3 Ways to Use OneStream Software for Financial Planning and Analysis
As the VP of Financial Planning and Analysis, you should be excited about the opportunity to use OneStream’s modern CPM software platform to support financial planning and analysis.
OneStream XF was designed with the VP of FP&A in mind to help streamline financial close, consolidation, and reporting, plus increase agility in planning, budgeting, and forecasting.
Once your company completes the migration to OneStream XF, you should see business process improvements that include faster close times, more accurate reporting, and more reliable forecasting.
Use OneStream XF to Solve Business Problems
Excel spreadsheets or outdated/legacy CPM platforms cannot meet the requirements of modern business and finance. They simply cannot run at the pace required to make decisions that impact global business units, internal stakeholders, and external shareholders.
Conversely, OneStream XF software was built for modern business to solve common business problems. Problems you may have experienced in the past include:
- Clunky spreadsheets for consolidation, reporting, and planning.
- Data inconsistencies from mixed input (manual and computer-generated).
- Time-consuming manual processes for data loading, integration, and mapping.
- Lengthy financial close process.
- Limited visibility, hampering strategic decision-making.
- Inability to confirm and validate how financial data was derived.
OneStream XF software solves each of these business problems in a single, unified solution that aligns planning and forecasting with financial reporting.
Use OneStream to Define and Capture Data
One of the most important goals for the VP of FP&A is to define and capture meaningful financial and operational metrics.
That statement includes four elements: defining financial metrics, capturing financial metrics, defining operational metrics, and capturing operational metrics. How many of those elements could you support with previous software platforms or using Excel spreadsheets?
Working with OneStream, you can support each critical element and eliminate spreadsheets and legacy applications that were not designed to address the complex requirements of global enterprises.
The result of using OneStream XF software is being able to streamline financial close and consolidation using contextualized data. You are now able to automate data loading, reconciliation, and reporting.
This allows your company to close faster with pre and post-load validations, immediate identification of errors, and quick resolution of data quality issues.
Use OneStream to Create Meaningful Reports for the CFO
Another important goal is to create meaningful reports for the CFO and Finance team that lead to insightful, accurate business decision-making.
Before OneStream, you may have experienced problems validating the financial data generated in legacy software or spreadsheets. Or, you simply could not build a reliable and repeatable process to generate accurate reports.
With OneStream, you will experience improved confidence in the financial results. OneStream XF creates complete transparency into the data, metadata, and process changes with audit trails and drill-back capabilities for complete confidence and control.
The result for your CFO and Financial team is improved insight into every balance sheet account, the ability to track detail movements, and an understanding of cash flow. This transformative operational insight will allow your company to make intelligent business decisions to fuel company growth.
Stay in Touch About OneStream Support
As a Platinum level OneStream implementation partner, we work with decision-makers at all organizational levels in Fortune 500 and enterprise companies.
Specific to VPs of Financial Planning & Analysis, we understand how to use OneStream to gain insight into your numbers across regions and business units and create reports that lead to accurate decision-making for company management.
Keep in touch with our company to learn more about how to use OneStream XF software to support financial planning and analysis.