multi-GAAP, and local statutory requirements. By having one set of data at your fingertips, you can easily generate reports in multiple GAAP/IFRS reporting formats.
Then, because of the time savings generated through the OneStream platform, your organization will have additional time to utilize financial reports to support decision-making. No more scrambling just trying to meet the reporting deadline every period. Instead, organizational leaders will be afforded ample time to analyze financial actual vs. budget data using the produced reports.
OneStream empowers your organization with financial insights to support faster and more informed decision-making. This is your opportunity to extend credibility and confidence beyond financial results to deliver operational insights.
Work With HollandParker to Support OneStream Migration
Imagine what your organization can do when your team is freed up from the mechanics of the financial consolidation, close, and reporting process. Then, you can allocate more time to value-added activities, such as analyzing financial results and supporting strategic business decisions using OneStream.
We can help transform finance in your organization. As a Diamond OneStream Implementation partner, we support complete migration from manual processes or legacy software platforms to the OneStream intelligent finance platform.
We encourage you to contact us to discuss migrating to OneStream. Let’s discuss how we deliver complete customer success by implementing a platform that is designed to continually scale with your organization as you grow.
– Contact us today to schedule a consultation with our team of OneStream implementation experts. We look forward to helping you lead at speed in 2022 and beyond!