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The consolidation process is critical in driving trusted and effective book of record reporting for an organization.  Whether the organization is private or publicly held, reporting for external stakeholders must be accurate, timely and compliant with US GAAP, IFRS or other local regulations.  These requirements apply to financial statement reporting, for both tax purposes and statutory reporting/filings for regulatory bodies.

In this blog post, we review the 5 best financial consolidation software solutions for 2024.  We only included software that meets the following non-negotiable qualifications:

What Is Financial Consolidation Software?

Financial consolidation software gives organizations the capability to automate and streamline the process of combining, summarizing and transforming data from multiple business units, subsidiaries or departments.  This complex process ensures the completeness and accuracy of the data to comply with relevant accounting standards and regulatory authorities.

Common features across financial consolidation tool options include the following capabilities:

By leveraging these features and others, organizations can streamline their consolidation process, minimize errors and report with confidence.

This comparative analysis explores the features and functionalities of 5 leading financial consolidation solutions:  OneStream, Oracle EPM Cloud, Wolters Kluwer CCH Tagetik, Fluence Technologies and Vena Solutions.

The Best Financial Consolidation Software

1. OneStream

OneStream is the leading solution for complex financial consolidations due to its unified platform, advanced features, real-time insights, streamlined data integration, regulatory compliance support, scalability, user-friendly interface, collaboration tools and cost-effectiveness.  As organizations continue to navigate the complexities of the global business landscape, OneStream stands as a reliable partner in achieving efficient, accurate financial consolidations.

Pros:

Cons:

OneStream may have a smaller but growing market presence compared to other alternatives – despite growing popularity and having 1,300+ customers across the globe.

2. Oracle EPM

Oracle EPM is a suite of business applications designed for end-to-end management of enterprise-wide consolidation, close, financial planning and forecasting, and performance reporting.  According to Oracle with their Financial Consolidation and Close end-to-end solution, organizations can effectively and efficiently manage the consolidation and close process.  Organizations can leverage out-of-box financial consolidations with pre-built cash flow, balance sheet and income statement – accelerating the close.

Pros:

Cons:

3. Wolters Kluwer CCH Tagetik

CCH Tagetik was originally developed in 2005 to deliver trusted, comprehensive and scalable CPM solutions globally and was acquired by Wolters Kluwer in 2017.  As an end-to-end financial close and consolidation solution, CCH Tagetik is marketed to group and entity controllers.  The software comprises multiple solutions for financial consolidation and close, account reconciliation and transaction matching, financial and management reporting, disclosure management (via a partnership with CoreFiling), and ESG and sustainability performance management.  Plus, the solution is available both on-premises and via the cloud.

Pros:

Cons:

4. Fluence Technologies

Fluence Technologies is a global software company that provides cloud-based financial consolidation, close and reporting solutions marketed as helping Finance teams close faster, report with confidence and do more with less.  More specifically, Fluence Technologies markets a no-code midmarket financial consolidation solution purpose-built to be easily owned and maintained by Finance.

Pros:

Cons:

5. Board

Board offers a single solution, Board Group Consolidation and Reporting (GCR).  Based in Chiasso, Switzerland, where it was founded in 1994, and Boston, Massachusetts, Board markets its product as integrated business intelligence reporting and analytics with enterprise scalability.  Board is a private company with customers worldwide, the highest percentage in Europe.

Pros:

Cons:

Conclusion

Choosing the right financial consolidation platform is essential for organizations seeking to move away from unreliable, inadequate EPM applications and/or spreadsheets and to instead evolve to a modern EPM solution.

Each of the Top 5 solutions featured in this blog post offers unique features and benefits, catering to the diverse needs of organizations across industries.  Ultimately, however, if you’re looking to streamline your key Finance processes and significantly increase confidence in your reporting, OneStream is the best financial consolidation software to handle all your financial reporting, no matter how complex.

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To learn more about how organizations are managing the complexity in financial consolidation, check out our Close & Consolidation eBook.  And if you’re ready to take the leap from spreadsheets or legacy EPM solutions and start your Finance Transformation with OneStream, let’s chat!

You can also check out our comprehensive financial close & consolidation software resource guide.

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Intercompany reconciliations are a key step in the creation of consolidated financial statements. The objective is to ensure the consolidated financial statements present an accurate picture of revenues, expenses, assets, liabilities, and equity – ensuring they aren’t inflated due to transactions occurring between subsidiaries or companies in the group.

Several types of intercompany (IC) reconciliations must occur to ensure the accuracy of consolidated financial statements. Some examples are;

For sophisticated organizations, intercompany transaction volume can be significant and difficult to identify. To ensure all this activity is identified, eliminated, and documented correctly for auditors requires a detailed system of controls. Managing and eliminating intercompany activity via Excel spreadsheets and email is not a recommended approach for large global enterprises with a significant number of IC transactions.

