West Bend Mutual Insurance (WBMI) previously used Microsoft Excel spreadsheets as a data collection and reporting tool for their month-end close process. Allocations were performed in a different software tool that had size processing constraints. Inconsistencies in data collection via Excel spreadsheets created a labor-intensive and error-prone close process. Further, the transparency by operations to financial detail was limited. A key motivation for system implementation was the lack of transparency and performance consistency of their multi-tier allocation process of expenses to profit center, product and state reporting.
The company required a unified and streamlined solution for all their financial close, internal and external reporting, including allocations and analysis. One that is easily maintained, with the ability to report profit center, product, and state-level results with consistency and accuracy. The company also required a strong internal control process over financial reporting and account reconciliations.
Selecting OneStream XF
The WBMI team initially evaluated Blackline, Apptio, and Adaptive Insights. The evaluation focus began around account reconciliations and the desire of the CFO to acquire a solution that would handle a broader scope, including financial close, workflow, planning and analysis. West Bend sought guidance from Gartner and they recommended they evaluate OneStream.
WBMI selected OneStream XF to streamline their financial close process, provide transparency and deliver ad-hoc reporting for operational users. The unified application would contain monthly actuals and budget data to provide timely and efficient financial reporting.
The team also decided to implement the OneStream XF Cloud solution, since this would reduce their IT support requirements. WBMI chose a phased approach for the implementation of OneStream leading with financial close, including allocations, reporting, annual budgeting, and account reconciliations. They went live in February of 2019. In the subsequent phase of the project, WBMI is implementing OneStream for planning and several XF MarketPlace solutions.