With reorgs, M&As, new products and resource transitions, change is constant. As companies shuffle people and departments, nearly every employee looks around with concern and asks the same question: “What’s my role going to be in the next six months?”
Behind the scenes, the Finance and Accounting groups are trying to model the impacts from an actual, plan, and forecast standpoint. Finance runs various scenarios. They adjust, review and test those scenarios within their planning system. Accounting groups try to understand the impact to history and what the next monthly close will look like in their GL and consolidation system. Both groups ask questions like: Will this hurt us? Help us? What’s the financial gain?
These separate-but-equal-systems make it difficult to have a single-version of truth. When you make a change in your consolidation system, it needs to flow to your planning system. A misstep here could create process inefficiencies and the possibilities of accounting errors which in turn will impact data quality and trust in the numbers. These inefficient processes also wreak havoc on deadlines and time management.
I have worked in EPM for over 20 years and can’t begin to tell you how many times I’ve seen clients faced with this scenario. While FP&A and Accounting groups are running scenarios for executives to aid in final decision-making, every CFO is demanding things to be quicker, faster, and at the highest quality. That’s why my company, Archetype, chose to partner with OneStream Software. By using OneStream, organizations can discover new insights, analyze trends, anticipate results, and of course, grow. And by getting results and reports faster to the CFO, organizations can make proactive, forward-thinking decisions and get employees out of limbo.
If your organization is considering a new or upgraded financial application, here are three compelling reason to implement OneStream:
1. One complete solution
OneStream Software allows both Finance and Accounting to run both planning and accounting scenarios in one place, in the same environment. It is a true, singular solution for the consolidation and planning process as there are no additional buy-in products, allowing teams to support this tool long-term.
By investing in the software, companies are also saving on additional staff. The user-friendly system allows Finance and Accounting professionals to perform their jobs with ease, meaning companies don’t have to invest in additional administrators or technical resources.
2. Eliminate high-performance attrition
Think about this: There are many Finance and Accounting teams who spend their days running around scorekeeping and providing BvA reporting to department heads stating why they are over or under budget. Being a “bad cop” isn’t fun in a work environment and can quickly lead to disengaged teams. In addition, process inefficiencies and mundane, difficult to use systems can lead to job dissatisfaction.
Companies hire Finance and Accounting people to help the business grow and ensure their financial house is in order. That’s it.
If your Finance and Accounting teams are gaining efficiencies by using OneStream and performing value-added work, their engagement remains higher. A strong and engaged team means you have employees that know your financials, can problem solve, and do what they were hired to do: help grow the business.
Empowered employees move away from being “monitors of spreadsheets” to becoming true analysts of the data. As we like to say at Archetype, you stop being a scorekeeper and become a true business partner.
3. Lower Total Cost of Ownership
Consumers in 2018 expect to have access to features, apps, and other tools at the press of a button. OneStream has done a great job of taking this current age of technology and building that into the product. Within their XF MarketPlace, companies can download OneStream’s solutions and features and configure to their own business models. Because these additional solutions are available within the same OneStream framework, companies can incorporate new processes on their own like account reconciliations or additional planning modules at no extra cost! And with the flexibility to be on-premise or in the cloud, it gives customers the benefit of choice, companies can choose their own path without losing any functionality. This lower TCO makes OneStream very competitive with other tools.
OneStream ultimately aligns your data, strategy and your reports. In one convenient place you’ll find customer information, salesforce information, operations information – it’s all there. More importantly, you have the flexibility of running scenarios (what if we raise prices by 5%?) and can get an instant report on the impact of that change. This insight can help your team strategize all scenarios and intelligently plan the next change.
Archetype opts to work with organizations, who like us, invest in their people by creating dynamic cultures and empowering employees with solid learning opportunities. Moreover, we partner with organizations whose products and solutions allow others to perform value-added work. OneStream Software fits that bill and we are proud to be one of their partners.
Help your finance team go from being scorekeepers to becoming true business partners. Download our free eBook today.
If you are interested in learning more how we can help your organization change to OneStream, please click on the button below.