As it moved to Planful for financial planning and close and consolidation, it looked upstream and recognized account reconciliations as the key to faster, more accurate financial data. Adding Adra eliminated repetition and added accountability to its reconciliation process, saving as much as one day per day for its accounting team.
Ferraro Foods delivers delicious products to over 8,000 customers in 26 states. As its business grew and locations/subsidiaries multiplied, it became more difficult to gain an accurate and timely view into the company’s financial performance. Financial data resided in one of two ERP systems, and with consolidations run in Excel, it wasn’t just hard to resolve errors; they weren’t even noticed until the close process was in motion or completed.
With a transition to Planful already underway, Johann and team decided to also streamline its financial performance management processes from the very beginning, at reconciliation, by automating and eliminating much of the manual effort. The company had relied on an email- and spreadsheet-driven process that was entirely manual and lacked accountability.
With the help of CFO solutions, a certified Adra implementer, Ferraro Foods was able to gain control of their financial close calendar and automate their large volume reconciliations.
Adding Adra for Better, Faster Large-Volume Reconciliations
Ferraro Foods chose to enhance its Planful implementation by automating their reconciliation process using Adra by Trintech to standardize, automate, and accelerate reconciliation workflows. It would also make data more trusted as it flowed into close and consolidation processes, and beyond.
Ferraro Foods particularly relies on Adra Matcher to reduce time spent on month-end transaction matching. It can match and reconcile large volumes of transactions quickly and accurately including daily banking transactions, even across different systems and data sources. This takes the repetition out of balance sheet reconciliation for a financial close that’s fast, accurate, and easy to manage while allowing time to concentrate on the most important accounts.
“Reconciliation takes a lot of time, but it’s mostly a redundant effort,” added Johann. “I’d say 80% of the work is just matching across thousands of transactions. So don’t do it; let Adra take care of it. Adra turns hours into an hour, or less. Across our team of four, Adra saves each about two hours per day. We’re saving a day’s worth of effort every day.”
That time saved during reconciliation gives analysts the freedom and flexibility to focus on more valuable efforts, and the reconciliations from Adra immediately flow into Planful to kickstart close and consolidation.
Taking Control of Period End Close Management
By implementing Adra, Ferraro Foods significantly improved visibility and gained control of their financial close calendar. With Adra’s period-end close and task management features, Ferraro Foods was able to track and monitor close activities, assign and ensure completion of close tasks, set deadlines, and collaborate across teams and people.
“Just like Planful gives us visibility into and control over our financial consolidation process, Adra gives us the same for reconciliation,” Johann said. “Are the account reconciliations done? Are they done correctly? Have they been submitted on time? There’s a constant set of checks and balances to ensure all components of our close process are done correctly and on time. And, we can rely on Planful as the system of record for auditing, too, because we trust the data.”
As a result, Ferraro Foods has achieved impressive results with their close duration reduced from 10 business days to just four-and-a-half days. This improvement was attributed to Adra’s reconciliation capabilities, enabling the identification and resolution of errors before the close process commenced.
OneStream provides an Intelligent Finance Platform for the modern enterprise that simplifies and aligns corporate performance management processes such as financial consolidation, reporting, planning and analytics. OneStream’s platform can easily be extended with over 50 financial close, planning and analysis, and productivity solutions.
“We are ecstatic to have reached OneStream Software’s highest partner level, Diamond status. The CFO Solutions team’s hard work is a testament to the outstanding results we reach for our clients. We are proud of our continued growth and commitment to excellence in working with OneStream to deliver creative and well-designed solutions that solve our customers’ unique business challenges.” -Shaun Zeldes, Partner, CFO Solutions
“We are thrilled to announce CFO Solutions LLC has achieved Diamond level partner status,” said Stephanie Cramp, senior vice president, global alliances of OneStream Software. “This status is awarded to partners who meet our high standards and continue to deliver exceptional solutions that drive value for our customers. CFO Solutions LLC new partner status is a reflection that more companies are turning to OneStream’s unified solution to simplify their financial processes and increase operational insights.”
