Enhancing Financial Consolidation and Reporting for Flanders
Flanders, a key player in Mining, Mills, Oil & Gas, Marine, Power Generation, and Engines sectors, sought to streamline its financial consolidation and reporting processes. With the support of MindStream
Analytics, Flanders aimed to overcome manual challenges and optimize their operations.
Challenges: Manual Processes and ERP Upgrade
Facing manual Excel-based consolidations and currency translations, Flanders realized the need for a more efficient solution. The company was in the process of upgrading their ERP and contemplating consolidating
other ERPs into their CSI ERP. Manual intercompany eliminations were time-consuming.
Solution: OneStream Consolidation by MindStream
MindStream Analytics collaborated with Flanders to implement OneStream Consolidation and Reporting solution. Key elements included:
Automation: OneStream automated currency translations, intercompany eliminations, and cash flow analysis, reducing manual efforts and enhancing accuracy.
Structured Approach: Customized hierarchy facilitated streamlined consolidation and reporting.
Intercompany Setup: Intercompany relationships were established for efficient eliminations.
Data Quality Controls: OneStream's integrated data quality controls reduced human errors.
Results: Efficiency and Accuracy
With MindStream's implementation of OneStream:
Faster Processing: Monthly consolidation time reduced from five days to two days.
- Precision: Automated processes and data controls minimized errors.
- Integrated Reporting: Consolidation and
reporting seamlessly integrated in OneStream.
Conclusion: Driving Efficiency Forward
MindStream Analytics' collaboration empowered Flanders to overcome manual challenges and achieve operational efficiency. The streamlined processes and accurate reporting capabilities have positioned Flanders
for success in their industry.
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