SourceCode Case Study

SourceCode Transforms Financial Reporting with the Aid of MindStream using OneStream

Since its inception in 1992, SourceCode has solidified its reputation as a trailblazer in custom and co-designed infrastructure solutions. With a track record of implementing thousands of innovative solutions and distributing over a million edge devices, the company has finessed its engineering, manufacturing, and business processes to cater to the burgeoning demand in this niche.

The Challenge:

SourceCode had been relying heavily on Excel for their financial reporting processes. While Excel served as a foundational tool, the limitations soon became evident as the company grew and evolved. From data security concerns to the hurdles of integrating new business acquisitions, the need for an advanced, comprehensive solution was apparent. SourceCode faced multiple challenges in their existing system:

• 1. Reliance on Excel: Consolidating and reporting financial reports via Excel introduced several risks including data security and integrity concerns.
• 2. Potential Data Risks: The possibility of Excel data file corruption or irretrievable files was always a looming concern.
• 3. Business Expansion: Rapidly integrating new businesses into their current Excel-driven process proved cumbersome and time-consuming.
• 4. Manual Reporting Efforts: Meeting the diverse reporting requirements, whether for management, GAAP, or bank reporting, involved manual efforts, resulting in possible inaccuracies.
• 5. Intercompany Eliminations: Another manual task was the need for intercompany eliminations, which further slowed down processes.

The Solution:

MindStream stepped in with a strategic approach leveraging OneStream:

• 1. Consolidated Chart of Accounts: By creating a consolidated common chart of accounts, MindStream ensured a seamless integration of multiple Trial Balances into OneStream. This prepared SourceCode for rapid future acquisitions.
• 2. Enhanced Features: OneStream was configured to enable currency translation, provide security to safeguard data and processes by function, and offer reporting capabilities for internal management, external GAAP, and bank reporting.
• 3. On-Demand Reporting: Custom reports were designed to extract data directly from OneStream whenever needed, eliminating manual report creation.
• 4. Automated Intercompany Eliminations: With OneStream, intercompany transactions were set to auto-eliminate upon consolidation, streamlining the consolidation process.
• 5. Cash Flow Statement: A comprehensive Cash Flow statement was constructed within OneStream to provide an in-depth financial overview.

The Outcome:

The successful transition to OneStream revolutionized SourceCode's financial reporting. Manual processes linked with consolidations for internal and external reporting were eliminated. Additionally, the potential for errors, whether human or system-induced, was significantly reduced. The platform also primed SourceCode for smooth, rapid integrations of future acquisitions.

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