TrustRadius Insights for OneStream are summaries of user sentiment data from TrustRadius reviews and, when necessary, third party data sources.
Pros
Time-saving Account Reconciliation: Several users have found OneStream's Account Reconciliation solution to be a significant time-saver compared to navigating through spreadsheets. They appreciate being able to see an overview of their reconciliations, which allows them to consolidate data from integrated source systems at a detailed transactional level.
Native Dashboarding Capabilities: Users are impressed by the native dashboarding capabilities of OneStream. They are able to replace their standalone BI tool with dashboards within the platform, streamlining their reporting and providing them with great reports and visualizations.
Easy Data Integration: Many users highlight the easy data integration capabilities of OneStream. They find it convenient to import data from simple CSV files to more complex data sources using API, SQL, etc., making it seamless to bring in data from multiple sources.
OneStream is our financial reporting for the Magnet Wire Northa American Business Unit. Forecasting & Budgeting was time consuming. OneStream helped with this streamline.
Pros
workflows
security
account reconciliations.
loading actuals
parcel post - automatic sending of data
Cons
more specific training videos
easier instructions on implementing an application
Excel XfSet and XfGet
Likelihood to Recommend
Work flows and being able to go from excel to a cube view. the different ways you have to pull data. One of our issues were it does notwork well is drill down and digging into the data, but most of that is on us as our GL System was not able to get the detailed data that we wanted.
OneStream is used for - Consolidation of 8 international subsidiaries, based on SAP R/3 local data. - Monthly detailed financial forecast based S&OP plan data and other transactional data extracted from SAP BW, the forecast calculations include profit and loss details on entity level with IC revenue, raw material cost updates and balance sheet calculations with specific details for working capital and other inputs. Use case of the forecast is to track results versus target and previous forecast. - Reporting set was build for management reviews, which can be quickly generated by changing variables.
Pros
Workflows to have step by step processes
Import data from different sources with validation of metadata and extensive transformation rules
Consistently calculate all variables
Freedom to define cost drivers with member formulas
Cons
Deploying of market place solutions is cumbersome and often requires external support.
Calculation of a planning scenario can take quite some time depending on the data structure.
Version upgrades require preparation and resources.
Likelihood to Recommend
It is good for detailed planning based on workflow. Functionality was added to determine raw material purchases, which works well with details we already used to calculate inventories. Reporting can be very flexible when metadata naming convention is consistent. Metadata organization is not straightforward, new items are always added at the bottom and can't be sorted.
VU
Verified User
Employee in Finance and Accounting (501-1000 employees)
OneStream is used for consolidated management reporting of actual results, rolling forecasting and reporting processes linked to consolidated reporting results, including financial close accounts reconciliations, task manager, sustainability, Tax, legal entity, Capex and supply chain non-financial reporting. The business need we address with OneStream is to create a full stack of performance management reports where reported numbers align with the financial management reporting structure and various angles can be created in a consistent manner and additional dimensions can be added to the reported data for the right business insights. The scope of our use case is full management performance reporting, integrated with our financial planning as well as our operational business planning and supply chain processes.
Pros
Share reporting dimension hierarchies across reporting processes
extend dimensions as needed to the requirements of individual processes
provide prebuilt, downloadable solutions allowing for quick time to market of reporting solutions
extend reporting beyond traditional financial reporting processes to create in depth business insights
Cons
Provide some more prebuilt dashboards that serve as reference examples for specific topics, to allow users to gain an idea of all that is possible
Provide some clear cut explanations to explain some of the standard concepts, to allow companies that start their implementation to gain a quick understanding of how things work
Likelihood to Recommend
OneStream is well suited for any level of consolidated financial reporting, but becomes especially strong when adding forecast/planning reporting and integrating with other reporting and analysis processes that need to be aligned and reconciled with the financial reporting structure. For this reason, OneStream supports a wide variety of processes with varying levels of dimensionality. Due to the ability to share reporting and dimension structures where needed, new processes can be deployed quickly without gaps. And the data seeding between scenarios allows for re-purposing one dataload in as many reporting processes as needed, ensuring that everyone works with the same version of the truth. The growing number of prebuilt, downloadable solutions from the Market Place offer options to customers that allow for deploying of new processes quickly, without customers having to invent the solution on their own.
We use OneStream for our monthly financial consolidation and reporting. We were able to remove over 20 hours a month from our close process by moving to OneStream. Along with removing hours, we are able to produce better and more accurate results each month. Along with the Consolidation tool, we implemented the Planning/Forecasting tool. For the first time, the company now has budgets for each department that we can track and report against. This has given us even more insight into our spending.
Pros
Consolidations
Ease of use
Reporting
Cons
Driver based forecasting
User Interface
Excel Add in
Likelihood to Recommend
OneStream is well suited for producing monthly results and consolidations. It has saved our company hundreds of hours since we went live a year ago. I have more confidence in our results than I had with our prior consolidation tool. We can now produce monthly results in minutes vs hours which allows the finance and operations teams more time to analyze results vs pulling the data.
We currently use OneStream for financial close process, account reconciliations, transaction matching, task manager, and reporting / analysis. We also have plans to expand on these by utilizing additional Marketplace Solutions such as machine learning, people planning, etc..
