The Challenge

Frank’s International was using legacy systems for financial reporting and budgeting. The solution was not designed to handle financial consolidations, currency translation, or complex ownership structures. So, there were a lot of manual steps involved in the process leading to inefficiencies. The data warehouse system was bogged down by complex data transformations, with no data validation rules. Planning was being done directly in the ledger, and ad hoc reporting was very limited.

What OneStream Did

Frank’s International initially focused their OneStream implementation on financial consolidation and reporting. Their design was complex with lots of intercompany activity (and accounts), complex holding structures, related party transactions and non-controlling interests, and significant international revenue and FX exposure.

With The solution was implemented on-time and under-budget. It provided enhanced validation and error-checking, better reporting and visibility and was rolled out globally. The stakeholders were happy and immediately began requesting for more data be loaded into the system.

What OneStream Achieved
“I would say across the board, our organization now has a better understanding of what their costs are than they’ve ever had before. The speed relative to our prior solution set is exponentially faster,” said Mr. Goodwin, VP Finance. “With OneStream the company has seen drastic improvements in the intercompany matching and elimination process, and faster consolidation and planning cycles. What that means for us is that we can spend more of our time actually analyzing the business and less of our time trying to just roll up reports to read out the business. We’re catching things faster. We’re digging in deeper. It’s been really, really good.”

Best Outcome: Better visibility into costs and other operational details.