Not All Consolidation Software Is Equal

Most financial consolidation software packages provide core functionality to address requirements, such as currency translation, intercompany reconciliations, journal adjustments and partial ownership of entities.  But not all packages are created equal – not all of them provide the same level of functionality in each area, and they may utilize different approaches to intercompany reconciliations.

One example is the requirement to write custom business rules to consolidate data vs. using a consolidation hierarchy.  Software packages that require custom business rules to consolidate data require more work to set up initially and to maintain going forward. The use of consolidation hierarchies, however, makes the system easier to configure and maintain for both single and multiple consolidation hierarchies.

Another example is the use of “elimination entities” vs. an intercompany dimension to identify and manage intercompany reconciliations across existing entities.  Software packages that rely on creating multiple elimination entities to capture IC activity require more work to set up and maintain.  The better approach is systems that leverage an IC dimension to identify, match and analyze intercompany transactions between existing entities and an elimination member to capture direct and indirect eliminations to make sure they never disappear as they eliminate up the consolidation hierarchy.

Also, when IC entities are used, users lose visibility into the individual intercompany balances and only see the totals in the IC entities. This makes it difficult to understand the where the out of balance condition resides, and what needs to be addressed and by what party.  An IC dimension captures all party-counter-party balances and provides complete visibility into what is in and out of balance.  This allows business users to identify and correct the discrepancies quickly and easily.

Another example is systems that actually store consolidated balances and intercompany elimination entries in a database vs. those that only consolidate and expose intercompany eliminations when reports are run.

Systems that store consolidated data and intercompany elimination entries in a database provide a big advantage when auditing financial statements –  detailing the original source of the data, currency translations, eliminations and any other adjustments that resulted in the consolidated accounts.  Systems that calculate and consolidate data only when reports are run are less trusted by auditors since the numbers can change and there is no record of what the number was previously.

And yet another approach is systems that duplicate base entities and their data vs. those that leverage a single shared base entity that can be rolled up in infinite hierarchies – for example, to consolidate based on a management view of the organization vs. a legal or statutory view. The former approach requires the administrator to identify IC relationships in each entity structure vs. setting this up and managing it in one place.  The risk of this approach is that it requires the administrator to ensure the data which has been loaded multiple times is the same each time it is loaded.

If you’re considering a financial consolidation system, you should be asking these questions:

The OneStream Approach to Intercompany Reconciliations

The good news is, there is a better approach. Enterprise-class consolidation software applications provide intercompany eliminations that are powerful enough to handle sophisticated business needs yet allow for easy reconciliation.

icr blog pt 1 2.png

The OneStream team has developed the most advanced financial consolidation, reporting and data quality solution in the market. This includes providing powerful intercompany elimination capabilities that can handle sophisticated business needs yet allow for easy reconciliation.

To improve and streamline the management of complex intercompany reconciliations, OneStream’s Intelligent Finance platform includes:

Combined with OneStream’s ability to drill down into transactional details and relational blending capabilities, OneStream provides an unmatched ability to see and manage intercompany activity.

With well-designed, pre-built and easily customizable dimensions, OneStream consolidates data based on organizational hierarchies and automatically eliminates intercompany transactions and balances at the first common parent – in all hierarchies (e.g., management, legal, tax, etc.)  This is done without the creation of specific intercompany elimination rules or relationships within hierarchies, which makes the system much easier to maintain vs. other systems in the market.

Plus, OneStream has an incredibly powerful rules engine that will address any exceptions or more complex eliminations.  Here are some of the common eliminations that require rules:

The configuration of these eliminations allows for something very powerful if you ever have to reorganize the company structure. You can simply move the entities and reconsolidate – done!

The Secret Sauce in OneStream

OneStream includes a number of pre-built dimensions that provide the power to handle sophisticated financial consolidation and elimination requirements.  Specifically, OneStream uses the Account, the Intercompany and the Origin dimension to process IC matching and eliminations.  This functionality does the following:

This functionality creates something called the “first common parent rule.”  That means the eliminations are calculated at every consolidation point.  Each intercompany has an “in and out” – for example, when you match a receivable and payable, they both offset through a common account.

Some consolidation applications will try to calculate IC eliminations at base entities.  Others will require users to recreate eliminations for each rollup of entities.  The most powerful applications all have “first common parent functionality.”  It’s a basic requirement.

Eliminating IC Transactions

For each eliminating IC transaction, OneStream will create both sides of the entry that offsets the data value from the IC account and IC partner.  That offsetting amount is written to the plug account.  If the entries do in fact match, then the debit and credit for each side of the intercompany match would net to zero.

