Video · August 12, 2025
How Parkdale Mills eliminated seven Excel consolidations and cut close by two days in year one
About this video
Parkdale Mills, a century-old textile company operating across the United States, Mexico, and Central and South America, was managing financial consolidations entirely in Excel across multiple subsidiaries running different ERP systems. Foreign currency reporting lived in separate spreadsheets with inconsistent formats, and pulling analysis for leadership meant opening accounting software alongside ten different spreadsheets to piece together a coherent picture.
OneStream eliminated all seven Excel-based consolidation processes, replaced them with a single platform supporting multi-currency, multi-entity, and multi-standard reporting, and reduced the close cycle by two days in the first year of implementation. The ability to drill from corporate-level results down to account, plant, entity, and division level has transformed the Finance team from reporters of information into genuine business partners to the executive team.
Speakers
Director of FP&A | Parkdale Mills
Key takeaways
- Seven separate Excel consolidations across multiple subsidiaries and ERP systems have been completely eliminated. Every consolidation process that previously lived in spreadsheets now runs within OneStream, removing the manual effort and version risk that came with each one.
- Foreign currency reporting across multiple countries and formats is now handled within one unified platform. What previously required different spreadsheets and inconsistent formats for every non-US-dollar entity is now standardized and consolidated in a single governed system.
- Close cycle reduced by two days in the first year of implementation, with another day targeted in year two. That compounding improvement reflects both the efficiency of OneStream's consolidation engine and the elimination of manual handoffs that previously slowed every close cycle.
- Drill-down from corporate level to account, plant, entity, and division level replaces the ten-spreadsheet analysis process. Pulling together CFO-ready analysis that once required navigating multiple systems and spreadsheets now happens within a single, seamless platform experience.
- Finance at Parkdale Mills has shifted from reporting information to being a genuine business partner to the executive team. With accurate, drillable data available on demand, the accounting team adds strategic value rather than spending its time assembling and reconciling numbers.
Read Full Transcript
Parkdale is a textile company that was founded over a hundred years ago. We're primarily located within the Southeast United States as well as Mexico, Central and South America. Prior to having OneStream, our financial consolidations were prepared within Excel as well as we had multiple subsidiaries in different ERP systems.
So when doing analysis, this created a lot of issues because we would have to either pull information that was only in an Excel consolidation file or that information may have been in a foreign company's ERP system, which at corporate we may not have had direct access to.
So we have a lot of different companies, a lot of different foreign currencies. Our US dollar was fine, but anything other than that, we had different spreadsheets and different formats. We definitely wanted something that could improve the efficiency of our monthly enclosed process and consolidation.
One word I would use to describe OneStream is transformational. Previously did about seven consolidations within Excel. All of those processes are now eliminated and are done within OneStream. We can drill down at the account level, we can drill down into our plant level, entity level, division level, as well as utilizing one of the dimensions to identify our data type for whether we're looking at statutory reporting or US GAAP reporting.
A lot of times I would have to pull together analysis for our CFO and I'm able to now drill down instead of opening up our accounting software and like 10 spreadsheets to piece it together. So that's been incredible.
With OneStream, we have already reduced our closed cycle by two days within the first year of implementation. We're hoping that in this next year, we'll be able to reduce it by another day. One of the biggest things from our accounting team that we can be is be of value.
to anybody within the organization. Now I am no longer just reporting the information. I am being a business partner to our executive team.
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