This article first appeared on the OneStream blog by Jaclyn Proctor
In today’s complex and rapidly changing world, the need for accurate and reliable data within the Finance organization is more important than ever. As a business grows, managing various data sources across the enterprise is a big challenge for finance teams. Financial close management is even more important to avoid the risk of incorrect, missing, or incomplete data.
With a history of growth through complex acquisitions, the finance team at Post Holdings found themselves in a manual and time-consuming process for financial close and account reconciliations. They needed corporate performance management (CPM) solution that could effectively compile financial and nonfinancial data across its portfolio. Read on to learn how Post Holdings turned to OneStream for financial close management to create a single source of financial truth across the organization.
Established CPG Holding Company
Post Holdings, Inc, headquartered in St. Louis, Missouri, is a consumer packaged goods holding company operating in the center-of-the-store, refrigerated, food service, food ingredient, and convenient nutrition food categories. Its businesses include Post Consumer Brands, Weetabix, Michael Foods, Bob Evans Farms, and BellRing Brands.
IT Troubles with Tagetik
Founded in 2012, Post Holdings steadily grew its size and diversity largely through complex acquisitions. The company relied on Tagetik and Excel® to compile and aggregate financial and nonfinancial data across the portfolio. The Finance team depended on Tagetik for most of the IT support, which introduced additional time into the monthly close.
The challenges with the current system led Post Holdings to seek a new corporate performance management (CPM) solution. One that could support the company as it grows, with the flexibility for Finance to make changes to the system themselves.
Unleashing Financial Freedom Through Data Quality
Post Holdings selected to OneStream’s Intelligent Finance Platform to support its financial close management, financial reporting, and account reconciliations in a single unified platform. Post Holdings enjoys OneStream’s flexible reporting features including extensible hierarchies and ad hoc reporting, and automation capabilities.
Implementation kicked off with a focus on deploying OneStream for financial consolidation, reporting, and account reconciliations. OneStream partner Holland Parker implemented account reconciliations within two of Post Holdings’ six divisions. Two additional divisions were implemented in-house and the two remaining will be completed by the end of 2021. One of Post Holdings’ divisions was preparing to work with BlackLine for account reconciliations, but switched to OneStream. Why? Because the division could be incorporated at no additional cost.
During the process, Post Holdings acquired Bob Evans®. OneStream was able to efficiently incorporate the acquisition without disrupting the implementation process.
Success Through Streamlined Processes
With reduced close times, Post Holdings can focus on value-add activities such as analysis and planning during the close process. With over 160 users, OneStream’s flexible platform provides multiple reporting options to choose from based on the user’s preference. Additionally, Post Holdings has streamlined its process for onboarding acquisitions and created an easier process to map various data sources. As Post Holdings continues to grow, the organization can easily map systems to OneStream’s platform – simplifying account reconciliation.
Once Post Holdings completes the implementation of account reconciliations across the six divisions, the company plans to implement Transaction Matching and Task Manager solutions from the OneStream MarketPlace.
To learn more about Post Holdings’ financial close and reporting, watch the replay of its Customer Success Webinar here and read more about its OneStream journey in its case study here. If your organization is ready for a finance transformation, contact OneStream today.