Turning FP&A into xP&A with OneStream

by | Oct 27, 2021

In today’s business world, finance teams live or die by their ability to provide timeous insights into operational issues. This notion extends far beyond the usual “actual versus budget versus last year”
-kind of analysis that is the staple of many month-end reporting packs.

 “What happened? Why did it happen?”
And those pesky little green and red arrows show if you should be happy or sad that it happened.

 

So what?
Month-end reporting should be about those things, you say. And of course, you are right!
But what if that is only scratching the tip of the iceberg? What if that shiny new EPM/consolidation system of yours can do so much more?

With OneStream Software, you can! Apart from being a world-class financial consolidation and reporting system, OneStream also has one of the best and most versatile calculation engines in the business.

Add to that a plethora of generic solutions that you can download with a swish of your mouse from the OneStream MarketPlace (for free!), and you have a built-in solution for almost any kind of planning, tracking, and analysing that you can think of, for example:

Need to do Capital Planning?
There is a solution for that in the MarketPlace. You can do planning and what-if analysis on current and future Capex requirements at a detailed individual asset level or group similar assets together by class, location, and depreciation policy. 

What about our friends in HR and Sales?
If required, they can perform People Planning down to individual employees or have a generic model using grading, salary bands, and remuneration percentiles to keep the accountants from sniffing through the payroll.

The Sales Planning solution allows for powerful driver-based planning and analysis of sales and revenue and can even link to the compensation model in the People Planning tool.

The King of the Hill would undoubtedly be the Thing Planning solution – this allows you to list, plan and analyse almost anything. If it can be tabulated and tracked, then Thing Planning is your answer.
From production statistics to how much hand sanitiser we use, the sky is the limit.

And what good is all this information if it is “just another tool” or the latest “flavour of the month”? The real power rests in OneStream’s ability to rapidly digest new information when it becomes available, which entails updating information, drivers, or assumptions and quickly getting new answers. And this is where OneStream is in a league of its own – with the Scenario Analysis tool, coupled with the other tools mentioned above, OneStream has an unparalleled ability to provide quick and clear insights into what might be and allow for course correction if required. And it is even possible to hook these tools up to real-time information feeds or other bespoke solutions with AI capabilities.

These tools have built-in reporting solutions, so you can still produce the “actual versus plan” reports, only now it is based on the plan components that matter. And if you must have them, you can still throw in those pesky little green and red arrows.

So, is it all just about the technology? Of course not. You will need some of your business analysts and a few senior or executive managers to guide the project and highlight the areas for focus. Then it is up to our skilled implementation team, together with your business experts, to work their magic and deliver insights and new ways of looking at and planning within your organisation.

Combining OneStream Software, coupled with some specific MarketPlace offerings, and a winning implementation team, enables you to turn your vanilla FP&A function into a world-class xP&A capability. To borrow from the words of Barack Obama – “Yes, you can!”

Written by George Smit 

 

Introducing George

George is a seasoned SME in the areas of planning and consolidation. He couples his professional accounting qualifications with 25 years’ of experience in accounting, planning, budgeting, forecasting, reporting, and systems architecture and design, to deliver sustainable solutions to his clients. His keen mind and quest for knowledge will ensure that his clients are always at the cutting edge of new developments. He constantly finds new and interesting ways to challenge the status quo.

 

Jigsaw Advisory specialises in guiding CFOs and finance teams through their digital transformation journey. We value and nurture our niche position as a trusted transformation advisor to many top-level CFOs and are so confident about our recommendations that we choose to implement the solutions ourselves. That way, we fully understand the business context for the challenge and use that to serve as the focus throughout the implementation and benefits realisation process. Get in touch with our senior team.