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Account Reconciliation Solution
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Financial Consolidation & Reporting
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OneStream XF Cloud
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Linking Consolidations and Account Reconciliations: Avoiding Garbage In, Garbage Out
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West Bend Mutual Insurance OneStream XF Success Story

West Bend Mutual Insurance (WBMI) previously used Microsoft Excel spreadsheets as a data collection and reporting tool for their monthend close process. Allocations were performed in a different software tool that had size processing constraints. Inconsistencies in data collection via Excel spreadsheets created a labor-intensive and error-prone close process. Further, the transparency by operations to financial detail was limited. A key motivation for system implementation was the lack of transparency and performance consistency of their multi-tier allocation process of expenses to profit center, product and state reporting

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Valeo Foods OneStream XF Success Story

Valeo Foods Group had grown significantly through acquisitions, yet was still using Excel® for its monthly close and consolidation process. All the local operating entities reported their data from different source systems in Excel sheets. These sheets were then emailed to the Group Finance team to collate both management and statutory information in Excel. This included consolidations for foreign currency translations, which was becoming more difficult as the group expanded into new geographies with different reporting currencies.

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Team Industrial Services OneStream XF Success Story

Founded in 1973, Team Industrial Services has grown to more than $1B in revenue and more than 7,000 employees through numerous acquisitions. However, a new acquisition the company was undertaking in 2016 was too big to integrate using the newly implemented MS Dynamics AX ERP and Excel® spreadsheets. The company needed a more powerful and scalable financial consolidation and reporting solution.

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Renewi OneStream XF Success Story

Renewi was in search of a modern, future-proofed CPM solution to support the ambitions of the entire organization. “We wanted a powerful tool that would bring together group reporting for all our business units in one system. We needed to optimize reporting processes to create better insights and save time.”

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Lindsay Corporation OneStream XF Success Story

As a global company with multiple business units, reliance on Excel spreadsheets and their Microsoft Dynamics Navision general ledger (GL) for financial consolidation, reporting, budgeting and forecasting was no longer sufficient. These critical financial processes relied on manual efforts and took too long. Finance executives didn’t have visibility into the right level of operational detail, or impacts of currency rates on their financial results.

Getting through the monthly financial close, forecast updates and preparation for monthly business reviews using their existing tools and processes required a full two weeks—delaying delivery of management information and review of business performance. And business unit (BU) Controllers were spending too much time on data manipulation and not enough on analysis and supporting decision-making. It was time for a change.

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Flow Traders OneStream XF Success Story

The move to a corporate performance management (CPM) software solution is part of a bigger movement within Finance to increase professionalism. “We are automating the administrative and financial processes, and the consolidation process is part of this. This is in line with our objective to realize further growth,” said Dankers.

After a careful selection process, Flow Traders chose OneStream out of five solutions from a shortlist. Dankers assesses the chosen CPM solution positively: “During the selection process, you want to move from the present to the ideal world, but it remains to be seen if all targets will actually be met. In our opinion, this has been very effective.”