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Energy Services Company 1

Energy Services Company

Discover how our OneStream implementation services enable your organization to streamline the financial close, report with confidence, and deliver faster, more accurate insights to stakeholders.

Streamlined Close

Complete Transparency

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An energy services company required support migrating from manual-entry Excel spreadsheets to a modern CPM platform to streamline financial reporting.

We supported their migration from Excel to OneStream to build a repeatable solution, streamline the financial close, and take manual workload off employees’ shoulders. We implemented the OneStream platform to achieve these critical objectives:

  • Shortened financial close from one full month to days.
  • Standard financial reports are produced in a timely manner.
  • Created concrete audit trail to ensure accuracy of data.
  • Addressed human-error risk from previous manual processes.
  • Peace of mind delivered through a repeatable process.
  • Decision-makers can make informed decisions.

The Pre-Transformation Checklist for Finance

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

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Summary

An energy services company required support migrating from manual-entry Excel spreadsheets to a modern CPM platform to streamline financial reporting. The company also required a single platform to house both the private and public financial data for regulatory purposes. We implemented the OneStream XF platform to achieve these critical objectives.

Energy Services Company 2

The problem

Why Energy Services Company Approached HollandParker?

The private and public sides of the energy services company were challenged to align financial and accounting activity for reporting purposes.

  • Changes and adjustments were made in Excel, creating errors and inefficiencies.
  • Timing was a concern because each entity had a staggered financial close.
  • Employees from the private and public sides needed segregated access to financial data.
  • Quarter-end included a time-consuming process loading data from public to private.
  • Security was a concern to ensure that the right people had the right access to data.
  • Time-consuming process to add or map new companies in the organization.

The Solution

How We Approached the Problem

We were able to address key challenges and create a solution to meet the client’s needs. We supported their migration from Excel to OneStream to build a repeatable solution, streamline the financial close, and take manual workload off employees’ shoulders. We achieved these objectives in Phase 1 of their migration to OneStream XF:

  • Implemented a single platform leveraging special security rules and dimensions for public and private teams to ensure compliance.
  • OS allowed teams to check individual numbers vs. validate entire financial system.
  • Built the capability to pull data together via automation to shorten the close.
  • Built 2 Charts of Accounts with special naming methods and rolled them up to parent.
  • Provided business leaders with timely and accurate information for decision-making.
  • Created clear financial separation of public vs. private to capture shareholder ownership.
Energy Services Company 3

Here Are the Key Achievements for This Client

Shortened private company close from one full month to days.

Created concrete audit trail to ensure the accuracy of data.

Data is more reliable due to minimizing the opportunity of human-error from previous manual processes.

Energy Services Company 4

Peace of mind delivered through a repeatable process

Energy Services Company 5

Data is ready – produce standard financial reports in a timely manner.

Energy Services Company 6

Data is current – decision-makers can make more informed decisions.

Energy Services Company 7

Security is intact – public and private teams share the platform without compromises.

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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.

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The Pre-Transformation Checklist for Finance

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