Solenis is a leading global producer of specialty chemicals for water-intensive industries, including the pulp, paper, oil and gas, chemical processing, mining, biorefining, power and municipal markets. The company’s product portfolio includes a broad array of process, functional and water treatment chemistries, as well as state-of-the-art monitoring and control systems. These technologies are used by customers to improve operational efficiencies, enhance product quality, protect plant assets and minimize environmental impact. Headquartered in Wilmington, Delaware, the company has 41 manufacturing facilities strategically located around the globe and employs a team of approximately 5,200 professionals in 120 countries across five continents. For additional information about Solenis, please visit www.solenis.com.
As a spin-out of Ashland Corporation with multiple instances of SAP GL/ERPs, Solenis was using an SAP GL and Excel® for financial consolidation and reporting. Joining the organization as Assistant Controller in December of 2014, and with a $2B acquisition to integrate and new debt to manage, Jordan Brackett and his Controller at the time Rick Oswald, had to build a controller function from scratch. This meant creating a financial consolidation and reporting process and getting a new system in place.
Fidato Partners was helping Solenis with their finance processes and introduced the team to OneStream™ as a platform that could be run by finance with limited IT support. Jordan Brackett and the team trusted Fidato and decided to implement OneStream without looking at any other options. And their decision turned out to be a good one.
The OneStream Solution
Solenis decided to implement OneStream via the Cloud, which required limited IT resource and would make upgrades much easier. The initial focus of their OneStream implementation focused on financial consolidation and reporting. The financial consolidation application spans over 70 entities with more than 45 of them being operating entities. The system collects data in multiple currencies, with the ability to translate and report results at different currency rates to isolate the impact of FX fluctuations.
The next phase of the project focused on building out the financial reporting model and creating direct integration with their SAP ERPs. The solution supports multiple reporting hierarchies including; Legal, SBUs/Product, Line of Sight, and Geography. There is a high volume of intercompany transaction activity across companies to be eliminated.
Global controllers now push their own data into OneStream, and all monthly reporting is done out of OneStream. The Solenis team uses OneStream’s Guided Reporting for most of their ad hoc reporting and the OneStream Excel® add-in for generating financial statements. All their statutory reporting around the world is now moving to OneStream. This includes bridge reporting for US GAAP to local GAAP.
About the Implementation Partner
Fidato Partners was founded by Big-4 veterans in consulting. Fidato has served over 200 clients in the Mid-Atlantic Region and is regarded as a trusted and proven partner for companies seeking consulting and recruiting services in accounting and finance, risk management, and information technology. From emerging growth to global organizations, Fidato is dedicated to providing the highest level of service to its clients. Fidato combines deep expertise with a flexible approach to deliver results for its clients, making its customer satisfaction rate
outstanding. For more information, visit www.fidatopartners.com.
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.
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