Groundhog Day reminds me of the 1993 movie of the same name. Bill Murray plays an arrogant weatherman covering Groundhog Day in Punxsutawney, PA who gets caught in a time loop where Groundhog Day repeats itself over and over.
Finance and Accounting staff are often stuck in the same routine, month after month.
The monthly process of financial closure and reporting must not be like Groundhog Day. With the modernization of financial systems and the automation of key processes and tasks, Accounting and Finance can streamline the closure process, boost the provision of financial results and take time to analyze and support policy. Here are some examples of important tasks which can be simplified by automation:
- Obtaining and validating trial balances – Several corporate finance teams spend several days per month finding trial balances, validating studies, and fixing errors with division or regional accountants.
- For a new financial consolidation scheme, divisional or regional Finance personnel may be held accountable and responsible for applying and validating trial balances.
- Corporate Finance workers may spend more time consolidating and analyzing results rather than loading data thanks to a quick and reliable financial data aggregation and collection process.
- Cost allocations can be streamlined and revised when financial statements are updated during the financial close period using a modern financial restructuring and reporting solution.
- Account Reconciliations – Finance departments in mid-sized to large companies can have hundreds to thousands of account reconciliations to complete before the financial statements can be finalized at period end, adding days to the close process.
With OneStream, you can simplify and unify financial consolidation, reporting, and more.
Using OneStream Software, several companies have modernized finance and automated the financial close process. The OneStream Intelligent Finance platform, a groundbreaking corporate performance management (CPM) solution, is available from OneStream. For advanced companies, OneStream unifies and simplifies financial consolidation, planning, reporting, analytics, and financial data quality.
OneStream, which is deployed in a stable, flexible cloud setting, is the first and only solution that combines corporate standards and controls with the ability for business units to report and prepare at higher levels of detail without compromising corporate standards – all in one application.
OneStream’s unique platform, which is based on twenty years of experience in developing industry-leading financial restructuring and financial data quality solutions, provides more complete functionality in a system that is easier to own and sustain. With robust audit controls on files, metadata, and processes, OneStream supports stringent compliance requirements. Their financial restructuring and reporting solution includes key features that assist in the closing process, such as:
- Capabilities for global restructuring (US GAAP, IFRS, Multi-GAAP)
- Currency and cash flow monitoring at the highest level
- Intercompany eliminations that are extremely successful
- Quality of integrated financial data
- Drill-through and detailed audit trails
- Dashboards, directed workflows, and guided reporting
- Excel, Word, and PowerPoint are all supported by Microsoft Office integration.
Customers can easily expand the usefulness of their CPM platform by installing solutions from the OneStream MarketPlace, enabling them to rapidly meet the evolving needs of finance and operations. The following are some of the main MarketPlace solutions that support our financial consolidation and reporting capabilities:
- Task Manager
- Disclosure Management
- Compliance Solutions
- Accounts reconciliations
- Postal and other services
The OneStream platform facilitates budgeting, planning, forecasting und analytics as well as delivering the most advanced financial consolidation and reporting in the industry. Therefore, data between individual applications or modules of planning and analysis are not required to be integrated. All these skills live on a single, cohesive platform and work together.
Organizations which have implemented OneStream have accelerated their financial close-out and reporting cycles by end-of-year, increased data quality, moved more financial time to value-added analysis.