Case Study
Flanders Enhances Financial Consolidation and Reporting with OneStream
Flanders, serving industries such as mining, oil and gas, marine, power generation, and engines, needed a better way to handle financial consolidation and reporting. MindStream Analytics helped automate key processes with a OneStream solution.
The Challenge:
Flanders was managing manual Excel-based consolidations, currency translations, and intercompany eliminations while also navigating ERP upgrade activity.
Monthly consolidations and currency translations were heavily manual and Excel-based.
Intercompany eliminations were time-consuming and inefficient.
The business was upgrading its ERP landscape while considering broader system consolidation.
The Solution
MindStream implemented OneStream consolidation and reporting capabilities to automate core finance processes and improve data quality.
Key solution components included:
Automated currency translations, intercompany eliminations, and cash flow analysis in OneStream.
Built a customized hierarchy to support more streamlined consolidation and reporting.
Established intercompany relationships for more efficient elimination processing.
Used integrated data quality controls to reduce manual errors.
The Result
With OneStream in place, Flanders improved both efficiency and accuracy, cutting consolidation time while strengthening the quality of reporting.
Reduced monthly consolidation time from five days to two days.
Improved reporting accuracy through automation and data quality controls.
Integrated consolidation and reporting in a single platform.
Positioned the finance team for more efficient ongoing operations.
What is intercompany elimination?
Intercompany elimination removes transactions between related entities so consolidated financial statements are not overstated.
Why automate currency translation?
Automating currency translation improves accuracy, speeds up close activities, and reduces manual spreadsheet work.
What are data quality controls in CPM?
Data quality controls help validate, govern, and monitor financial data so reporting is more reliable and errors are caught earlier.
Why centralize consolidation and reporting?
Centralizing consolidation and reporting helps reduce duplication, improve consistency, and speed up decision-making.