Financial Consolidation and Reporting
Victaulic implemented OneStream XF to gain more insight into their business and improve the close process from end to end in a single product that is easily extended to deliver multiple solutions in one application. Significant benefits were achieved around data quality by providing validation checks during the data submission process which made data more readily available. They were also able to standardize workflows and reports across the enterprise. OneStream’s Guided Workflows created an easily navigable and user-friendly environment and Guided Reporting allowed users to run and view their set books, which is a compilation of different reports based on parameters selected. OneStream provided efficient drill-through capabilities into their transactional detail, something they were not capable of doing in their previous environment.
Victaulic implemented a fully automated Cash Flow solution using OneStream, with the ability to generate Cash Flow reports for audit and for internal management use. The Cash Flow solution replaced their offline Excel spreadsheets.
Bridge Analysis Solution
Additionally, they enhanced their bridge data collection and analysis capabilities by collecting more detail inside the system, by running validations on the explained bridge amounts and by providing simple, powerful dashboards and reports for analyzing variances and the bridge explanations
Alternate Currency Views
Victaulic, with the help of Finit, can visualize alternate views of currency by switching the currency member in the consolidation dimension without having to force translate.
“We considered other CPM vendors but once we met with OneStream we knew they were the perfect fit for our environment. We do not have a lot of IT resources available for system maintenance so having one platform, one language and a clean system reduces maintenance and the amount of work required to run it,” stated Robert Thompson, Global Controller, Victaulic. “We were moving off Hyperion Enterprise and we really took a leap forward with OneStream. We added workflows that did not previously exist, audit trails, dashboarding, the ability to drill back into our transactions, cleaner reporting, complete visibility and the ability to analyze and look at our data in different ways which were all things we simply could not do in Enterprise.”
Financial consolidation and reporting results
Victaulic shortened their close process by providing the consolidation team a workflow that runs confirmation rules on trial balance data, override data and roll-forward data to ensure the quality of company-wide results. OneStream XF provided direct mapping to several source systems thus streamlining data integration and providing a speedy consolidation process saving time and effort and creating faster and more user-friendly reports.
“My favorite thing about OneStream is how easy it is, from a reporting standpoint, to dive through the data. I can navigate across different legal entities, I can navigate through different financials all through Guided Reporting. The reporting is fantastic.” Robert Thompson, Global Controller, Victaulic.
Subsidiaries using the M3 GL system with different chart of accounts are now being mapped using a global transformation rule to ensure consistency. And users do not have to select different entities for USD and local currency rolled up data. It’s done by merely selecting the consolidation currency member.