OneStream Financial Consolidation and Close
We can help you select the right financial consolidaton and close solution
The financial close, consolidation, and reporting process can be relatively easy in a small enterprise that is using a single, centralized GL/ERP system, operates in a single currency, and has a simple legal entity structure. However, as organizations grow and evolve in sophistication, the process can become quite complex. In a mid-sized to large enterprise, the financial close and reporting process spans the following activities:
- closing out the sub-ledgers (e.g., accounts payable, accounts receivable, fixed assets) and general ledgers (GLs) at multiple locations
- Collecting and consolidating financial results from multiple locations and systems
- Performing account reconciliations, booking the tax provision
- Producing financial and management reports
- Completing statutory reporting and filings to regulators
As organizations grow and evolve in complexity, the financial close and reporting process can cross multiple locations and departments, involve multiple systems, and consume a great deal of the finance team's time and resources. Most organizations execute the financial close and reporting process every month, with additional tasks and even more rigor every quarter. The year-end close then requires yet even more time and effort.
OneStream Software provides a unified platform that simplifies the financial close and consolidation process and enables organizations to modernize Finance, replace multiple legacy applications, and reduce the total cost of ownership of financial systems. OneStream enables Finance teams to spend less time on the mechanics of managing finance processes and more time focusing on driving business performance.
Integrated Financial Data Quality
With OneStream, Financial Data Quality is not a module or separate product, but part of the core platform. When it comes to financial reporting, speed and accuracy are of paramount importance. OneStream's Financial Data Quality Management provides strict controls to deliver confidence and reliability in the quality of financial results.
Financial Close and Consolidation
While most CPM vendors attempt to support financial consolidation using a straight aggregation engine, this approach often fails to scale and perform well in complex organizations. OneStream developed a purpose-built financial consolidation engine that contains the core requirements for true statutory consolidation and is designed to meet the needs of the world's largest global enterprises. OneStream supports strict compliance requirements with comprehensive audit controls on data, metadata, and processes.
Account Reconciliations
OneStream allows customers to attack the challenges in account reconciliations uniquely, with a solution that is completely integrated with the financial close, consolidation, and reporting process. Available as a free download from the OneStream MarketPlaceTM, the Account Reconciliations solution can be integrated into the financial close workflow and leverages data that already resides within the consolidation application.
As a complement to OneStream Account Reconciliations, OneStream's Transaction Matching solution helps accounting teams collect and match large volumes of transactions from two or more sources, identify and resolve differences to accurately finalize period-end balances, and close the books. The solution supports the loading of transaction data from multiple sources via flat files or direct connect, manual or automatic matching of transactions with a configurable, rules-driven approach, and extensive reporting or exporting of results.
Supporting an efficient period-end financial close process is essential to producing timely and accurate financial and operating results for any internal and external stakeholders that require agile decision-making. This might sound easy on the surface, but in a large global enterprise, the process can be very complex. Such a process includes collecting and consolidating financial results from multiple systems, managing currency translations, handling intercompany eliminations, accounting for partial ownerships, and reporting per multiple reporting standards.
Purpose-built software applications to support the financial close and reporting process have been available for over 20 years. Yet many organizations struggle in managing this complex process with spreadsheets and manual work, or legacy financial applications that are inflexible and no longer meet current business requirements.
Organizations that have adopted modern, cloud-based applications for financial close, consolidation, reporting, and other processes have been more successful in streamlining the process, ensuring the accuracy of their financial results. And perhaps most importantly, such organizations have gained the agility needed to adapt quickly to changing business and industry requirements.
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Partner SpotLight
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.