Overview

To reconcile key financial and operational data between an asset management firm’s OneStream platform and legal entity management system, CrossCountry Consulting’s OneStream transformation experts redesigned the firm’s process and technology architecture. By updating business rules, standardizing workflows, and enhancing the OneStream process environment, the team generated significant time and labor savings in the firm’s FP&A function.

 

Expertise delivered

  • Process redesign
  • Desktop procedures
  • Performance management optimizations
  • Technology rationalization
  • Consolidation and reconciliation improvements
  • Change management framework

Challenge 

A Fortune 200 asset management company with more than 4,500 legal entities implemented OneStream to meet consolidation and internal/external reporting needs. While the implementation greatly enhanced the company’s performance management capabilities, subsequent changes to its legal entity structure were difficult to reconcile between OneStream and the legal entity management system of record. 

This discrepancy meant that admins and analysts spent 10-15 hours every month manually creating reports outside of OneStream. Plus, the company had yet to establish a standardized process to integrate ownership changes in OneStream or update financial statements each time the complex legal entity structure changed. 

It was clear that a re-evaluation of the technology and process architecture was needed. 

How We Helped 

CrossCountry Consulting’s OneStream implementation and transformation experts led a series of discovery sessions, workshops, and hands-on assessments with multiple stakeholders and business units throughout the company. By gathering all key inputs and understanding the full scope of challenges, the team: 

  • Reviewed the updated legal entity structure and reconciled ownership against the OneStream legal and management entity structure. 
  • Developed a future-state process to track changes between the legal entity management system and OneStream to empower stakeholders with the right workflows and permissions to service all required updates as needed in the future. 
  • Provided desktop procedures to manage legal entity ownership percentages in OneStream. 
  • Updated business rules to improve consolidation performance times. 
  • Created new consolidating profit and loss (P&L) statements and balance sheets in OneStream using native reporting functionality. 

The individual and collective optimizations made during the transformation period set the course for a faster, rationalized financial technology ecosystem that elevated employee performance and experience. 

Results 

As all OneStream enhancements came online, the company was able to quickly realize immediate benefits, including a 10% time reduction in the consolidation process. 

Additionally, the CrossCountry team totally eliminated the need for manual, offline reconciliation, saving 10 hours monthly. By removing this burden, the company’s OneStream users and key leaders gained newfound confidence in the reliability, accuracy, and utility of their OneStream reports. This ultimately accelerated the company’s OneStream time-to-value.  

With a standardized process to facilitate ongoing changes to the OneStream-legal entity structure, users benefitted from greater OneStream uptime and performance and gained the technical knowledge to make updates internally without further support.