OneStream’s SmartCPM™ platform eliminating 75 Excel spreadsheets, saving many hours of tax provision preparation annually across all Guardian locations globally.
March 05, 2019 06:11 AM Eastern Standard Time
ROCHESTER, Mich.--(BUSINESS WIRE)--OneStream Software, a leader in Corporate Performance Management solutions for the mid-sized to large enterprise, is helping Guardian Industries cut complexity, time and costs around its tax provisioning process with OneStream’s SmartCPM™ platform. The solution moves Guardian from a highly manual process involving 75 in-depth Excel spreadsheets toward an automated process that is integrated and flexible.
“One of the key benefits of the OneStream solution has been moving to a monthly provision reporting package for all locations, which was previously done only quarterly. Our close process has significantly improved, and our reporting is more accurate for all locations. Users are excited about the automation and time savings from the Excel approach. They are spending more time reviewing and analyzing tax data before submission deadlines,” said Jessica McAlpine, project manager, Guardian Industries.
The OneStream Tax Provision solution has been fully implemented across all Guardian locations in the U.S. and is now being rolled out to the remaining global locations. With the global rollout, Guardian is implementing currency translation with the ability to tie out each location’s tax schedules to the general ledger in both local currency and U.S. dollars.
By consolidating the process, Guardian saves an estimated five hours monthly at each of its 75 locations. Reporting is more automated now with results sent instantaneously to the parent company compared to a week to collect reports in the past. The new system is easier to use, allowing users to add attachments that support calculations, create a journal entry to book the tax provision and ensure the tax provision expense ties out to the general ledger.
“OneStream is so user-friendly and can be applied in many areas – reporting, planning, tax and others. Once you understand the workflow it’s easy to leverage it more broadly. The integration and ability to manage so many solutions in one platform is great – you just can’t beat it,” continued McAlpine.
With tax accounting a major cause for financial restatements and reported material weakness, CFOs and audit committees require increased transparency and speed across tax planning and compliance activities. By aligning the tax provision and financial reporting within a unified platform, tax teams can accelerate the process and mitigate risks associated with using disparate data sources and spreadsheets. They also provide CFOs with more time to analyze financial results while they prepare for quarter-end investor guidance and external reporting activities.
The Tax Provision Starter Kit is one of more than 50 solutions available on OneStream XF MarketPlace that customers can download, configure and deploy to address new requirements and extend the value of their CPM platform. In addition to this, Guardian has implemented OneStream for financial consolidation, reporting, planning, forecasting, account reconciliations, return on capital and supplemental reporting.
A subsidiary of Koch Industries, Inc. and headquartered in Auburn Hills, MI, Guardian Industries employs around 18,000 people and operates facilities throughout North America, South America, Europe, Africa, the Middle East and Asia.
To read the full case study on how Guardian transformed its tax provisioning process with OneStream, go to https://www.onestreamsoftware.com/success-stories/guardian-industries.
About OneStream Software
OneStream Software provides a modern Corporate Performance Management 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 one of the first and only solutions 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. OneStream was named to the 2018 Deloitte Fast 500 ranking in North America.
Guardian Industries, a global company headquartered in Auburn Hills, Michigan, employs around 18,000 people and operates facilities throughout North America, Europe, South America, Africa, the Middle East and Asia. Guardian’s diverse group of companies are involved in the manufacture of high-performance float, coated and fabricated glass products; the manufacture of high-quality chrome-plated and painted plastic components for the automotive and commercial truck industries; and the distribution of specialty building products. Guardian’s vision is to create value for customers and society through constant innovation using fewer resources. Guardian is a wholly owned subsidiary of Koch Industries, Inc. Visit guardian.com.