For example, if you had one entity with an IC payable and one with an IC receivable, when each entity reaches the common parent, when the elimination should take place, there’s an entry in the Origin dimension for that account that offsets the amount in the account that requires eliminating.  At the same time, OneStream also writes a value for each offset it created, to the suspense account or plug account.

Setting this up is simple.  Each IC account must be flagged for intercompany, each entity that is booking IC activity must be flagged and, finally, each combination of IC matching counts must have a corresponding plug account.

Plug Account

The IC dimension represents the IC Partners, which as an originating entity can post an entry against (for Intercompany flagged accounts). This is a reserved dimension that’s used by OneStream to track and eliminate intercompany details across the Account dimension and related User Defined dimensions.

Some features simplify the process out of the box – for example, the ability to limit the intercompany partner so that they must either enter a partner or not choose themselves.

While the settings address most basic eliminations, OneStream has an incredibly powerful rules engine that will address any exceptions or more complex eliminations.  Here are some of the common eliminations that require rules:

These are often not supported at all in other consolidation applications.

The configuration of these eliminations allows for something very powerful if you ever have to reorganize the company structure.  You can simply move the entities and reconsolidate – done!  Any system that’s using journals or manual entries or that doesn’t have shared members – will require significant work to accomplish this type of change.

Reporting on Intercompany Activity

In addition to the capabilities described above, there are some great reports that are ready to view “right out of the box” with OneStream.  For example, OneStream has a focused intercompany elimination “grid” that appears in the workflow.  This allows users to comment and communicate with other users regarding intercompany balances.

intercompany-reconciliations

The power of these IC system reports is that they ignore security for the intercompany accounts. This feature helps get users to take ownership of the intercompany matching process, by allowing each intercompany trading partner to see matching balances across entities, and in multiple currencies.

The advanced architectural design of OneStream, combined with its reporting and the ability for users to drill down into transactional details, provides an unmatched ability to see and resolve intercompany balances and rapidly close the books at period-end.

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Are you considering a financial consolidation and reporting platform to help your company manage complex intercompany activity? Check out our video on automating intercompany.  To learn how one of our customers is benefiting from these advanced capabilities, check out the Alterra Mountain Company case study.

If you’re ready to learn more about the power of an Intelligent Finance platform, contact us today to take a deeper look at the OneStream approach to handling intercompany reconciliations.

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Gartner recently published two magic quadrant reports, one covering financial close and consolidation and the other covering financial planning software.  Both areas represent critical financial processes that are key to effective corporate performance management (CPM).  Read on to learn why OneStream was recognized as a leader in both reports and what this means for customers.

Gartner Evaluates Two Key Software Segments

The Gartner Magic Quadrants are one of the most respected industry analyst reports and are highly influential in helping guide evaluation teams in identifying their shortlist of vendors to investigate.

In Q3 of 2023, Gartner published two Magic Quadrant reports that are important for evaluators in the office of Finance.  This includes:

The research across these two areas covered a broad range of functional requirements and was based on extensive RFIs, product demonstrations and customer references.  And I’m happy to report that OneStream was named as a Leader in both reports.  Why?

In the reports, the Gartner analysts recognized our broad capabilities provided through OneStream’s Intelligent Finance Platform as well as the ability for customers to extend the platform with additional solutions available from our Solutions Exchange such as Workforce Planning, Capital Planning, Account Reconciliations, Transaction Matching, ESG Reporting and more.  Key strengths that were called out include our data integration capabilities, Extensible Dimensionality®, advanced financial intelligence, scalability and innovation.    

So why is this important to buyers?  It’s important, and valuable to buyers because with OneStream they can get best in class capabilities in a single solution vs. having to implement and integrate multiple software products to support these critical financial processes.  Conversely, customers don’t have to compromise on functionality to have a unified platform supporting these critical financial processes.

Unifying Corporate Performance Management Processes

While Gartner evaluates Financial Close and Consolidation vs. Financial Planning as two separate software categories, the reality is that enterprises need to align these processes and their data to have an effective corporate performance management (CPM) process. 

This process includes goal setting, modeling, planning, consolidating, reporting and analyzing financial and operational results and continuously refining plans and resource allocations to optimize performance. If the data required to execute the CPM process lives in two or more systems, with different meta data structures and levels of detail, then it must be exported and imported between systems, reconciled and aligned – which takes a lot of time, effort and resources.

Because of this, most enterprises are now adopting cloud-based CPM software solutions that can support their financial close, consolidation and reporting, as well as financial budgeting, planning and forecasting processes, and more.  

Taking CPM to the Next Level

While many enterprises are working to migrate from legacy CPM applications and spreadsheets to modern, cloud-based CPM solutions, most OneStream customers have already made the leap and are leveraging our unified platform to support their core financial performance management requirements around financial close and consolidation as well as planning, budgeting and forecasting.

