Are you searching for the best OneStream alternatives and competitors? If so, then you’ve come to the right place.
In this blog post, we will dive into the top alternatives to OneStream that are currently available. As organizations continue to look for ways to consolidate their financial reporting processes, these alternatives offer powerful solutions with robust features.
We will review each alternative in detail and discuss its pros and cons. So keep reading to determine which solution is best suited for your needs.
Comparison of Top OneStream Competitors
|Redwood Finance Automation
|end-to-end accounting processes
|managing and automating the financial close process
|simplifying finance and driving profitability.
|managing and automating the financial close process
|Workday Adaptive Planning
|managing and automating the financial close process
Introduction To OneStream
OneStream is a unified corporate performance management (CPM) platform that helps organizations streamline their finance processes. It offers a powerful and flexible solution to manage financial planning, reporting, forecasting, and consolidation in one centralized system.
Benefits of OneStream
There are several key benefits of using OneStream for your finance processes:
- Efficiency: OneStream’s unified platform allows for seamless integration of financial data and eliminates manual processes. This results in increased efficiency and accuracy, ultimately saving time and resources.
- Collaboration: With OneStream, all stakeholders have access to the same data in real-time, promoting collaboration across departments and teams. This ensures that everyone is working from the same data, reducing errors and improving decision-making.
- Flexibility: OneStream offers a highly configurable platform that can be tailored to meet the specific needs of your organization. It can adapt to changes in business processes and scale as your company grows.
- Visibility: OneStream provides comprehensive dashboards and reporting capabilities, giving you a clear view of your financial data and performance. This allows for better insights and informed decision-making.
- Ease of Use: OneStream has a user-friendly interface that is easy to navigate, making it accessible for all users regardless of their technical proficiency.
Features of OneStream
OneStream offers a range of features designed to improve finance processes:
- Financial Planning: OneStream’s financial planning module allows for budgeting, forecasting, and scenario planning. It offers a variety of tools such as data templates, driver-based modeling, and workflows to streamline the planning process.
- Consolidation: The consolidation feature consolidates financial data from multiple sources into a single view. This eliminates the need for manual data entry and ensures accuracy.
- Reporting and Analysis: OneStream’s reporting capabilities allow for the creation of customized reports and dashboards to track key performance indicators and provide insights into financial data.
- Data Quality Management: OneStream’s data quality management feature ensures data accuracy through automated checks, validations, and audits. This improves overall data integrity and reliability.
- Collaboration Hub: The collaboration hub feature allows for collaboration among team members, facilitating efficient communication and decision-making.
- Integration: OneStream integrates with various ERP systems, databases, and other financial applications to streamline data flow and improve data accuracy.
Why we need OneStream alternatives?
While OneStream offers numerous advantages and features, there may arise situations where businesses should contemplate alternative options. Several factors could contribute to this decision, including:
- Cost: OneStream might not be the best choice for smaller businesses or those with limited budgets.
- Integration with existing systems: Some companies might already have financial software in place that may not integrate well with OneStream.
- Desired functionalities: OneStream might not have all the specific functionalities and features that your company needs for its financial close process.
- Learning curve: When it comes to implementing new software, there can be a bit of a learning curve. It’s understandable that some companies might prefer to stick with their current systems for the sake of comfort.
What are the alternatives to OneStream?
There are several alternatives to OneStream that businesses can consider for their financial close process. Some of the popular options include: Redwood, Blackline, Trintech, FloQast, Planful, Workiva, Oracle Cloud EPM, and Vena.
List of Best OneStream Competitors
#1. Redwood Finance Automation Software
Best for end-to-end accounting processes.
Redwood’s cloud-based finance automation software is designed with advanced automation technology to transform those mundane and error-prone manual tasks into streamlined, efficient workflows. With Redwood, you can achieve a faster and more accurate financial close, empowering your finance teams to focus on strategic duties instead of mechanical tasks.
One of the great things about Redwood is that it eliminates manual processes and orchestrates your finance and accounting processes. By centralizing your financial data, it provides comprehensive visibility into your financial health, driving informed decision-making. And not only does it enhance operational efficiency, but it also strengthens financial compliance and security, which is a top priority for modern businesses.
The best part is that Redwood seamlessly collaborates with your existing applications, making financial reporting a breeze through automation. You can simplify end-to-end processes across the enterprise, regardless of the technology or provider you use, whether it’s SAP, Oracle, or something else.
Redwood’s finance automation streamlines processes and saves valuable time by eliminating unnecessary manual effort. It handles manual control and production tasks in the cloud, freeing up your finance team to dive deeper into analysis and provide essential insights. This, in turn, elevates decision-making and drives business performance to new heights.
Redwood is incredibly user-friendly. Your finance teams can easily connect dependent tasks without any specialized IT training. Redwood understands your finance systems and even your wider systems and applications, using the table structures in your ERP, your data, and metadata to quickly mirror your processes.
- Through the implementation of application-based automation, businesses can achieve enhanced reliability and control by establishing fully supported and maintained connections to their core applications and systems.
