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Every company has financial consolidation and reporting needs – what a company uses to achieve those needs are often driven by the complexity of the company's structure and underlying source systems.

There are 3 main groups of tools "used" for consolidations and reporting:

• Spreadsheets
• General Ledger (ERP)
• Purpose-Built CPM applications. I would challenge that Purpose-Built CPM applications can be subdivided into two groups, those dedicated to Financial Consolidation and those that specifically handle Planning processes.

Each group of tools has its pros and cons. Organizations often look to change consolidation tools as each company evolves and grows – in size and/or in complexity. Key system functionality that typically requires an evaluation of a new consolidation tool are:

• The ability to integrate multiple GL / ERP data sources
• Advanced foreign currency translation
• Automated intercompany eliminations
• The ability to support one or more statutory reporting standards – think US GAAP vs IFRS vs other statutory reporting requirements
• Flexible hierarchical structures, possibly across multiple dimensions
• Journal entry capabilities
• Audit trail functionality
• Reporting and analytical capabilities with dashboard and Excel integration

Using purpose-built financial close, consolidation, and reporting applications that can address the functionality listed above are becoming a preferred approach for today's mid-sized to larger companies.

OneStream XF , in its modern, unified SmartCPMTM platform, simplifies financial close and consolidation, planning, reporting, analytics, and financial data quality for organizations. OneStream XF can enable both financial consolidation and planning processes within the same application.

• Unique "Extensible Dimensionality" allows corporate entities/business units to report actuals and plan at varying levels of detail.
• Financial data quality is integrated into the XF core platform
  • Able to set up direct integrations to any open ERP or data source
  • Able to drill through to GL or source data detail
  • Data source to XF mapping and intersection validations
  • Post-consolidation validations, confirmations, and certifications typically needed for SOX compliance
• OneStream XF applications can be extended using solutions from the XF Marketplace. The solutions here continue to grow with the needs of its clients and include:
  • Close Management
  • Account Reconciliations
  • Transaction Matching
  • Tax Provision
  • Lease Accounting