Many OneStream customers are extending their investment and leveraging the platform to support operational planning and analytics, not just monthly, but on a weekly or daily basis.  And a growing number are taking the next step, embracing AI-driven forecasting to increase the speed and accuracy of their demand planning and revenue forecasting to support more agile decision-making.  We call this concept CPM+.

Delivering Exponential Customer Value

As depicted in the graphic above, as enterprises move through the process of extending their CPM processes and OneStream platform investment from financial to operational areas of the business, and from monthly to weekly or daily iterations, they deliver a higher degree of value to the business.  Here are a few customer examples:


BDOin addition to using OneStream for month-end reporting and planning, BDO integrates detailed transactional data with their summarized financial data to empower over 5,000 managers with critical insights on a daily and weekly basis.  This includes critical data about their clients, projects, resources, billings, DSO and other metrics that help them guide the business.


Teledyne Technologiesafter completing the implementation of OneStream for financial close, reporting and planning, Teledyne extended their implementation to encompass reporting and analysis of operational data. This includes Strategic Sourcing and Procurement across the enterprise, providing managers visibility into their spend across over 300 entities has enabled them to reduce the number of suppliers they are using, negotiate better terms with vendors, and save a substantial amount of spend.

Polaris Inc.implemented OneStream for financial consolidations, reporting, and planning as well as analyzing weekly product sales at the VIN and customer level.  They then became an early adopter of OneStream’s Sensible Machine Learning solution for demand forecasting in their North American Off-Road Products GBU.  In addition to improving the accuracy and speed of their forecasting, (reducing the cycle from days to hours) Polaris now has more transparency into what’s behind the ML models, including insights into the key forecast drivers for more informed decision-making.

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To have an effective corporate performance management (CPM) process, organizations need to align financial close, consolidation and reporting with financial planning and operational planning and analytics processes.  This alignment is easier to achieve with a unified software solution vs. implementing and connecting multiple, best of breed products.  OneStream is one of only 3 software vendors recognized by Gartner as a leader in both Financial Close and Consolidation as well as Financial Planning software. 

To learn more, visit our Analyst Reports page or contact OneStream if your organization is ready to unify your CPM processes and enable more confident decision-making!

Visit our Analyst Reports

Today, confidence in data quality is critically important.  Demands for accuracy and trust are ever-present in financial and operational reporting, analysis and planning given the detail level needed to guide the business.  The growth of artificial intelligence (AI) and machine learning (ML) also demands granular-level quality data.  Given those demands, the old “garbage in, garbage out” adage applies more than ever today.

Executives must constantly respond to various – and evolving – changes and thus need trusted, accurate and timely data to make the right decisions regarding any needed actions.  Therefore, modern organizations must have a clear strategy for ongoing robust data quality management.  Why?  Well, better decisions create better outcomes.  And high-quality data gives organizations the confidence in data to get decisions right to fuel better performance, more accurate results and reduced risk.

Why Is Data Quality Important?

Data quality matters, as shown by research.  According to Ventana, almost nine in 10 organizations (89%) reported data-quality issues as an impactful or very impactful barrier.  Those impacts cause a lack of trust in the data and wasted resource time in financial and operational processes.

As organizations turn to more modern technology to help drive better future directions, the emphasis on data quality management in enterprise systems has only increased.  In a report on closing the data–value gap, Accenture said that, “without trust in data, organizations can’t build a strong data foundation.”  Only one-third of firms, according to the report, trust their data enough to use it effectively to derive value.

In short, the importance of data quality is increasingly clearer.  As organizations get more complex and data volumes grow ever larger, attention naturally shifts to the quality of the data being used.  Not to mention, as more advanced capabilities are explored and adopted – such as AI and ML – organizations must first examine their data and then take steps to ensure effective data quality.  Why are these steps necessary?  Simply put, the best results from AI, ML and other advanced technologies are entirely dependent on good, clean quality data right from the start.

What’s Preventing Good Data Quality?

In many cases, legacy CPM and ERP systems were simply not built to work together, making data quality management difficult.  Such systems also tended to remain separate as siloed applications, each with its own purpose.  Often, little, or no connectivity exists between the systems, forcing users to manually retrieve data from one system, manually transform the data and then load it into another system.

This lack of robust data quality capabilities creates a multitude of problems.  Here are just a few:

The solution may be as simple as demonstrating how much time can be saved by transitioning to newer tools and technology.  Via such transitions, reducing the time investment can dramatically improve the quality of the data via effective integration with both validation and control built into the system itself.

What’s the Solution?

