The Challenge

Prior to working with OneStream and Ascend, our client was using a manual, Excel-based close process that had become increasingly difficult to maintain. They tried to implement a different consolidation tool about 1 ½ years prior to the OneStream implementation but this tool failed to replace their Excel consolidation. The client has grown and expanded largely through acquisition. As a result of this growth, they were working with over 50 entities and numerous financial systems, including at least 15 different ERPs each requiring their own unique mapping tables for the different charts of accounts from across the world. 

The reliance on Excel left the client struggling to get consistent data on a timely basis for both external and internal reporting. The gathering and consolidation of many types of supplemental data and continuity detail required for Notes and Cash Flow was a difficult time intensive process and the Cash Flow was prepared manually. As a result, the speed of their closes was severely affected. 

The Ascend Solution

The client and our team at Ascend worked together closely to implement OneStream in record time. With a focus on time to value, we advised to follow a phased approach and begin with the core implementation of actuals consolidation and then phase in additional implementations later. As a result of this strategy they were able to parallel within five months, and the project was then live at the six month mark. The speed of the implementation was due to a combination of Ascend’s years of expertise in implementing OneStream solutions for clients using Excel-based reporting along with the great knowledge and preparation work done by the client team to speed metadata creation and data reconciliation. This was a remarkable result that was only possible through a true partnership with qualified and sufficient resources across the whole project team.

Ascend’s ability to get clients up and running quickly is directly tied to the pre-packaged requirements and design materials which we have developed over the years. The Ascend team has also come to learn that understanding the different concepts between Excel and a more standardized system like OneStream can sometimes require additional training. The Ascend Master Application allows our team of experts to show tangible examples of these concepts to help both better understand the client’s needs and visually demonstrate their new workflows effectively. These highly collaborative sessions between our team and the client helped ensure a smooth transition for everyone. 

Taking a multi-phased approach allowed for planning of additional work aligned with the client’s schedule. Just prior to phase one go-live, they acquired a large competitor which doubled their size. During phase two, this acquisition was integrated into OneStream. Because the process is quick and straightforward, data was loaded at a consolidated level for summary level reports. As a second step, data for each of the 20 acquired entities were loaded to provide more granular reporting - which would not have been possible with Excel. 

The second phase also included the addition of basic input and seeding functionality allowing the client to input and consolidate their Budget and Forecast data directly into OneStream. Finally, new scenarios and business rules were added in to enable them to perform currency analysis. 

This entire second phase was completed within 4 months and allowed them to have consolidated and plan reporting across the entire business in a very short period of time.

Phase three will include more direct support for the new acquisition, including direct integrations to their ERP systems which will connect them to OneStream. Also included in this phase is the implementation of the investment register, which will allow the client to automate the investment elimination process they complete every month. These new processes will save time when closing and better track the investment process.

What We Achieved

By implementing OneStream, the client gained more consistent data and processes. The improved consistency coupled with new workflows shortened their close time by several days. They now have an automated Cash Flow and can build their plans and do variance analysis in one tool. It also allows them to drill into and report on data in new ways which was simply not possible with Excel, and which had become both more complex and important with the expanded information gathering across all their entities. 

By working with the Ascend team, the client was able to take advantage of expert guidance on the phasing of a multi-step project. As a result, they were able to complete multiple implementation processes over a short period of time - an approach which aligned with their business objectives and priorities.

The Value of Ascend

The CFO:  A single database for all entities with increased tracking and new reporting capabilities - future proofed for new acquisitions.

VP Finance:   Faster and improved reporting with the ability to drill-down and analyze numbers which helped to develop better questions to ask the business

FP&A: A simplified way to gather budget and forecast information without manual consolidation

Best Outcome: A time-saving closeout with improved consistency and drill-down capabilities.