CFO Solutions is made up of over 80+ consultants across the United States and the United Kingdom. Their extensive knowledge covers Budgeting, Planning, Forecasting, Management Reporting, Implementation, Process Modeling, Software Evaluation, Financial Consolidation, Data Warehousing, Data Integration, and more. CFO Solutions works across numerous industries, including manufacturing, pharmaceuticals, finance services, biotechnology, retail, healthcare, public sector, insurance, aerospace, CPG, and hospitality.
CONTACT:
Elizabeth Schirk
484-901-9908
Elizabeth.schirk@cfosolutions.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 is an independent software company with over 1,000 customers, 200 implementation partners and 1,200 employees, our primary mission is to deliver 100% customer success. To learn more visit www.onestream.com.
About CFO Solutions
Founded in 2005, CFO Solutions is a professional services firm specializing in Enterprise Performance Management (EPM), Corporate Performance Management (CPM), and Business Intelligence (BI) products and solutions. We help clients define processes, determine the right technology solution, create a solution roadmap, and implement the vision. Cfosolutions.com
OneStream partner achieves new status, continues to empower customers and provide deep domain expertise around the globe
Amherst, Massachusetts, January 19, 2022 – Today, CFO Solutions, a trusted advisor in corporate performance management, is pleased to announce they have become a Platinum level OneStream implementation partner. As a Platinum partner, OneStream recognizes CFO Solutions commitment to align with OneStream’s strategic vision and continue to bring value to shared clients.
OneStream provides an Intelligent Finance Platform for the modern enterprise that simplifies and aligns corporate performance management processes such as financial consolidation, reporting, planning and analytics. OneStream’s platform can easily be extended with over 50 financial close, planning and analysis, and productivity solutions.
“Our team is delighted to continue to work with OneStream and are extremely optimistic about the future as we expand our partnership. OneStream’s unified platform approach to CPM is a perfect match for our team’s approach to offer creative well-designed solutions that solve our customers’ unique complex business challenges.” – Sean Souza, Senior Partner of CFO Solutions
“We are thrilled to announce CFO Solutions has achieved Platinum level partner status,” said Stephanie Cramp, senior vice president, global alliances of OneStream Software. “This status is awarded to partners who meet our high standards and continue to deliver exceptional solutions that drive value for our customers. CFO Solutions new partner status is a reflection that more companies are turning to OneStream’s unified solution to simplify their financial processes and increase operational insights.”
CONTACT: Elizabeth Schirk, elizabeth.schirk@cfosolutions.com, Marketing Coordinator
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 is an independent software company backed by private equity investors KKR, D1 Capital Partners, Tiger Global and IGSB.
With over 700 customers, 200 implementation partners and over 800 employees our primary mission is to deliver 100% customer success, which we’ve done successfully since our inception.
About CFO Solutions
Founded in 2005, CFO Solutions is a professional services firm specializing in Corporate Performance Management (CPM) and Business Intelligence (BI) products and solutions. We help clients define processes, determine the right technology solution, create a solution roadmap, and implement the vision.
Workiva Marketplace debuts with both Workiva-built and partner offerings that simplify complex reporting and compliance problems
AMES, Iowa–(BUSINESS WIRE)– Workiva Inc. (NYSE:WK), today launched The Workiva Marketplace, filled with more than 140 Workiva-built and partner templates, services and 60 no-code connectors that streamline existing processes and solve new business problems all within the Workiva cloud platform’s connected and secure ecosystem.
The Workiva Marketplace’s offerings include: process checklists, carefully organized and linked reports, style guides, perfectly formatted presentations, and more. Accounting, audit, financial planning & analysis, financial services, and legal teams can easily add templates or connectors directly into an existing Workiva workspace and optimize workflow with process automation, practical examples, and industry best practices.
Comments on the News :
“There is an enormous opportunity for organizations to scale their business operations efficiently and cost effectively by leveraging Workiva’s connected ecosystem,” said Julie Iskow, COO of Workiva. “The Workiva Marketplace allows users to find tools, templates, connectors and applications that make using our platform faster and easier. It also easily connects customers with our trusted, best-in-industry consulting and technology partners and can extend the value of our platform for our users.”
“For years, corporate accounting and financial reporting teams have operated separately due simply to the nature of data collection and reporting processes, and this can lead to a myriad of complications at the end of the reporting period,” said Mike Whitmire, CEO & Co-founder of FloQast. “Using FloQast’s direct API connector available in The Workiva Marketplace, accounting and finance teams automate and accelerate the financial close and disclosure process, bridging the gap between them, which adds value by providing greater visibility into the close and reconciliation process, and enabling a more accurate and efficient reporting process.”