So far, OneStream has improved are close process timeline, increased reporting visibility, and is very user friendly.
Pros
As a global company, we have multiple source systems that are used for financials. OneStream allows us to bring in the financial data from source to a consolidated view for reporting.
Ability to blend financial data with operational data.
Reporting and analysis. Ability to create a wide range of reports. From standard cube views to intricate dashboards to extensible documents that works with Microsoft Office.
Cons
The only issues we've experienced are directly with the business end and not with OneStream's capabilities.
I would like more advanced learning possibilities.
Likelihood to Recommend
OneStream has drastically reduced our turnaround time during the month end process. Task manager has kept us on top of each steps within all processes to make sure no steps are missed, and also allows us status updates by viewing completed/open tasks. The reporting capabilities have allowed us to dive deeper into our financial results. Forecasting/budgeting will allow us to more accurately predict our future results using advanced capabilities such as AI and predictive analysis.
VU
Verified User
Analyst in Finance and Accounting (10,001+ employees)
OneStream provides wide range of facilities for the accounting process where we are able to analyze the past present and future of business trend. we can use it for scenario based analaysis and helpful for management to take decisions on right time and benefits. OneStream is convenient and user friendly to work. for my case its very useful tool which enable us to use single tool for multiple purpose. Fcst budgeting and analysis
Pros
Accounting Managment
Forecast
Budget
BI
Scenario Based Analysis
Capex track
Management adjustment
Cons
Need to link on excel based macros
Tableau supporting
Pagination issue
xfget formula examples
Pre template of Excel to get meta data
Likelihood to Recommend
well suited OneStream can pull the multiple dimension data in a single click. we can segregate the data with U1-U8. We can get more info while drilling down the data Improvements. Need improvements on the quick view pagination issues. Also some limited lines to extract the data. cubeviews are static not dynamics.
VU
Verified User
Administrator in Information Technology (1001-5000 employees)
We implemented OneStream's Marketplace solution "Account Reconciliation" 2 years ago. unlike others, our scope of Account reconciliation is not just account-to-substantiation matching, instead, we lead the industry by consolidating the substantiation from the lowest level of the business unit to the top Parent. I would call it an extended version of the Consolidation process. In this process of the build, we have used several Business rules, Transformation rules, custom dimensions, cube view dashboards, SQL editor dashboards etc.,
Pros
Flexibility to meet client's requirements
Transformation Rules
Data connectors
Customized Confirmation Rules
Cons
Dashboards
APIs
Admin Privileges
Likelihood to Recommend
Using data connectors, we have loaded massive transactional data of Subledgers like AR, AP, Inventory, PPV etc., and built a detailed analysis of risk assessment dashboards for Controllers/ RFDs to take appropriate actions. These dashboards are fully automatic without any manual intervention from users. Yes, you heard it correctly, fully automatic.
Moreover, with single license clients can use multiple applications like FS close, matching modules as plug and play with minimal configurations.
VU
Verified User
Program Manager in Information Technology (10,001+ employees)
Currently We are using this Account Receivables Reconciliation and we are in implementation stage of Financial consolidation and financial planning from SAP BPC to OneStream. OneStream has lot of features like Drill down and Drill back option, Dashboards and Market place solutions to use in OneStream Planning.
Pros
Drill Back and Drill Down
Audit Log enabled
Market Place solutions
Workflows and Dashboards
Cons
Dimension Limit
Dashboard complexity
lot of interlinked options
Likelihood to Recommend
It is very good for financial Planning for FP&A team especially we can use People planning Market place solutions and we can drill down to check which data type and the origin of the data
AS a CEO of the organization, I must clearly understand on a daily basis what exactly is going on in all fields, including accounting, sales, collections, etc. By using Onestream, my job has been made easier. I understand the data clearly as it is presented to me very clearly and therefore making the right decision is quicker and more efficient. Data has been made easier and I can dedicate my time to defining the next steps instead of hour-long sessions downloading data as I did in the past. I´m more efficient. Fantastic!
Pros
Data presentation
Consolidation
Inventory
Cons
I´d like to use it on my cellphone.
I´d like to use it on my Ipad.
Automization could be improved.
Likelihood to Recommend
For the sales and finance departments, having OneStream has literally changed their lives. In sales, our people are able to understand the data clearly and take a more profound decision based on data and less on their gut feeling. For the finance department, having all the data clearly visible and knowing what is missing or what next steps to advance to has also made their lives at work easier. Surely that must be one of my priorities - having happier people working in a more efficient manner!
We use OneStream as successor of Oracle HFM. First consolidation, later also budgeting and planning. It also succeeds our IFRS 16 leasing solution and will be very important in our ESG reporting soon. The platform principle of OneStream was the unique selling point. The interconnectivity of the tool stood out in comparison to the competition. Where other tools need to synchronize their data between the different parts of the tool, OneStream can access the "shared database". Independent of the cube you're working in.
Pros
Consolidation
Reporting
User friendliness
Cons
Dashboarding can be made more easy (more drag and drop)
Likelihood to Recommend
OneStream is well suited in large size companies where multiple entities, with multiple currencies needs to be consolidated and/or budgeted for. The platform way of working and the connectivity between the different tools on the same platform is key. Budget comparing to actuals is made easy, no syncing between the two solutions is needed.
