Modernizing Financial Statements with OneStream

For finance teams, few responsibilities carry more pressure than producing accurate, timely financial statements. Yet too often, the process behind those reports is slow, manual, and error-prone. Spreadsheets need constant reconciliation. Adjustments come in late. And by the time the statements reach leadership, they already feel outdated.

Modern financial reporting demands more than accuracy. It requires speed, transparency, and the ability to adapt quickly to changing conditions. OneStream Software gives finance teams the control, automation, and confidence they need to modernize the entire financial statement process.

Why Traditional Financial Reporting Falls Behind

Manual Consolidation and Adjustments

Many organizations still rely on spreadsheets or legacy systems for consolidations. This creates version control issues, redundant data entry, and increased risk of human error.

Disconnected Systems

When actuals, budgets, and forecasts live in separate tools, finance spends valuable time reconciling data instead of analyzing results. The lack of a unified source of truth delays insight and weakens confidence.

Limited Visibility

Without drill-down capability or consistent dimensionality, it is difficult to understand the drivers behind changes in the balance sheet, income statement, or cash flow. Finance leaders get the “what,” but not the “why.”

Compliance Pressure

As organizations grow, reporting requirements become more complex. Manual controls can no longer keep up with the pace of audit and compliance demands.

What Modern Financial Reporting Requires

Modernized reporting is built on four principles:

1. A single, trusted data foundation connecting actuals, budgets, and forecasts.

2. Automation for consolidations, eliminations, and currency translation.

3. Drill-down visibility to move from summary results to transaction-level detail.

4. Governance and workflow controls to ensure accuracy, compliance, and transparency.

These are the same capabilities that define a high-performing Corporate Performance Management framework.

How OneStream Transforms Financial Statements

Unified Close and Consolidation

OneStream brings actuals, adjustments, and intercompany eliminations into one governed workflow. Finance teams can close faster, reduce manual journal entries, and ensure data integrity from the start.

Automated Reporting and Disclosure

With built-in reporting and disclosure management tools, financial statements and footnotes can be generated directly from the platform. This eliminates redundant work and reduces the risk of inconsistencies between versions.

Real-Time Visibility and Analysis

OneStream enables instant drill-through from summary statements to supporting transactions. Whether it is a variance in revenue or a change in working capital, finance can quickly identify the source and context.

Multi-Currency and Compliance Management

Global organizations benefit from automated currency conversion, ownership calculations, and audit trails. The platform enforces standardization across entities while supporting GAAP, IFRS, and other reporting frameworks.

Continuous Reporting Cycle

Because OneStream integrates planning and reporting, finance teams can update financial statements throughout the period, not just at month-end. That continuity allows for more proactive guidance and decision support.

The Business Impact

Organizations that modernize financial statement reporting with OneStream typically achieve:

• Faster close cycles and reduced manual workload

• Consistent, trusted data across all entities and reports

• Greater accuracy through automated consolidations and validations

• Improved compliance with built-in governance and audit trails

• Stronger collaboration between finance, operations, and audit teams

These outcomes are the foundation of Finance Transformation, the shift from manual control to strategic, data-driven decision-making.

How Nova Advisory Delivers Modernized Reporting

Strategic Assessment

Nova Advisory begins with a review of your current close and reporting processes to identify inefficiencies, risks, and automation opportunities.

Tailored OneStream Implementation

As a Diamond Partner, Nova specializes in OneStream Implementation Services that align with each organization’s reporting structure, compliance needs, and operational priorities.

Configured Governance and Controls

We establish consistent rules for eliminations, adjustments, and approvals so your reporting remains accurate, auditable, and fully transparent.

Performance Optimization

Through SMART Managed Services, Nova provides ongoing monitoring and enhancement to keep financial reporting efficient, scalable, and compliant as requirements evolve.

FP&A Integration

Our FP&A Transformation, approach ensures financial statements flow seamlessly into planning and analysis, enabling rolling forecasts and forward-looking insights.

The Payoff for Finance Leaders

When financial statement reporting runs on OneStream, finance leaders gain time, accuracy, and confidence.

• Speed: Automated consolidations and workflows shorten the close cycle

• Accuracy: A single version of the truth eliminates reconciliation issues

• Transparency: Drill-down access reveals the drivers behind every number

• Compliance: Built-in controls simplify audits and regulatory reporting

• Insight: Financial data becomes a tool for strategy, not just record-keeping

With Nova Advisory and OneStream, modern financial reporting is no longer about producing statements. It is about enabling leadership with real-time insight, trusted accuracy, and confidence in every decision.