“As a partner, Clearview Group is thrilled to join Workiva for the launch of the new Marketplace,” said Scott Freinberg, Director of Advisory Services at Clearview. “Clients and partners will now be able to more efficiently access industry-leading templates and tools to transform their processes and technology. Workiva consistently works to enhance their products and services for their customers, and we could not be more honored to partner with them on this initiative.”
“I am really impressed with the variety of templates and connectors available in the new Marketplace, especially with SOX, Internal Controls, and Management reporting,” said Trevor Harris, SOX Manager of NXP Semiconductors. “I like that the Marketplace is easy to navigate and that my team can easily incorporate these industry best practices immediately. The time savings alone from not having to start at square one is going to be priceless. This will really let me do more with my data inside the Workiva platform.”
Workiva Marketplace Innovators :
Partners are extending the use of the platform with mutual clients by creating new services and solutions on top of the Workiva platform that solve customers’ unique business challenges.
Argyle, BlackLine, Business Wire, CFO Solutions, Clearview Group, Column5 Consulting, Fastpath Solutions, F.H. Black & Company Inc., FloQast, Keyrus Consulting, OneCloud, Planalytix, PwC, Sentieo, and Trintech are among the Workiva partners that played a crucial role in the launch of the Marketplace by contributing meaningful templates, services and content that is readily available for customers to add to their workspaces and use.
Workiva has a strong partner ecosystem, with over 200 industry-leading business and technology advisory firms that are available to assist customers as they expand their use of the Workiva Platform.
ORS Medco distributes safety and security products, tools, body shop and repair products, welding supplies, paint, chemicals, and abrasives.
Read this case study to learn how we helped ORS Medco completed an on-time implementation of Infor d/EPM and have reduced the time to achieve financial consolidations by 67%.
OneStream partner achieves new status, continues to empower customers and provide deep domain expertise around the globe
Boston, Massachusetts, May 25 2021 – OneStream Software today announced CFO Solutions has become a Gold level implementation partner. As a Gold partner, OneStream recognizes CFO Solutions’ commitment to align with OneStream’s strategic vision and continue to bring value to shared clients.
OneStream provides a unified platform that simplifies and aligns financial consolidation, planning, reporting, analytics and financial data quality. OneStream eliminates the risk and complexity of data integration, validation and reconciliation between multiple products, applications or modules, and makes non-integrated CPM suites are a thing of the past.
“Our team is delighted to continue to work with OneStream and are extremely optimistic about the future as we expand our partnership. OneStream’s platform approach to EPM is a perfect match for our team’s approach to offer creative well-designed solutions that solve our customers’ unique complex business challenges.” – Sean Souza, Senior Partner of CFO Solutions.
“We are thrilled to announce CFO Solutions has achieved Gold level partner status,” said Stephanie Cramp, Senior Vice President of Global Alliances at OneStream Software. “This status is awarded to partners who meet our high standards and continue to deliver exceptional solutions that drive value for our customers. CFO Solutions new partner status is a reflection that more companies are turning to OneStream’s Intelligent Finance solution to simplify their financial processes and increase operational insights.”
CONTACT: Elizabeth Schirk, elizabeth.schirk@cfosolutions.com, Marketing Coordinator
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 is an independent software company backed by private equity investors KKR, D1 Capital Partners, Tiger Global and IGSB.
With over 700 customers, 200 implementation partners and over 800 employees our primary mission is to deliver 100% customer success, which we’ve done successfully since our inception.
About CFO Solutions
Founded in 2005, CFO Solutions is a professional services firm specializing in Enterprise Performance Management (EPM) and Business Intelligence (BI) products and solutions. With hundreds of EPM implementations across multiple industries, we offer a full suite of advisory and implementation services for Finance. We help clients define new processes, determine the right technology solution, create a solution roadmap, and implement the vision.
With over 700 customers, 200 implementation partners and over 800 employees our primary mission is to deliver 100% customer success, which we’ve done successfully since our inception.
With over 700 customers, 200 implementation partners and over 800 employees our primary mission is to deliver 100% customer success, which we’ve done successfully since our inception.