After evaluating other solutions offered by Oracle, MEC Global selected OneStream XF based on its unified architecture, and ability to handle the consolidation of actual results, budgets and audit details all in a single application.
MEC global initially deployed OneStream XF for financial consolidation and reporting of actual financial results, as well as management reporting. They also use the application for cash flow forecasting, collection of auditing information and loading budgets. In 2019 they went live with the lease accounting solution provided by our partner Agium EPM.
Streamlined Financial Consolidation and Reporting
With 36 countries reporting monthly, including over 70 entities and 15 local currencies, MEC’s financial consolidation and reporting process includes a high volume of intercompany activity. This new system has enabled big improvements in intercompany eliminations through improved automation and communication, as trading partners can see each other’s data and collaborate with each other to reconcile activity.
Data collection is much easier now with Guided Workflows leading users through their tasks. Users upload trial balances on their own vs. sending to corporate, which speeds the process and ensures data quality. The new system was very easy for users to learn and adopt with limited training.
The initial implementation started in March 2015 and the system went live in October of 2015. This included migrating 13 years of actual data, as well as 2 years of audit and budget data. The system is currently deployed to 86 users, including 76 Finance staff, 5 Administrators and 5 CEOs who have “view only” access to reports coming out of OneStream XF.
IFRS 16 Compliance Made Easy with Agium EPM’s Lease Accounting Solution
In preparation for the impact of the new IFRS 16 Lease Accounting guidelines in 2019, MEC Global implemented the Lease Accounting solution provided by Agium EPM. Built on the OneStream XF platform, sold, implemented and supported by Agium, the Lease Accounting solution enables users at remote locations to collect and update their lease information each month, run the required calculations and generate the required journal adjustments. Tracking over 800 leases that include buildings, office equipment, motor vehicles, machinery and equipment – the solution has made the implementation of the new guidelines easy for end-users at the subsidiaries, and provides full transparency for Finance staff at corporate
Benefits of the new OneStream system accrued quickly for MEC Global. The system is much more reliable vs. Hyperion and can be accessed by users from anywhere over the internet. The company has more flexibility in collecting and analyzing data via OneStream’s Extensible Dimensionality. Remote users now have more independence in data loading. This enables the Corporate Finance team to spend more time reviewing results vs. loading data, which is a saving of 1-2 days per month.
The Guided Workflows in OneStream enable delegation and faster completion of user tasks. The intercompany eliminations process has been streamlined through better visibility and communication between trading partners. And the new system makes sharing documents such as user manuals, guidelines, and procedures easier as they are all loaded in OneStream.
“With the need to report to shareholders by the 5th business day after month-end, using Hyperion required the Finance team to spend many late nights.” Said Steffi Joseph, Corporate Accountant at MEC Global. “There are no longer any late nights with OneStream. We have gained at least a day during month-end, because we don’t have load up the accounts for users anymore.”
The next phase of the project will include moving the budgeting data collection process into OneStream, replacing Excel and email, and leveraging the Lease Accounting solution to produce the 2020 budget.