How to Use OneStream Effectively to Manage the Financial Reporting Team
The financial reporting team has tremendous power in today’s global business world. Not only is your team preparing financial reports for stakeholders (and shareholders if you are publicly traded), your team is also contributing to the future direction of the company by influencing decision-making.
The modern method to leverage this power and influence is using the OneStream XF software platform to support financial reporting and analysis.
OneStream XF supports financial management by empowering each member of the financial reporting team to perform their tasks proactively, intelligently, and confidently.
As a financial manager, your role is to ensure that each team member understands how to use the software platform to turn raw financial data into actionable information that will drive growth for your company.
Use OneStream For Financial Report Creation
Because accuracy is paramount in financial report creation, every detail needs to be accounted for.
OneStream supports financial reporting teams by delivering a unified method to capture, verify, and authenticate every detail. There’s no fragmentation trying to capture details from multiple software platforms, legacy applications, or manual-entry Excel spreadsheets. It’s all housed in one unified platform.
Then, once every detail is accounted for, OneStream delivers a powerful production report writer to create detailed financial reports custom to your business. Make sure your financial team has a clear understanding of how to use the software for this purpose.
Overall Benefits of Financial Reporting Creation
- Powerful production and formatted report writer that is easily used by business users.
- Unified reports with data quality, actuals, budget, and plan in a single report.
- Approximately 50 pre-built web reports include drill down, audit, process log, security analysis, certification status, and process controls.
Use OneStream For Guided Reporting
Every stakeholder in your company needs to look at the financial reports from a different perspective. Legacy corporate performance management (CPM) solutions only provide limited views that do not provide necessary insights for each stakeholder.
OneStream is different. Through the guided reporting capabilities of the OneStream XF software, your financial team can create an unlimited number of custom reports directly in the software.
The software allows financial team members to mix and match row and column templates for infinite reporting combinations. The result is powerful financial analytics usable for any stakeholder in the company.
Overall Benefits of Guided Reporting
- Choose from a pre-built library of pre-formatted row or column sets.
- Drill down on any dimension via graphs, charts, reports, and grids.
- Instantly export Guided Reports to Excel, PDF, or any other standard format requested by a stakeholder.
Use OneStream For Management Insights
In the past, you may have been satisfied if the financial reporting team simply produced an accurate financial report. Now, for today’s modern business needs, an accurate financial report is the starting point.
The financial reporting team needs to be able to create reports that management can use for critical decision-making. Fortunately, OneStream spent considerable time and resources developing forward-thinking capabilities in the OneStream XF platform.
Specifically, the software includes interactive dashboards for executives, managers, business users, and other stakeholders to use. The financial reporting team can act as a liaison to the C-Suite to help them gain insight into financial reports to make quicker and better decisions.
Overall Benefits of Interactive Dashboards for Management Insights
- Quickly understand business trends and drill-down into underlying causes.
- Turn insights into action with integrated data entry forms.
- View real-time results of changes to models, plans, and forecasts.
- Bring together financial and operational metrics through tables, charts, and graphs.
HollandParker Available to Support Your Financial Reporting Team
The transition to OneStream is transformative for global enterprise companies. It means a powerful new normal for your financial reporting team.
What may have taken days or weeks to complete an accurate financial report now takes minutes. This will free up additional time for your financial team to do more with the data, such as creating timely reports for stakeholders and delivering insights that your management team never had access to.
As the financial reporting manager, your have a unique opportunity to support your team in this exciting transition. Ensure that your team is tapping into the full capabilities of the OneStream XF software platform to help fuel company growth.
– How can HollandParker help? As a Platinum OneStream partner, we are a leader in OneStream software implementation for global enterprise companies.
When your company is ready for the next phase of OneStream software updates, contact us to discuss our implementation capabilities. We would appreciate the opportunity to work with you and you financial reporting team.