OneStream Software Simplifies Tax Provisioning for Guardian Industries, Streamlines Financial Close Process

OneStream’s SmartCPM™ platform eliminating 75 Excel spreadsheets,
saving many hours of tax provision preparation annually across all
Guardian locations globally

ROCHESTER, Mich.–(BUSINESS WIRE)–OneStream Software, LLC, a leader in Corporate Performance Management
solutions for the mid-sized to large enterprise, is helping Guardian
Industries cut complexity, time and costs around its tax provisioning
process with OneStream’s SmartCPM™ platform. The solution moves Guardian
from a highly manual process involving 75 in-depth Excel spreadsheets
toward an automated process that is integrated and flexible.

“One of the key benefits of the OneStream solution has been moving to a
monthly provision reporting package for all locations, which was
previously done only quarterly. Our close process has significantly
improved, and our reporting is more accurate for all locations. Users
are excited about the automation and time savings from the Excel
approach. They are spending more time reviewing and analyzing tax data
before submission deadlines,” said Jessica McAlpine, project manager,
Guardian Industries.

The OneStream Tax Provision solution has been fully implemented across
all Guardian locations in the U.S. and is now being rolled out to the
remaining global locations. With the global rollout, Guardian is
implementing currency translation with the ability to tie out each
location’s tax schedules to the general ledger in both local currency
and U.S. dollars.

By consolidating the process, Guardian saves an estimated five hours
monthly at each of its 75 locations. Reporting is more automated now
with results sent instantaneously to the parent company compared to a
week to collect reports in the past. The new system is easier to use,
allowing users to add attachments that support calculations, create a
journal entry to book the tax provision and ensure the tax provision
expense ties out to the general ledger.

“OneStream is so user-friendly and can be applied in many areas –
reporting, planning, tax and others. Once you understand the workflow
it’s easy to leverage it more broadly. The integration and ability to
manage so many solutions in one platform is great – you just can’t beat
it,” continued McAlpine.

With tax accounting a major cause for financial restatements and
reported material weakness, CFOs and audit committees require increased
transparency and speed across tax planning and compliance activities. By
aligning the tax provision and financial reporting within a unified
platform, tax teams can accelerate the process and mitigate risks
associated with using disparate data sources and spreadsheets. They also
provide CFOs with more time to analyze financial results while they
prepare for quarter-end investor guidance and external reporting
activities.

The Tax Provision Starter Kit is one of more than 50 solutions available
on OneStream
XF MarketPlace
that customers can download, configure and deploy to
address new requirements and extend the value of their CPM platform. In
addition to this, Guardian has implemented OneStream for financial
consolidation, reporting, planning, forecasting, account
reconciliations, return on capital and supplemental reporting.

A subsidiary of Koch Industries, Inc. and headquartered in Auburn Hills,
MI, Guardian Industries employs around 18,000 people and operates
facilities throughout North America, South America, Europe, Africa, the
Middle East and Asia.

To read the full case study on how Guardian transformed its tax
provisioning process with OneStream, go to https://www.onestreamsoftware.com/success-stories/guardian-industries.

About OneStream Software
OneStream Software provides a
modern Corporate Performance Management solution that unifies and
simplifies financial consolidation, planning, reporting, analytics and
financial data quality for sophisticated organizations. Deployed in the
cloud or on-premise, OneStream XF is one of the first and only solutions
that delivers corporate standards and controls, with the flexibility for
business units to report and plan at additional levels of detail without
impacting corporate standards – all through a single application.

The OneStream XF MarketPlace features downloadable solutions that allow
customers to easily extend the value of their CPM platform to quickly
meet the changing needs of finance and operations. OneStream was named
to the 2018 Deloitte Fast 500 ranking in North America.

Guardian Industries
Guardian Industries, a global company
headquartered in Auburn Hills, Michigan, employs around 18,000 people
and operates facilities throughout North America, Europe, South America,
Africa, the Middle East and Asia. Guardian’s diverse group of companies
are involved in the manufacture of high-performance float, coated and
fabricated glass products; the manufacture of high-quality chrome-plated
and painted plastic components for the automotive and commercial truck
industries; and the distribution of specialty building products.
Guardian’s vision is to create value for customers and society through
constant innovation using fewer resources. Guardian is a wholly owned
subsidiary of Koch Industries, Inc. Visit guardian.com.

Contacts

For OneStream Software
Chris McManus
(917) 324 0808
chrism@narratemarketing.com

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