Top 12 OneStream Software Alternatives & Competitors (2024)

List of the Top OneStream Alternatives with Features. Pick the best OneStream Competitor of your choice as a one-stop solution to manage end-to-end financial performances of your business:

Companies use record-to-report and financial closing software for financial management and planning, financial consolidation and closing, budgeting, and assessing financial and non-financial performance within the company to optimize operations and to strategize forecasting, as well as tracking and reporting.

Which is the Best Financial Close Software

Financial close software needs to deliver real-time information, capable of automating financial close tasks such as gathering and account reconciliation, and ease report generation.

Its ability to manage workflow and tasks (assigned to teams) for financial close, its data analytics capabilities and accuracy, its data and information organization capabilities, and its capability to source data from diverse sources are all crucial. Audit trails are crucial in maintaining transparency and accountability.

It should integrate strict data security and privacy policies, allow teams and departments to take part in financial close no matter their locations, and allow for collaboration among teams. Moreover, contemporary software assists companies in achieving compliance, streamlining auditing processes, and facilitating business process outsourcing.

Also very pertinent to any financial close and record-to-report software is the ability to derive useful insights and forecasts from integrated data and information that aids decision-making.

This tutorial discusses all the aspects of record to report and financial close thereby recommending the Top OneStream Alternatives.

Who is this research for?

For consumers who are in the process of considering using record-to-report and financial close software for their organization’s betterment.

It is helpful to those who are considering purchasing this kind of software or want to switch to a better alternative. It will also be helpful to those researching how to use the software they already have.

How did we select the reviewed companies?

Our selection is based on actual usage of the software and results from testing. We consider actual customer feedback in addition to third-party reviewers, in addition to a careful analysis of each of the software’s features and functionality.

We reviewed the results based on the target market, features, integrations, security, and other things. The specifics of integrations, features, and pricing are acquired through vendor-provided information.

What tasks will financial close software help accomplish?

Best financial close software helps companies have visibility of their entire financial processes and decisions. Besides aiding compliance efforts, it has the added benefit of enhancing operational efficiency and boosting overall performance, particularly in the financial aspect.

Organizations face the challenge of streamlining financial close processes across departments and branches, sourcing data from disparate systems and sources, and accuracy and timing. Financial close is not only labor intensive, but it can also be costly if not executed effectively.

1. Cash Review or Cash Account Reconciliation: Companies can use it to review discrepancies and reconcile ledger and bank statements. Reconciliation of account payables and account receivables. Transaction review and validation of data are also involved.
2. Fixed Asset Review: Asset accounting helps track assets in financial systems and forecasting when they might need repair or replacements.
3. Accruals and Fluxes: Recording accruals to complete financial statements on time. Measuring variances in accounts over a period.
4. Compliances
5. Managing Financial Data and Creating Statements and Reports.
6. Collaboration: It includes communication during the process, managing approvals, validations, etc.

List of the Best OneStream Alternatives

Here are the popular alternatives to consider:

1. Record-to-Report Automation by Redwood
2. Blackline
3. Trintech
4. FloQast
5. Cube 11
6. IBM Planning Analytics
7. Oracle Cloud EPM
8. Board
9. Anaplan
10. Workday
11. Vena
12. Workiva

OneStream Financial Close Software

Comparison of Top OneStream Competitors

Detailed Reviews:

#1) Record-to-Report by Redwood

Best for automating the entire record-to-report process where customers can achieve up to 90% automaton of close activities.

Record-to-Report Automation by Redwood comprehensively automates all the aspects of the record-to-report processes, namely close checklist, reconciliation, journal entry, intercompany and accruals, provisions, and reclassifications.

It is also tightly integrated with SAP where it can access and work directly with the underlying master rather than require exports, manipulations, and reimports, as with some other solutions.

Redwood’s Record-to-Report Automation solutions ease governance, improve efficiency, and make it easier for professionals to derive data insights from processes. Just as OneStream appeals mostly to enterprise organizations with 200 or more users, Redwood is more helpful for companies that have higher complexity in their close. For example, companies that are increasing in complexity and size.

