The OneStream Approach to Close Management: Closing The Gap

 In today's fast-paced business environment, organizations require robust solutions to streamline their financial close processes. The intersection of accuracy and speed for data has never been more critical; many organizations struggle with processes like financial close due to reliance on spreadsheets or a mish-mash of legacy systems. This inflexibility can take additional time and effort to complete routine processes when modern applications can easily reduce these efforts. 

OneStream's Close Management capabilities offer a comprehensive solution designed to address the challenges of modern finance teams. Let's examine how OneStream revolutionizes the financial close process and sets itself apart from competitors. 

OneStream: Simple, Unified, and All in One CPM System 

OneStream's Close Management module is a game-changer for finance professionals, providing a simple and unified platform that integrates financial close, consolidation, planning, and reporting. Unlike traditional solutions that often involve manual processes and disparate systems, OneStream offers a single, centralized platform that enhances efficiency, accuracy, and collaboration throughout the close process.

What advantages does OneStream offer over competitors? 

OneStream’s competitive advantage lies in its ability to scale with your business, no matter how complex your needs become. Their integrated approach eliminates the need for multiple disjointed systems, providing a seamless end-to-end solution for financial management. In addition to account reconciliations, OneStream offers reporting, budgeting, and planning, and over 50 more add-on solutions that can be designed custom for your organization or purchased from their online Marketplace, called the Solution Exchange. These tools allow your end users to leverage real-time insights on data used by the entire organization, helping ensure transparency with all stakeholders at your organization operating on one true and real-time set of information. The outputs are compatible with reporting requirements like US-GAAP, IFRS, Multi-GAAP, and more. 

Above all, OneStream offers its application at a significant cost advantage to comparable applications offering Close Management functionality. 

Key features offered by OneStream: 

• Automated Workflows: OneStream streamlines the financial close process with automated workflows that minimize manual effort and reduce the risk of errors. 
• Robust Reconciliation: OneStream's reconciliation capabilities include advanced matching algorithms, exception management, and audit trails for comprehensive reconciliation processes. 
• Currency Translations: OneStream's currency translation features allow for seamless management for multi-currency environments. By automating complex currency translation processes, OneStream simplifies financial consolidation and provides real-time insights into currency impacts on financial performance. 
• Integrated Reporting: OneStream offers integrated reporting and analytics, providing finance teams with real-time visibility into financial performance and key metrics. 
• Automated Eliminations: For companies with large amounts of intercompany transactions, OneStream allows for automatic eliminations without complex rules to support the process. 
• Compliance Assurance: With built-in compliance features and audit trails, OneStream ensures regulatory compliance and provides peace of mind for finance professionals. 
• Access to Solution Exchange Marketplace: OneStream's Solution Exchange is an online storefront offering a wide range of pre-built solutions, templates, and extensions to enhance the capabilities of the OneStream platform. With it, organizations can easily access and deploy accelerators and add-ons to optimize their financial processes. 

OneStream's Close Management capabilities offer a powerful solution for finance teams looking to streamline their financial close processes, empowering organizations to achieve greater efficiency, accuracy, and compliance in their financial operations.  

Looking to learn more about how OneStream’s Close Management capabilities stack up against one of their biggest competitors? We've got a team of OneStream experts on our staff who have experience over multiple projects converting BlackLine to OneStream. Contact us today to learn more and schedule a complimentary discovery session.

CFO Solutions is a consultancy staffed by individuals who have diverse functional backgrounds as Big 4 consultants, CPAs, software developers, and more who offer services for the full cycle of any business intelligence or budgeting and planning initiative. We take pride in helping our clients define business processes, find the right application, and implement bespoke solutions tailored specifically to their needs.