Financial Reporting Software for Premium Sound Solutions

Premium Sound Solutions

About Premium Sound Solutions

Premium Sound Solutions is a leading innovator and global supplier of automotive and consumer sound solutions. For over more than 35 years Premium Sound Solutions has been a global provider of a pleasurable listening experience. By inventing revolutionary designs and techniques, their audio engineers sustain a ground-breaking reputation as one of the world’s leading audio companies.

Their success is based on strong competence pillars in acoustics, electronics, software and system integration. Please visit www.premiumsoundsolutions.com to learn more

The Challenge

Being a former Philips company, Premium Sound Solutions was still using their system for financial reporting. Inherited data, system and processes needed to be adapted and streamlined to the needs of the management team. Multiple data submissions are to be embedded in the same system to ease the reporting process. Premium Sound Solution management decided that before the end of their book year 2015 (ending 31 March 2016), they needed to have their own CPM solution specifically designed to fit their needs.

The Business Problem

Premium Sound Systems was looking for a system that can be easily managed, is user friendly and should be replacing the old reporting process without too much impact for the end users and monthly close process. The system should give insight in CTA calculations as well as support quick analysis of operating results.

The OneStream™ Solution

Premium Sound Solutions implemented OneStream for financial consolidation and reporting, budget, data quality management (data collection), sales and cost center reporting. Doing so expanded their financial reporting model from 12 unstructured dimensions in its prior system to 15 structured dimensions in OneStream for more powerful reporting and analytics. Premium Sound Solution was the first OneStream implementation in Belgium.

Financial Consolidation and Reporting Results

Premium Sound Solutions implemented OneStream to deliver powerful management and ad hoc reporting for management and business users, more suitable for their own requirements. In addition to standard actuals consolidation and reporting, the application has been setup with automatic recalculation of actuals at budget rate for budgeting and forecast purposes. The budget process is using a dynamic starting point for the opening balances to facilitate updating the balance sheet figures with up to date closing balances as time moves on during the preparation of the budget. The year-end forecast is seeded with a combination of actual and budget data depending on the current period. The same workflows have been used for actuals and budget reporting for a consistent end-user experience including similar quality checks and process of data collection.

“OneStream has provided us with a unified solution that was able to easily reconcile with our prior system without disruption to our monthly close process,” said Stijn Goeminne, Chief Financial Officer of Premium Sound Solutions. “We needed a solution that could automate intercompany eliminations using historic overrides, report in local currency, euro and US dollar, and also provide an audit trail for all changes to the system including data, metadata and rules. OneStream expanded our financial reporting model and gave us a more powerful management and ad hoc reporting system. In addition to providing a great solution, our smooth implementation can be attributed to extensive knowledge of the OneStream team along with their professionalism and high level of support throughout the entire process.”

Self-Support End User Experience

Premium Sound Solutions has operating facilities across the globe working in different time zones. During the reporting process the user needs to be handling the system without much interaction from the internal help desk. With the aid of the uniquely defined workflows and predefined processes the user is able to complete their reporting cycle without much help. There is no need any more to wait for finishing processes to print a report. Recalculation and translation of comparable data is triggered in the end user workflow by pressing a single button.

About OneStream Software

OneStream Software provides a market-leading intelligent finance platform that reduces the complexity of financial operations. OneStream unleashes the power of finance by unifying corporate performance management (CPM) processes such as planning, financial close & consolidation, reporting and analytics through a single, extensible solution. We empower the enterprise with financial and operational insights to support faster and more informed decision-making. All in a cloud platform designed to continually evolve and scale with your organization.

OneStream’s Intelligent Finance platform can easily be extended with over 50 solutions from the OneStream MarketPlace™. These downloadable solutions are fully battle-tested and optimized for the OneStream platform. They allow customers to easily extend the value of their investment to meet the changing needs of finance and operations.

For more information, please visit OneStream Software https://www.onestreamsoftware.com or on Twitter @OneStream_Soft.

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