Whenever Groundhog Day (Feb. 2nd) comes around it reminds me of that 1993 movie of the same name. Do you remember it? Just for a quick refresher, Bill Murray plays an arrogant weatherman covering Groundhog Day in Punxsutawney, PA who finds himself in a time loop where Groundhog Day is repeated over and over.
Mr. Murray eventually breaks the cycle by changing his ways. But this situation also reminds me of how many Finance professionals must feel regarding their organization’s financial close process. I lived this myself for many years when I was an accountant early in my career. Finance and Accounting staff are often stuck in the same financial closing routine, month after month.
They 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 it’s often too late to have an impact. Then there’s limited time available to focus on value-added analysis before the next monthly closing starts again.
Modernize Systems and Automate Financial Processes
The monthly financial close and reporting process doesn’t have to be like Groundhog Day. By modernizing financial systems and automating financial close tasks and processes, Accounting and Finance can streamline the close process, accelerate delivery of financial statements, and spend more time on analysis and supporting decision-making. Here are some examples of key tasks that can be streamlined through financial close process automation. These include:
Simplify and Unify Financial Close, Consolidation, Reporting, and More with OneStream
Many organizations have modernized Finance and automated the financial close process using OneStream. OneStream provides a revolutionary corporate performance management (CPM) solution, the OneStream Intelligent Finance platform. OneStream unifies and simplifies financial close, consolidation, planning, reporting, analytics, and financial data quality for sophisticated organizations.
Deployed in a secure, scalable cloud environment, OneStream is the first and only solution that delivers corporate standards and controls, with the flexibility for business units to report and plan at additional levels of detail without impacting corporate standards – all through a single application.
Built upon twenty years of creating industry-leading financial close management, consolidation, and financial data quality solutions, our unique platform delivers more complete functionality in a solution that is easier to own and maintain. OneStream supports strict compliance requirements with comprehensive audit controls on data, metadata, and processes. Our financial consolidation and reporting solution includes key capabilities that help streamline the close process, including:
The OneStream MarketPlace features downloadable solutions that allow customers to easily extend the value of their CPM platform to quickly meet the changing needs of finance and operations. Key MarketPlace solutions that complement our financial close, consolidation, and reporting capabilities and help organizations reimagine the financial close include:
In addition to providing the most advanced financial consolidation and reporting in the market, the OneStream platform also supports budgeting, planning, forecasting, and analytics. So there’s no need to integrate data between separate consolidation vs. planning and analysis applications or modules. All these capabilities live and work together in a single, unified platform.
Break the Cycle
Organizations that have adopted OneStream have accelerated their period-end financial close and reporting cycles, improved data quality, shifted more Finance time to value-added analysis, improved management insights and decision-making.
Kiss Groundhog Day goodbye. To learn more download Reimagining the Close white paper and contact OneStream if you are ready to embrace financial close process automation.