- Redwood’s comprehensive array of pre-automated tasks accelerates and streamlines process development, offering unparalleled convenience. The availability of ready-to-use components simplifies the entire process.
- With comprehensive orchestration capabilities, organizations can seamlessly manage and coordinate complex processes, effortlessly automating their interdependencies.
- Redwood’s team of experts is readily available to assist with evaluating and selecting the optimal processes for the development and maintenance of automation enhancements.
- Scaling automated processes to meet evolving requirements while effectively managing costs is easily achievable.
- Redwood’s meticulously crafted pre-automated tasks seamlessly integrate with ERP and non-ERP systems, ensuring compatibility with various business applications. This enables effortless process streamlining and delivers a significant efficiency boost.
- Empower and educate business users with integrated BPM capabilities and highly informative dashboards, providing control at critical junctures.
- Redwood offers a built-in audit and controls feature that meticulously logs and tracks each step of the process, eliminating the need for manual intervention. Rest assured, everything is handled automatically and with utmost care.
- With managed file transfers, organizations gain the ability to securely move, copy, and manage files, including sensitive documents like bank statements, even in the face of unsecured networks and external endpoints.
- When it comes to data sources, Redwood provides comprehensive coverage across the entire enterprise, from CRM to ETL, cloud-native databases, and even artificial intelligence/machine learning.
- Redwood’s platform boasts exceptional security measures, holding ISO 27001, SOC 2, and CSA STAR Level 1 certifications. Additionally, it has undergone third-party penetration testing to ensure unparalleled protection.
- At Redwood, our team of automation experts is dedicated to providing round-the-clock support, available 24/5. Rest assured, we are here to assist at all times! Furthermore, we offer 24/7 SEV-1 support to promptly address any issues that may arise.
- Redwood Finance Automation offers an intuitive interface and a well-designed user experience, ensuring effortless usability. Extensive training is unnecessary as it is designed to be user-friendly, facilitating a seamless start. Moreover, its exceptional user-friendliness is highly valued by all users.
Pricing: Contact Redwood for demo and pricing.
#2. IBM Planning Analytics
Best for managing and automating the financial close process.
IBM Planning Analytics is a cutting-edge integrated business planning solution infused with AI capabilities. It effectively streamlines financial close processes for organizations, offering the flexibility of deployment on-premises or in the cloud, including as a service on AWS.
With IBM Planning Analytics, you gain seamless access to data from multiple sources through an intuitive web interface or the trusted Excel spreadsheets. Its robust in-memory database enables lightning-fast analysis of big data, empowering you with real-time insights.
With its comprehensive analytics, budgeting, forecasting, and financial reporting functionalities, IBM Planning Analytics empowers organizations to enhance their financial and operational planning processes. Leveraging the IBM Cognos Analytics platform, it is designed to simplify and optimize planning, making it more efficient and effective.
- Embedded AI: Our built-in AI offers advanced forecasting capabilities and upcoming Gen AI enhancements that elevate accuracy and predictive insights to new heights.
- Intuitive web interface: Packed with powerful data visualization capabilities, our web interface provides advanced planning and forecasting functionalities.
- Analytics: By analyzing large volumes of data, you can identify trends and patterns that drive informed decision-making.
- Budgeting and forecasting: Develop intricate financial models and generate precise projections to support informed decision-making and propel business success.
- Built-in Financial reporting: Effortlessly generate, customize, and share insightful reports and visualizations without the need to export data to other tools. Everything can be done within the platform.
- Collaboration and data sharing: Multiple users can easily access and collaborate on the same data and models, fostering seamless collaboration.
- Familiar Excel interface: Enjoy the full functionality of spreadsheets, coupled with governance and control. Any adjustments you make are instantly applied to all views.
The pricing for IBM Planning Analytics depends on the number of users and the type of license you need. They offer different plans to choose from.
- Explorer: $70 per user per month
- User: $150 per user per month
- Modeler: $225 per user per month
Best for simplifying finance and driving profitability.
BlackLine is a comprehensive cloud-based platform for Finance and Accounting automation. It consolidates all your accounting data and processes, streamlines repetitive tasks, and empowers your team to proactively manage your business’s financials.
This cutting-edge accounting and finance software seamlessly integrates, orchestrates, and automates your end-to-end accounting processes. It covers various needs such as journal entry management, automated reconciliation, account analysis, workflow management, audit trails, cash flow forecasting, and reporting.
Users can leverage powerful analytical capabilities including data visualization tools, predictive analytics, and seamless automation to identify and resolve errors efficiently. Furthermore, the software ensures compliance with internal auditing standards by providing a comprehensive audit trail for all transactions.
- Account Reconciliations: Enhance balance sheet integrity through the utilization of standardized templates, automated certification, and intelligent, risk-based workflows.
- Task Management: Monitor, certify, and collaborate on accounting and finance tasks with ease.
- Transaction Matching: Effortlessly handle exceptions by automatically reconciling millions of transactions within minutes.
- Journal Entry: Streamline and automate your journal entry processes from start to finish, securely storing supporting documentation in the cloud.
- Compliance: Proactively identify and effectively manage risks, while executing control workflows efficiently.