Some believe Pareto’s law – that 20% of data enables 80% of use cases – applies to data quality.  Organizations must therefore take 3 steps before adopting any project to improve financial data quality:

  1. Define quality – Determine what quality means to the organization, agree on the definition and set metrics to achieve the level with which everyone will feel confident.
  2. Streamline collection of data – Ensure the number of disparate systems is minimized and the integrations use world-class technology with consistency in the data integration processes.
  3. Identify the importance of data – Know which data is the most critical for the organization and start there – with the 20% – moving on only when the organization is ready.

At its core, a fully integrated CPM software platform with built-in financial data quality (see Figure 1) is critical for organizations to drive effective transformation across Finance and Lines of Business.  A key requirement is providing 100% visibility from reports to data sources – meaning all financial and operational data must be clearly visible and easily accessible.  Key financial processes should be automated.  Plus, using a single interface would mean the enterprise can utilize its core financial and operational data with full integration to all ERPs and other systems.

Image to explain data quality engine in OneStream

Figure 1:  Built-In Financial Data Quality Management in OneStream

The solution should also include guided workflows to protect business users from complexity.  How?  By uniquely guiding them through all data management, verification, analysis, certification and locking processes.

Why OneStream for Data Quality Management?

OneStream’s unified platform offers market-leading data integration capabilities with seamless connections to multiple sources.  Those capabilities provide unparalleled flexibility and visibility into the data loading and integration process.

OneStream’s data quality management is not a module or separate product, but rather a core part of OneStream’s unified platform.  The platform provides strict controls to deliver confidence and reliability in the data quality by allowing organizations to do the following:

The OneStream Integration Framework and prebuilt connectors offer direct integration with any open GL/ERP or other source system (see Figure 1).  That capability provides key benefits:

Delivering 100% Customer Success

Here’s one example of an organization that has streamlined data integration and improved data quality:

Customer Logo

“Before OneStream, we had to dig into project data in all the individual ERP systems,” said Joost van Kooten, Project Controller at Huisman.  “OneStream helps make our data auditable and extendable.  It enables us to understand our business and create standardized processes within a global system.  We trust the data in OneStream, so there are no disagreements about accuracy.  We can focus on the contract, not fixing the data.”

Like all OneStream customers, Huisman found that the confidence from having “one version of the truth” is entirely possible with OneStream.

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If your Finance organization is being hindered from unleashing its true value, maybe it’s time to evaluate your internal systems and processes and start identifying areas for improvement.  To learn how, read our whitepaper Conquering Complexity in the Financial Close.

Download the White Paper

For decades, organisations worldwide have relied on a small number of legacy EPM applications for complex financial consolidation needs.  Such solutions have provided valuable support by simplifying financial close processes and enabling sophisticated statutory consolidations and reporting.  However, vendors are signalling that support for these legacy applications will end in a few years.

Organisations are now proactively exploring advanced solutions that not only match and supersede the capabilities of these legacy systems, but also fully unify consolidations with planning, budgeting, and forecasting.  In this blog post, we’ll show why OneStream has emerged as the optimal solution for complex global organisations, focusing especially on consolidations.

Why OneStream Simplifies Financial Consolidation

OneStream is the leading solution for complex financial consolidations, providing organisations with a powerful unified platform that addresses the challenges inherent in managing intricate financial structures.  Globally and across industries, over 1,300 mid-sized to large enterprises are using OneStream for planning, financial close & consolidation, reporting and analytics.  In fact, 70% of OneStream customers replaced multiple legacy applications (e.g., Oracle Hyperion, SAP BPC and IBM Cognos).

Below are 10 key features and advantages that make OneStream the best choice for complex financial consolidations.

1. Unified Platform:

Despite propelling Finance Transformation for over 20 years, connected Finance solutions (see Figure 1) aren’t really designed to help the largest, most complex modern organisations drive performance.

Diagram to show complexity of Legacy applications

Figure 1:  Connected Finance Solutions – Fragmented

Connected Finance solutions are ultimately difficult to scale.  Why?  Because every traditional departmental and corporate application or model must be connected or integrated – adding risk, cost and complexity to already-taxed Finance teams due to multiple systems and data silos.

Instead, OneStream’s unified platform seamlessly combines financial consolidation, planning, budgeting and reporting processes.  This holistic approach eliminates the need for disparate tools, streamlines financial operations and enhances overall efficiency.

2. Advanced Consolidation Features:

Whether private or publicly held, organisations must confidently conquer the consolidation process – which drives the organisational “book of record” reporting.  Therefore, the reporting for external stakeholders must be accurate, timely and compliant with regulations.  These requirements apply to financial statement reporting, statutory reporting and regulatory filings, including ESG reporting.

Going beyond simply aggregation, a consolidation tool must support the financial consolidation requirements of the largest, most complex organisations globally via inbuilt intelligent capabilities including:  

OneStream delivers these advanced features for complex financial consolidations – accommodating diverse financial structures, intricate ownership relationships and multiple currencies.  This flexibility is crucial for global organisations operating multiple subsidiaries, each having unique financial intricacies.

