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5 Steps to Optimising the Virtual Financial Close

  Home/Blog/Advisory/Optimising Financial Close

Optimising Financial Close

It’s ‘Closing Time” and a familiar scenario unfolds for many finance teams: Spreadsheet Armageddon is unleashed, and you can literally hear the heart rate of your hard-working team accelerate. Stress levels skyrocket and so do mistakes. Frustrations need managing, reports are pieced together after many hours are wasted backtracking, re-checking, checking some more and amending errors. This is not what Business Intelligence should feel or look like! Financial Close is not only a process management but also a staff wellness issue, especially now, in such strained and unprecedented times. 

The good news! What you are faced with today doesn’t have to be a future replay.

For every complex problem, there is an answer! Displacing legacy tools with modern, intelligent software applications enables your finance team to make a step-change in Financial Close efficiency. Plus, the positive ripple effect this creates, ensures less time is spent out-of-hours stressing over report preparation, and more time on analysing the numbers.

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The Challenge
Renewi - creates innovative renewables as the leading waste-to-product company in the Benelux - was faced with the challenge of integrating two sets of reporting processes and two legacy CPM systems. They spent too much time manually collating and managing data, and were in urgent need of a solid tool to streamline statutory and management reporting. As a OneStream Platinum partner, we could provide them with the solution they needed.

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Renewi's Wish List
To get a future-proof CPM system that supports the ambitions of the entire organisation. It has to bring together group reporting for all Renewi business units in one system. We implemented OneStreams XF for them which did exactly that. The user feedback was also very positive.

Our Solution Of Choice
Renewi originally considered Tagetik versus OneStream. But when going into details of their needs assessment and consolidation functionality of how to handle intercompany reconciliations, there was no comparison. The OneStream solution delivered everything in a single platform.

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