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Environment Service Provider 1

Environment Service Provider

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

Internal Controls

A U.S. corporation with 40+ entities needed to streamline and improve their consolidations process to deliver timely reports to internal and external stakeholders.

The corporation was limited by error-prone manual processes and Excel-based financial processes. After company leaders selected the OneStream intelligent finance platform as their CPM solution, our team provided expert implementation support replacing manual processes with automated, OneStream-driven processes to achieve final objectives. 

  • Shortened the Corporate close process by 3-4 days.
  • Increased the reliability of financial information.
  • Provided faster access to accurate data to support data analysis across business units.
  • Increased visibility into financial performance to support decision-making.

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Summary

A large U.S. corporation with 40+ entities needed to streamline and improve their consolidations process to deliver timely reports both internally to management and externally to thousands of shareholders. The corporation was limited by error-prone manual processes and Excel-based financial processes. After company leaders selected the OneStream intelligent finance platform as their CPM solution, our team provided expert implementation support. This included adjusting back office processes to utilize key functionality in OneStream.

Environment Service Provider 2

The problem

Why Environment Service Provider Approached HollandParker?

The corporation needed to streamline, consolidate, and standardize a host of financial processes throughout the entire chain of financial close, consolidations, reporting, and planning.

  • There were many manual touch points across the entire corporation that led to errors.
  • Corporate needed to integrate multiple different ledgers across 40+ subsidiaries.
  • Corporate struggled with a lengthy close process during each reporting period.
  • Cash flow was prone to error in Excel and only handled at the Consolidations level.
  • There was minimal automation in the Consolidation process.
  • Time-consuming intercompany eliminations were manually generated in Excel.
  • Reporting was limited due to time and resource constraints.
  • Because reporting was Excel-based, there was a need to improve and enhance the quality, insight, standardization, and process efficiency of financial reporting.
  • Operational insight was severely limited for management to make decisions.
  • Corporate needed to streamline reporting with effective data governance.

The Solution

How We Approached the Problem

As the corporation’s trusted OneStream implementation partner, the HollandParker team focused on three areas of improvement: leverage the intercompany out-of-box functionality in OneStream, support workflow improvements and data stewardship, and standardize reporting and cube views.

  • Replaced manual, Excel-based financial processes with OneStream-driven processes to automate processes and deliver greater visibility.
  • Integrated multiple ledgers across the 40+ subsidiaries.
  • Automated the cash flow process to replace manual touchpoints with 9 different roll-forward schedules.
  • Built a governance framework and created visibility into the status of each entity’s close.
  • Integrated all trial balance data so that it could be housed in one location.
  • Standardized the reporting process to ensure consistency in each period.
  • Through cube view reports, we provided Corporate with the ability to drill down to base level detail.
  • Standardized reporting to support the needs of both management and shareholders.
  • Enabled Corporate to deliver timely financial reports to their board.
  • Integrated an acquisition for the corporation’s first foreign exchange-based entity, which required FX and CTA calculations.
  • Optimized OneStream for sustainability to ensure future scalability and growth.
Environment Service Provider 3

Here Are the Key Achievements for This Client

Shortened the Corporate close process by 3-4 days.

Shortened the subsidiary close process by 1-2 days.

Increased the reliability of financial information.

Environment Service Provider 4

Provided faster access to accurate data to support data analysis across business units.

Environment Service Provider 5

Reduced time and manpower requirements through simplified intercompany eliminations and the elimination of manual processes.

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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

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The Pre-Transformation Checklist for Finance

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