RESOURCE KIT
Financial Close & Consolidation Resource Kit
The financial close and consolidation are mission-critical processes heavily reliant on data and sharp human intervention to deliver regular reporting. In turn, those processes yield the all-important snapshot of the company’s financial performance — on time and accurately. Speed, accuracy and access to quality insights matters to meet expectations from shareholders, investors, press and policymakers.
Yet Finance teams must deal with recurring challenges that hinder teams’ ability to perform, which adds frustration. Common challenges are ageing, fragmented or otherwise incomplete CPM systems; increased regulatory complexity and pressure; poor data quality; limited inter-period reporting capabilities; and lack of transparency, auditability and controls.
This guide includes a selection of resources to help you understand the true nature of a Corporate Performance Management (CPM) platform for financial close and consolidation. You will also learn how to use CPM to deliver quick insights to stakeholders and close the books faster with confidence and control.
Learn More About CPM Financial Consolidation & Close Software
To help you learn more about key considerations for financial close and consolidation, the additional resources below offer additional guidance:
Recognized as a Leader in Dresner Advisory's 2022 Wisdom of Crowds Financial Consolidation, Close Management and Reporting (FCCR) Market Study.
Highest scored vendor in Gartner's Complex Business Evironment use case.
Considered by IDC as ideal for customers that have complex multi-ERP environments and need one unified CPM solution.
Crane Worldwide Logistics
With OneStream, Crane has a much faster consolidation process with fewer errors, providing the Finance team more time to analyze financials – which is a huge improvement. OneStream has shortened the close process by 3-4 days, cutting time spent on reporting by 50%. The ability to view and drill into data allows users to answer questions faster and focus on key issues. Information is also timelier, which fuels deeper analysis and better problem-solving.
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If you’re ready to take the leap from spreadsheets or legacy CPM solutions to start your own Finance Transformation, let’s chat!
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Customer Success Stories
Industry Analyst Research and Accolades
For a faster, more accurate consolidation and closing process, access to timely, high-quality data is essential. Finance teams must therefore move beyond spreadsheets and fragmented systems to deliver exponential value to the organization.
If your organization is ready to move away from unreliable, inadequate CPM applications and spreadsheets and evolve to a modern CPM solution, this guide will help you get a head start. The guide includes research analyst reports, thought leadership and customer stories. Those stories demonstrate how your organization can benefit from the power of a modern intelligent cloud CPM platform.
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Organizations that adopt modern, cloud-based applications for financial close, consolidation and reporting have been more successful in streamlining back-office processes and driving financial performance, compared to those using legacy fragmented systems and manual processes.
Navigating the Complexity of Financial Close and Consolidation
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With a streamlined financial close and consolidation process, organizations can then better align Finance and the business with actual results and forward-looking strategies – opening up significant new opportunities.
Blog: Year End Review and What’s Next for Financial Close & Consolidation
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Many Finance teams struggle with spreadsheets or inadequate financial close, consolidation and reporting systems, and time-consuming manual tasks. When it takes 2 weeks or more to close the books, by the time Finance delivers management reporting, that information often arrives too late to have an impact.
Blog: Don’t Let Your Financial Close Process Be Like Groundhog Day
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If your organization is evaluating whether you’re ready for Finance Transformation, here are 5 best practices to conquer the complexity of the financial close.
Blog: 5 Best Practices for Conquering Complexity in the Financial Close
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Thanks to the OneStream implementation, Wesfarmers’ group Finance, Executive and Leadership functions can now gain streamlined, meaningful insights into the monthly performance of subsidiaries. OneStream eliminated hundreds of spreadsheets used by the group and divisions to transform sensitive financial data, streamlining the group reporting process and enabling reporting to be highly accurate and well-sourced via a unified cloud solution.
Wesfarmers
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Thanks to OneStream, TSG is now streamlining its Finance operations. By replacing multiple legacy Finance systems with OneStream – a single, unified platform – TSG is already seeing time-saving advantages. The Extensible Dimensionality® of OneStream also allows TSG to support corporate standards while providing relevance to operating units.
Tokheim Services Group (TSG)
Explore More OneStream Financial Close & Consolidation Customer Success Stories
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Nucleus Research – In the 2023 CPM Technology Value Matrix, OneStream is recognized as a leader for its comprehensive CPM platform, delivering capabilities for financial close and consolidation, budgeting, forecasting, reporting, and analytics.
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Gartner Resource Hub – Buying an enterprise IT solution is no simple task, and this resource lets you get advice from others who have been there.
Gartner® Magic Quadrant™ for Financial Close and Consolidation Solutions
Gartner® Critical Capabilities for Financial Planning Software
Dresner Advisory Wisdom of Crowds® Enterprise Performance Management (EPM) Market Study
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OneStream.com
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Phone: +1.248.650.1490
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