3. Real-Time Insights:

Real-time alerts help realize the vision of daily close performance reporting by empowering Accounting and Finance teams with daily or weekly insights into key business metrics and drivers.  These ‘alerts’ highlight critical opportunities or risks that require action.

Such alerts include viewing potential misstatements in the GL before month end, identifying areas of the close process causing delays or applying flux analysis to highlight problematic areas in the financials.  With weekly or daily insights into trends and signals in the data points, managers can immediately act to proactively impact the period-end results.

OneStream real-time insights dashboard

Figure 2 – OneStream Real-time alerts/Financial Signals KPI dashboard

OneStream provides real-time insights into financial data, enabling organisations to make informed decisions promptly based on the most current information (See Figure 2).  This capability is invaluable for complex consolidations, where timely information can make the difference in strategic planning and risk management.

4. Streamlined Data Integration:

At its core, a modern unified EPM platform must have financial data quality management (FDQM) to drive effective transformation across Finance and lines of business.  One requirement is 100% visibility from reports to sources – all financial and operational data must be clearly visible and easily accessible.  Key financial processes should be automated, and using a single interface allows the enterprise to utilise core financial and operational data with full integration to all ERPs and other systems.

OneStream simplifies the often-challenging task of data integration via the seamless flow of financial data from various sources, reducing the risk of errors from manual data entry.  The platform’s robust data integration capabilities enhance accuracy and reliability, crucial factors in complex financial consolidations where precision matters.

5. Regulatory Compliance:

A modern unified platform should support all reporting requirements with standard, defined and repeatable processes for financial data collection and consolidation.  After all, producing financial statements that meet GAAP, IFRS and local statutory accounting regulations is a non-negotiable aspect of financial management, especially for organisations dealing with complex consolidations.

Failing to comply with industry standards, laws, rules and regulations set by regulatory and government bodies can result in hefty penalties, reputational losses and expensive legal actions.  Even worse, non-compliance can cause organisations to fail or be shuttered.

OneStream is designed to support regulatory compliance, ensuring that financial reporting adheres to all industry standards and legal requirements.  This support not only mitigates the risk of penalties but also instils confidence among stakeholders.

6. Flexibility to Support Corporate and Local Requirements:

EPM software solutions are typically purchased, set up and rolled out from the corporate Finance organisation for planning, budgeting, forecasting, reporting and other analytical use cases.  In such solutions, the defined meta data structures (e.g., chart of accounts, organisational hierarchies) are usually based on corporate financial and management reporting requirements.

However, due to the need to roll out to the line-of-business level, many divisions, business units and departments find they must plan and report at a lower level of detail vs. corporate.  Traditional approaches to handle the different levels usually involve spreadsheets, multiple point solutions and often separate instances of the same EPM application.

OneStream Extensible dimensionality explained

Figure 3 – Extensible Dimensionality in OneStream

OneStream offers 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.  This unique capability is called Extensible Dimensionality® (See Figure 3).

7. Scalability:

The rigidity and inefficiency of disjointed legacy Finance systems has long been a reality for Finance organisations.  But the unprecedented volatility of recent years has shown how an agile, extensible EPM solution can support an organisation through future changes.

Alongside growth, organisations’ financial consolidation needs evolve, so scalability is a significant requirement.  An EPM solution should therefore be able to scale up to meet increasing demands – which provides a future-proof solution for organisations with expansion plans.

OneStream’s Intelligent Finance Platform uniquely offers extensibility (i.e., the customer’s ability to extend a system) in 3 ways:  application design, platform and implementation.  Unlike other systems, OneStream doesn’t utilise ‘smart lists’ or ‘alternate roll-ups’.  Rather, something configured for one purpose can be used for other purposes, which makes using OneStream for multiple needs (e.g., actual and budget reporting) both possible and easier to maintain and support vs. alternative systems.

8. Collaboration and Workflow Management:

An effective EPM solution should include guided workflows to protect business users from complexity.  How?  By uniquely guiding them through all data management, verification, analysis, certification and locking processes.

Complex consolidations often involve multiple stakeholders across different departments.  Accordingly, strict process controls are vital, and the system should include the following:

OneStream facilitates collaboration by providing a centralised platform for financial processes.  Its robust workflow management capabilities allow for seamless coordination among team members, enhancing communication and ensuring that consolidation processes run smoothly.

9. Reduced Total Cost of Ownership (TCO):

Finance departments often choose a series of point solutions, believing they will lower overall costs.  Initially, a solution might have a lower price tag than a unified EPM platform, but Finance often then ultimately spends more on cross-application integrations to cobble together a fully functioning system.