- Variance Analysis: Stay ahead of potential risks by utilizing automated calculations and identification to proactively monitor balance and activity fluctuations.
- Smart Close: Simplify and automate tasks in SAP by scheduling and executing them, monitoring activities, and verifying results.
- Consolidation Integrity Manager: Streamline the process of reconciling systems and effortlessly map GL accounts to consolidation using business rules and hierarchies.
- Account Analysis: Automate the examination of high-volume, high-risk accounts at the transaction level.
- Financial Reporting Analytics: Simplify and automate financial statement analyses, providing real-time transparency and traceability.
Pricing: Contact BlackLine for demo and pricing.
Best for managing and automating the financial close process.
FloQast is an awesome accounting software solution that streamlines your workflow and close management. It’s designed by accountants for accountants, so you know it’s got all the features you need!
With FloQast, you can say goodbye to mundane tasks and hello to more time for the important stuff. It even makes audits a breeze! Plus, it’s all in one place, so you can easily track your team’s progress and collaborate with internal and external teams.
Simplify your close, automate your workflows, and keep track of everything with robust analytics. FloQast has got you covered!
- Integrated, Automated Workflows: Automate your data collection, follow-up, flux analysis, and more with FloQast. It’s designed to make sure you never miss a deadline. You get a centralized month-end checklist, real-time notifications when something needs attention, and customizable role-based task management. Plus, it seamlessly integrates with Slack, Teams, Excel, and your ERP to extend your capabilities.
- Transparency Across Accounting Operations: Take control of your compliance, FP&A, and reporting workflows with ease on your FloQast dashboard. You can invite third parties to securely access and review the data they need to sign off on, ensuring your compliance and audit-readiness at all times. Stay in command and rest easy knowing that your processes are streamlined and efficient.
- Powerful Actionable Insights: With FloQast’s intelligent platform, you can gain visibility into your Close process, identify and address workflow gaps and bottlenecks, and uncover opportunities for improvement. Get a high-level view of all entities on a single page or dive deeper to access granular performance data.
- Scalability: FloQast’s operational accounting platform is built to help you modernize your accounting function seamlessly, without any disruption. This platform and cloud services grow with you as your business and accounting team expand.
- Trust & Security: The FloQast platform is built with enterprise-grade security at every layer. FloQast operates on industry-leading infrastructure and enforces best practices throughout the software development lifecycle. Rest assured, FloQast meets compliance standards like GDPR and CCPA to ensure your data is protected.
- Integrations: Use FloQast Connect to integrate your ERP, whether on-prem or in the cloud. FloQast’s customer success team will ensure your system is set up and syncing properly so you can manage end-to-end accounting workflows in one place.
- Usability: Easily manage accounting tasks and track progress, all from one intuitive platform. Simply log in and see your Close checklists, items assigned to you, and anything else that needs your attention.
Pricing: Contact FloQast for demo and pricing.
#5. Workday Adaptive Planning
Workday Adaptive Planning, previously known as Adaptive Insights, is an awesome financial software solution developed by Workday Inc. It’s like a one-stop-shop for all your financial management needs! From accurate forecasting and budgeting to powerful reporting and insightful analysis, Workday Adaptive Planning helps businesses make smart decisions and drive financial success.
With its user-friendly interface and advanced features, you can efficiently manage and optimize your financial processes, saving you time and resources. Plus, you’ll love how all your financial data is in one centralized place with Workday Adaptive Planning.
The best part? You don’t need any other Workday products to use Workday Adaptive Planning. It’s super easy to get started with any ERP, CRM, HR, or any other data source you have. So, let’s dive in and make your financial management a breeze.
- Automated data collection, consolidation, and validation: It helps reduce the risk of manual data entry, making your life easier.
- Role-based access and security: You have the power to control who can access certain data and features within the system, giving you peace of mind.
- Embedded machine learning: It automatically identifies any anomalies, so you can easily adjust your plan when things change.
- World-class security: Your data is always secure with world-class encryption and compliance in a proven multi-tenant environment.
- Automated data integration: No need to rely on IT anymore for data integrations. With automated integration from your CRM, ERP, HCM, and other systems, it’s a breeze!
Pricing: Contact Workday for demo and pricing.
These are the top five OneStream alternatives and competitors available on the market. The key to selecting the right OneStream replacement is to have a clear understanding of what your desired outcomes and features are and then comparing them to each available option.
The right alternative will make a significant difference in how your business performance can be improved and remain competitive in the long run. Don’t delay in researching further into all of these alternatives and making an informed decision on the perfect fit for your business. We hope that this blog post gave you a better understanding of the available options out there.
Research Process – Alternatives To Onestream Software
- Total time we spent on evaluating these tools: 24
- Total tools evaluated: 18
- Total tools finalized: 7
We spent 24 hours evaluating and researching different Onestream Alternative Software. We looked at user reviews and compared products’ features to determine which tools help you in your financial close management.
Based on our research, we believe the above tools drive your project in a better direction. Here we are not giving any ranking to any tool. Every tool in the list above has decent features. The best thing out here is almost all the tools come with a free trial.
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