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Premium Sound Solutions Adopts OneStream XF to Boost Its Financial Processing

By CIOReview | Tuesday, March 22, 2016

ROCHESTER, MI: High-tech audio systems company, Premium Sound Solutions (PSS) has adopted a Corporate Performance Management (CPM) solution from OneStream Software to enhance its financial processes. OneStream’s unified solution offers PSS a range of financial services that includes financial consolidation, reporting, forecasting, analysis and assessment of data quality needs.

“OneStream welcomes Premium Sound Solutions to its growing list of live and successful customers. PSS, a former Philips Electronics company, required their own CPM solution. Their inherited data, system and processes needed to be adapted and streamlined to meet the current needs of the PSS management team,” said Tom Shea, President, OneStream Software.

PSS was in search for a CPM system to replace its old reporting process without affecting end users and monthly close process. The company needed a solution that could provide them with insights in Cumulative Translation Adjustment (CTA) of foreign currency with faster analysis of operating results. PSS required a simple as well as user friendly solution which got fulfilled with OneStream’s unified CPM solution, OneStream XF.

OneStream XF equips PSS with the ability to conduct extensive financial reporting while offering detailed analysis structured dimensionality. The solution also enables PSS with enhanced auditing capabilities, KPI analytics, headcount reporting integrations, forecasting, unification of processes and shorter close cycles. Moreover, the solution reduces the technical complexities involved in monitoring financial processes, thereby allowing organizations to be agile and adaptable with the changing times. OneStream XF can be deployed on-premise or in the cloud, and has an extensible platform with pre-built and customizable solutions, templates, accelerators or workspaces downloadable from the OneStream Solution Center.

“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 XF 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,” added Stijn Goeminne, Chief Financial Officer, Premium Sound Solutions.