With a unified EPM platform, however, all processes are handled within a single instance.  Plus, data is loaded into one central database and immediately available to all business processes.  With no manual data movements or reconciliations to perform, the platform saves valuable time and reduces costs.

OneStream’s unified platform, coupled with its scalability and ease of use, contributes to a lower TCO.  Specifically, organisations can achieve cost savings by consolidating various financial functions into a single platform, eliminating the need for multiple tools and reducing maintenance and training costs.

10. Success Stories:

Vendor reference checks are a fundamental aspect of informed decision-making.  They offer valuable insights into a potential vendor’s past performance, which helps organisations confidently navigate the complex vendor selection process.  By tapping into the real-world experiences of existing customers, Finance teams can gain a complete understanding of what to expect from a vendor.  This understanding facilitates better-informed choices, effective risk management and long-term partnerships that benefit the organisation.

OneStream Customer Success Webpage

Numerous organisations have successfully leveraged OneStream for complex financial consolidations.  In fact, many case studies and success stories highlight the platform’s effectiveness in addressing the unique challenges faced by businesses with complex financial structures.  These real-world examples serve as a testament to OneStream’s capabilities and its positive impact on organisational performance.

For any organisation considering OneStream, we’ll always happily share multiple suitably matched references when asked to assist with selections.

Conclusion

OneStream is the leading solution for complex financial consolidations due to its unified platform, advanced features, real-time insights, streamlined data integration, regulatory compliance support, scalability, user-friendly interface, collaboration tools and cost-effectiveness.  As organisations continue to navigate the complexities of the global business landscape, OneStream stands as a reliable partner in achieving efficient and accurate financial consolidations.

Learn More

To learn more about how organisations are conquering the complexity in the financial close, click here to read our whitepaper.  And if you’re ready to take the leap from spreadsheets or legacy EPM solutions and start your Finance Transformation with OneStream, let’s chat!

Download the White Paper

For decades, organizations worldwide have relied on Cartesis/SAP BFC (BusinessObjects Financial Consolidation) for complex consolidation needs. Cartesis/SAP BFC has provided valuable support by simplifying financial close processes and by enabling sophisticated statutory consolidations and reporting. However, the end of support for Cartesis/SAP BFC has been updated yet again and is set for 2030. Organizations are proactively exploring advanced solutions that not only match the capabilities of these legacy systems but also integrate consolidations with planning, budgeting and forecasting.

In the previous post in our “What’s Next for Cartesis/SAP BFC Customers” blog series, we detailed 5 key considerations for Cartesis/SAP BFC customers who are moving toward an evaluation process, and identified 3 options to consider, as outlined in the first post in this series:

We’ve curated a guide to show you real time examples of how customers like you have overcome those very challenges head on. Click here to see Top 10 Reasons Why Customers Choose OneStream to Get More Value from Their SAP Investment.

In this blog post, we’ll focus on Choice 3, and show why OneStream’s Intelligent Finance Platform emerges as the optimal solution for Cartesis/SAP BFC customers, focusing on consolidations as the central topic.

The Legacy of Cartesis/SAP BFC in Sophisticated Consolidations

Cartesis/SAP BFC was one of the most technically capable, sophisticated consolidation solutions. Engineered to manage complex financial consolidation processes with a unique integrated data model, serving as a repository for intricate consolidations and integrating various financial management data for reporting on actuals, budgets and forecasts. Below are some of the key capability’s customers have depended on:

However, despite Cartesis/SAP BFC’s support ending in 2030, no immediate parity with SAP Group Reporting exists. Nor is parity expected until 2030 if you have confidence in SAP’s roadmap. As a result, organizations are seeking the next generation of sophisticated consolidation solutions.

But the good news is that organizations now have a choice.

Why OneStream Is the Answer for Sophisticated Consolidations and Beyond

Modern Corporate Performance Management (CPM) solutions such as OneStream present an array of sophisticated consolidation capabilities while offering a unified approach to CPM. That approach distinguishes OneStream from other approaches that rely on a patchwork of multiple products and integrations.

Architected to be a unified platform for all CPM processes, OneStream started with consolidations at its core, arguably the hardest and most complex part of CPM. Today, the platform has effectively tackled the complexities of global consolidations and reporting.

In the chart below, we compare the complex consolidation capabilities between OneStream and Cartesis/SAP BFC to illustrate why OneStream stands out.

The list below gets a little more granular on some of the key capabilities that come with using OneStream:

Not to mention, the OneStream MarketPlace extends the platform’s capabilities with solutions such as Account Reconciliations, Transaction Matching, Tax Provisioning and specialty planning solutions (e.g., for People, Capital and Cash Planning). Continuous innovations in areas such as Sensible Machine Learning also mean customers derive continuous value from their investment in OneStream, lowering both technical debt and the total cost of ownership.

