During the software selection phase, multiple consolidation solutions were evaluated from various vendors with the process eventually positioning Oracle’s HFM and the OneStream XF solution on the short list. OneStream XF was the selected solution based on the following: it is easy to receive, store and process data. Subsequently, the conversion into the desired reports using the OneStream XF report generator within Microsoft PowerPoint and Word is a big plus. OneStream XF did the best job in meeting all requirements for financial consolidation and reporting, forecasting & budgeting, data quality management, KPI analysis and cost center reporting.
Simplifying Financial Consolidation and Reporting
Takeaway.com has multiple entities in Europe that are included in the OneStream platform. The end-users were trained via a webcast and within a short time span the trial balance uploads were part of the monthly close. This additionally being guided by intuitive workflows of the easily adoptable application. Analytical comments and top side (IFRS) adjustments were also embedded to complete the required information needed for a financial close.
Instead of building complex Excel models sent via e-mail to group accounting, the end-users only need to upload an export from their source GL-system. A direct integration lies in scope for the next phase. After the workflows are completed, standardized reports can be initiated directly from OneStream, which enables the generation of management reports and financial information analyses.
Takeaway.com leverages the extensible documents functionality in OneStream. During every close, a PowerPoint-deck containing graphs and tables is generated out of the system. Because this document is automatically merged with live data from OneStream, analysis and updates can be done very quickly and efficiently.
This gives the opportunity to spend quality time on the results and have a better understanding of the business instead of spending a lot of time on report creation and maintenance. Just before the year-end close, the implementation of OneStream was completed according to plan and the application went ‘live’. Having tested the application extensively through a User Acceptance Test and Parallel Run, the following external audit was the defining moment to really satisfy the project success. This was not only the first annual close for Takeaway.com in OneStream, but even more important also the first annual close as a listed company.
OneStream Delivers Key Benefits
As a result of the implementation, Takeaway.com has realized significant improvement in management reporting and financial statements which is recognised by many stakeholders, both internally and externally. Next to the improved financial process provided by OneStream XF, also non-financial information was easily added to the database. This is made possible via an upload file or direct connection. Hereby, KPI-performance is calculated and added to the same management reports from one source system. Through the built-in workflows the users are able to upload their monthly data in a controlled and auditable environment. Loading data via the workflows not only ensures the data is loaded with validations to ensure data quality, it is also significantly more efficient and user friendly than creating and maintaining the Excel models used in the past.
The monthly close is now concluded faster and is of a much higher quality. One of the workflows monitors intercompany matching and provides a comprehensive analysis of the intercompany differences. To complete the monthly financial close, data is loaded and locked in OneStream. Users of the Group can extensively analyze these non-financials within the same reporting and analysis tools as the financial data, including blended KPI calculations.