Software, LLC, a leader in Corporate Performance Management (CPM)
solutions for the mid-sized to large enterprise, announced several new
solutions for its XF
MarketPlace during its annual Splash User Conference and Partner
Summit, which opened today with over 700 attendees.
OneStream XF MarketPlace solutions can be downloaded by customers,
configured and deployed quickly to address specific business
requirements. The latest additions to the XF MarketPlace include a
solution that automates and simplifies corporate tax provisioning and a
lease accounting solution that helps businesses comply with upcoming new
guidelines under IFRS 16 and ASC (News - Alert) 842. Additionally, OneStream has added
three new productivity tools, and an enhanced version of its Account
"Our XF MarketPlace is all about enabling our customers to extend the
value of their investment in our platform and address key business
challenges in planning, reporting and compliance such as People
Planning, Capital Planning, Account Reconciliations, and now Tax
Provisioning and Lease Accounting. We've delivered more than 40
solutions to date and continue to add new solutions based on the needs
of our customers," said Tom Shea, CEO of OneStream.
Given recent, and ongoing changes in tax laws, tax provisioning
solutions are a priority for many organizations who currently struggle
with spreadsheets and other point solutions. The new solution automates
the tax provisioning process, reducing risk and improving effiiency for
finance professionals. This solution is a natural extension of the
global financial consolidation and reporting capabilities of the
OneStream XF platform, and leverages key capabilities such as book trial
balance, supplemental data collection, currency translation, complex
calculations and consolidations across multiple entity hierarchies.
Early adopter customers are seeing immediate benefits.
With new lease accounting standards IFRS 16 and ASC 842 going into
effect in about six months, many businesses are seeking solutions that
consolidate lease contract data and simplify the accounting and
reporting process. The new OneStream XF MarketPlace solution supports
collection of lease contract data in a central database, calculation of
balance sheet and income statement adjustments as well as generation of
journal entries executed either in OneStream XF or the General Ledger.
Several customers are already streamlining lease accounting with the new
Customer and Partner Support
"Using OneStream's Tax Provisioning solution has been a big improvement
over the spreadsheet approach we were using before," said Jennifer
Koorie, Corporate Tax Manager at Victaulic. "For example, with OneStream
we were able to efficiently consolidate our tax footnotes and financial
statement disclosures, eliminating the previously manual process."
"We find that the tax provision and reporting process is getting greater
attention from CFOs and audit committees. The need for greater
transparency to support disclosures and a desire to shorten the
accounting close are two main reasons, especially with changing tax
codes. Companies that currently use spreadsheets for tax provision
should consider replacing them with a dedicated application," said
Robert Kugel, Senior Vice President and Research Director at Ventana
Research. "Companies that want to accelerate their close, reduce the
chance of errors, simplify audit defense and increase internal
transparency should consider OneStream to integrate tax processes with
their financial consolidation."
"We have three IFRS 16 lease accounting projects underway with OneStream
customers, with more expected," said Pascal Walk, Partner, Agium EPM.
"The relational blending capability of OneStream makes it the perfect
platform for capturing detailed information from lease contracts, then
making calculations and analyzing the impact of the impending lease
accounting guidelines on current and future financial statements."
To learn more about the tax provisioning and lease accounting solutions
or the OneStream XF MarketPlace go to https://onestreamsoftware.com/xf-marketplace/
About OneStream Software
OneStream Software provides a leading Corporate Performance Management
(CPM) solution that unifies and simplifies financial consolidation,
planning, reporting, analytics and financial data quality for
sophisticated organizations. Deployed in the cloud or on-premise,
OneStream XF is the first and only solution that delivers corporate
standards and controls, with the flexibility for business units to
report and plan at additional levels of detail without impacting
corporate standards - all through a single application.
The OneStream XF MarketPlace features downloadable solutions that allow
customers to easily extend the value of their CPM platform to quickly
meet the changing needs of finance and operations.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180516005470/en/
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