Conclusion

As organizations confront the challenges of handling sophisticated consolidations in an increasingly complex financial landscape, legacy systems like Cartesis/SAP BFC and other multi-product CPM approaches fall short. Instead, OneStream’s Intelligent Finance Platform provides a modern, unified platform for financial consolidations, reporting, budgeting, planning and forecasting.

By transitioning to OneStream, Cartesis/SAP BFC customers can seamlessly meet the requirements for complex global consolidations while embracing flexibility, scalability, collaboration, data governance and continuous innovations. 

With over 1,300 customers, many successful migrations from Cartesis/SAP BFC to OneStream, and a mission to ensure every customer is a reference, OneStream stands as the pathway to a future of optimized, accurate, and trusted financial consolidations and unified CPM.

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Ready to join the organizations that have already taken the step from Cartesis/SAP BFC to OneStream?  Check out our video here, and be sure to visit our website.

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The value of scalability within the Finance organization cannot be understated. Financial consolidation and planning applications should not only meet current requirements, but also anticipate the future needs of an expanding enterprise. Scalable platforms that efficiently align financial and operational data enable key stakeholders to focus on driving that growth. That’s why, it is critical for Finance teams to have the proper tools in place to help advance the business, not limit it.

With Anaplan as their planning and reporting solution, Diligent Corporation battled with data restrictions, hitting their workspace server limit with every new acquisition. They constantly reprioritized functionality by chipping away at their Anaplan models. These challenges ultimately drove Diligent to seek a true unified CPM platform, focused on providing strong reporting and analysis capabilities. Read on to learn more about their story.

The Modern Governance Company
Diligent is the leading governance, risk and compliance (GRC) SaaS provider, empowering leaders to drive accountability and transparency. Relied on by more than 25,000 organizations and nearly 1M+ leaders, Diligent’s applications support efficient collaboration and secure information sharing. Headquartered in Washington, DC, Diligent Corporation employs over 1,500 people across 70 legal entities and generates $550M in revenue. More information is available at diligent.com.

Diligent

Limited Scalability with Anaplan
Diligent has become the world’s largest GRC SaaS company due to organic growth and frequent acquisition activity. Yet the organization experienced challenges with Anaplan’s finance application as they worked through 20 new acquisitions over a five-year span. The platform lacked scalability and sufficient workspace, leading Diligent to make sacrifices within their models to allow for the minimum level of business unit reporting required. System generated management reports were burdened by FX related variances and Diligent’s Finance organization lacked confidence in the numbers produced. This caused certain processes to be pushed back into Excel®, decreasing forecast accuracy.

Given these challenges, Diligent began their journey of replacing Anaplan with a unified platform that would get all of their information into the same system. They discovered that OneStream offered a single source for reporting planning, and ensured information supporting forecasts was accurate and consistent. Simply put: OneStream offered the flexibility and added structure that Anaplan did not have. Diligent decided to implement OneStream in the cloud for financial consolidation and reporting, budgeting, planning, and forecasting.

Putting the Right Controls in Place
With multiple acquisitions being integrated at the same time, Diligent is constantly adding new entities and FX rates. But the availability and accuracy of information in OneStream has empowered Diligent to automate financial processes and streamline complicated intercompany eliminations. Since implementing OneStream, Diligent has reduced the monthly close cycle from 45 to 15 days. And now with statutory reporting in OneStream, fundamental calculations are automated, and the Finance team has clear visibility into the underlying data. OneStream has expedited the monthly close process and enabled more investments back into the business, given the increased accuracy of forecasts.

Significant Budget Cycle Improvements
In Anaplan, Diligent could only maintain three scenarios at a time. And now with OneStream, the confidence and level of detail supporting the forecast is noncomparable. The structure and standardization that OneStream provides enables Diligent to plan sales/revenue forecast at product and business unit levels by country and local currency. All forecasts leverage the same methodology, and drivers and assumptions are easily updated as information becomes available. Time spent on forecasting was cut in half, with monthly rolling forecasting, quarterly forecasting, and budget always being maintained at the same time.

Diligent has also replaced their manual headcount forecasting process in Excel® by leveraging People Planning from the OneStream MarketPlace™. A driver-based model provides the ability to customize calculations and assumptions based on the dimensionality defined. Diligent is performing more granular zero-based budgeting at the department, business, unit, country, vendor, and project level. The Finance organization is gaining better insight into the business and providing more value to stakeholders.

Learn More
To learn more about Diligent’s success with OneStream, check out their Anaplan’s finance application and contact OneStream to learn more about the benefits of replacing spreadsheets, legacy applications, and cloud-based point solutions such as Anaplan with an Intelligent Finance platform.

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