OneStream MarketPlace Solutions
OneStream MarketPlace Solutions: Compliance Solutions
OneStream is a powerful financial platform to help businesses streamline their consolidation, planning, reporting, data quality, and financial signaling. To further expand on these areas, OneStream MarketPlace Solutions were developed. The OneStream MarketPlace has more than 50 pre-configured solutions to help, including productivity solutions, planning and analysis solutions, and financial close solutions.
Compliance Solutions
Compliance Solutions is an application found on the OneStream MarketPlace that can streamline your monthly close and reporting processes. It supports global reporting requirements, includes built-in financial intelligence, offers strict process controls, and even a solution for lease accounting.Global Reporting
If your firm has operations globally, it is important to use a tool that supports US GAAP, IFRS, and additional local statutory reporting requirements. OneStream’s Compliance Solutions allow you to create a standard and repeatable process for financial data collection and consolidation, regardless of the requirements you need to meet.
The system creates a clean audit trail and allows for adjustments so you can easily convert reports prepared under US GAAP rules to IFRS standards. Likewise, you can reconcile the two at any time and for historical reference, maximizing transparency and flexibility.
Process Controls
Strict process controls are essential to reducing the costs of compliance, and this OneStream MarketPlace solution does just that. It enables strict process controls to ensure you can comply with Sarbanes-Oxley (SOX) and other relevant requirements.
These compliance solutions are equipped with certification questionnaires and offer complete transparency so your team can have confidence in the controls. For example, you can access audit trails from the 10k back to the GL source account and trial balance.
Compliance Solutions supports SOX 302 and 404 certification questionnaires, so your team can identify weaknesses in the financial process before the OneStream consolidation process.
Solutions for Lease Accounting
The Compliance Solutions tool also enables you to get ahead of new guidelines for lease accounting. With this application, you can gather all the required details and perform quick and accurate calculations for revenue recognition and more.
Although it is an add-on program from our partner, AMCO Solutions, it can be effectively leveraged within your OneStream Application. In addition, it supports the Lease Accounting guidelines under ASC 842 and IFRS 16, enabling you to manage the reporting for domestic and global subsidiaries.
This powerful solution works as an extension of financial consolidation and reporting, leveraging the platform's relational blending capabilities. With Compliance Solutions, your team can quickly calculate principal and interest in relation to the least payment – and the applicable journal entries needed to record and amortize the asset are automatically generated.
Summary
The OneStream MarketPlace Compliance Solutions offer a broad range of tools for forecasting and reporting. This application will improve your team's accuracy and efficiency, whether you leverage it for contract compliance and lease accounting or to capture detailed transaction data needed for intercompany eliminations per IFRS guidelines.
It can handle everything from detailed reporting to calculating various compliance requirements for taxes, assets, sales, and more.
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OneStream CPM
OneStream aligns to your business needs and changes more quickly and easily than any other product by offering one platform and one model for all financial CPM solutions. OneStream employs Guided Workflows, validations and flexible mapping to deliver data quality confidence for all collections and analysis while reducing risk throughout the entire auditable financial process.