Since 1919, Victaulic has been the originator and world’s leading producer of mechanical pipe joining solutions. Used in the most demanding markets, Victaulic innovative piping technologies and services put people to work faster while increasing safety, ensuring reliability and maximizing efficiency. The company has 13 manufacturing facilities and 30 branches worldwide with 3,600 employees who speak 43 languages across the globe. With over 1,900 global patents, Victaulic solutions are at work in more than 140 countries across diverse business lines including oil, gas and chemical, mining, power generation, water and wastewater treatment, military and marine, as well as commercial building and fire protection. For more information, visit www.victaulic.com.
Victaulic needed to replace Hyperion Enterprise and LedgerLink. Their requirements revolved around gaining consistent and accessible reporting, improving their data quality as well as simplifying their close processes. They lacked visibility into their month end close, had no audit trails and limited multi-currency support.
Financial Reporting information was in Enterprise while FP&A information was in their BI tool. Sub-account, elimination entities and alternate currency entities resulted in massive account and entity structures. Cash flow reporting for auditors was done manually in Excel® without the benefit of process transparency or audit controls.
Financial Consolidation and Reporting
Victaulic implemented OneStream™ to gain more insight into their business and improve the close process from end to end in a single product that is easily extended to deliver multiple solutions in one application. Significant benefits were achieved around data quality by providing validation checks during the data submission process which made data more readily available. They were also able to standardize workflows and reports across the enterprise. OneStream’s Guided Workflows created an easily navigable and user-friendly environment and Guided Reporting allowed users to run and view their set books, which is a compilation of different reports based on parameters selected. OneStream provided efficient drill-through capabilities into their transactional detail, something they were not capable of doing in their previous environment.
Victaulic implemented a fully automated Cash Flow solution using OneStream, with the ability to generate Cash Flow reports for audit and for internal management use. The Cash Flow solution replaced their offline Excel® spreadsheets.
Bridge Analysis Solution
Additionally, they enhanced their bridge data collection and analysis capabilities by collecting more detail inside the system, by running validations on the explained bridge amounts and by providing simple, powerful dashboards and reports for analyzing variances and the bridge explanations
Alternate Currency Views
Victaulic, with the help of Finit, can visualize alternate views of currency by switching the currency member in the consolidation dimension without having to force translate.
“We considered other CPM vendors but once we met with OneStream we knew they were the perfect fit for our environment. We do not have a lot of IT resources available for system maintenance so having one platform, one language and a clean system reduces maintenance and the amount of work required to run it,” stated Robert Thompson, Global Controller, Victaulic. “We were moving off Hyperion Enterprise and we really took a leap forward with OneStream. We added workflows that did not previously exist, audit trails, dashboarding, the ability to drill back into our transactions, cleaner reporting, complete visibility and the ability to analyze and look at our data in different ways which were all things we simply could not do in Enterprise.”
Financial Consolidation and Reporting Results
Victaulic shortened their close process by providing the consolidation team a workflow that runs confirmation rules on trial balance data, override data and roll-forward data to ensure the quality of company-wide results. OneStream provided direct mapping to several source systems thus streamlining data integration and providing a speedy consolidation process saving time and effort and creating faster and more user-friendly reports.
“My favorite thing about OneStream is how easy it is, from a reporting standpoint, to dive through the data. I can navigate across different legal entities, I can navigate through different financials all through Guided Reporting. The reporting is fantastic.” Robert Thompson, Global Controller, Victaulic.
Subsidiaries using the M3 GL system with different chart of accounts are now being mapped using a global transformation rule to ensure consistency. And users do not have to select different entities for USD and local currency rolled up data. It’s done by merely selecting the consolidation currency member.
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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Get Started With a Personal Demo
Hundreds of organizations have made the leap from spreadsheets and legacy CPM applications to OneStream and never looked back. Join the revolution!Request a Demo