Deployment and Platforms on which it is used: On-premises or SaaS

Features:

• Budgeting, forecasting, analytics, and reporting. It also features bank reconciliation and cash flow management.
• Audit trail
• Business process automation of all kinds.
• Standardizing financial processes even across different countries.
• Integrations include Redwood Reporting and SAP BPC.
• Reporting where reports can be prepared with data coming from multiple different sources and transactions.

How it works:

Visit the website and click/tap Get a demo button to sign up for a demo. You will pick the best date and time for your demo with an automation consultant.

Pros:

• Training through documentation, webinars, live online, and in-person.
• Highly customizable automation that goes both deep and wide across the entire record to report processes
• Tightly integrated with SAP.

Cons:

• Better for complex financial close initiatives.

Recommended Read => Comprehensive review of Redwood Finance Automation

Pricing: Contact the company for quotes.

Training:

• Documentation
• Webinars
• Live Online

Verdict: Record-to-Report Automation by Redwood is the best replacement for OneStream, providing advanced features for automating, and centralized control and management of 90% of all record-to-report processes.

#2) BlackLine

Best for real-time overview of financial close processes.

BlackLine is used to manage and control financial processes throughout the accounting cycle, especially automating the processes required to complete the closing of the books. It is used in automating simple to complex financial and accounting processes and balance sheet integrity, intercompany hub, and smart close for SAP.

It comprises a variety of modules, including accounting reconciliations, variance analyses, consolidation validation, task completion, two different journal entry processes, transaction matching, intercompany, compliance testing, and documentation. Its main function, however, is the accounting reconciliation and journal entry documentation.

In reconciliation, information is uploaded from underlying ledgers from where support or the reconciliation tasks are assigned to users (which can include external and internal auditors, for instance) and supervisors can be notified when those processes are complete and ready for review and approval.

Deployment and Platforms on which it is used: SaaS, web, Android, iOS.

Features:

• Live, real-time overview of the financial close process. Accounts in SAP can be modified and verified in real time.
• Automate job and task scheduling. Workflows are customizable. Automates reconciliation.
• Customizable dashboard.
• Financial data consolidation. Account payables and receivables, billing and invoicing, profit/loss statement, fixed asset management.
• Multicurrency management.
• Audit trails
• Intercompany non-trade, intercompany net & settle, intercompany balance & resolve.
• Financial reporting analytics and forecasting.

How it works:

Step #1: Visit the website and click or tap the Schedule a Demo button. Fill in your details and select the area in which you are interested. A representative will contact you with details on how to demo the software.

Step #2: Sign up for a plan based on your organization’s needs.

Pros:

• Like OneStream and other SaaS solutions, there is minimal involvement from the IT department, and requires less administrative time.
• Community events and forums necessitate learning from each other.
• Standard customizable templates for reconciliation processes and journal entries make it easier for most customers.

Cons:

• Shortcomings in the integrations with ERPs and separate connectors may be necessary. The software modules are mostly useful for SAP customers.
• Steep learning curves. Documentations are inadequate for admins, hence requiring extra consultations.

Pricing: Contact the vendor for pricing details.

Training:

• Documentation
• Webinars
• Live Online
• In Person

Verdict: BlackLine offers the functionality and features offered by OneStream with better management of close processes and comes at lower pricing and more integrations.

#3) Trintech

Best for automated compliance processes besides visibility of close processes.

Trintech financial close automation software helps accomplish automated financial reconciliations and close management. In close management, it streamlines the process and automates documentation and checklists so accountants spend less time on tasks such as comparing versions and emailing as well as reduces days to close.

It delivers real-time visibility to close processes with progress tracking, KPIs, tasks, and issues that could lead to potential delays. It also helps automate workflows, which leads to more transparency and data accuracy.

Here is a video for reference:

Deployment and Platforms Supported: SaaS on private and public clouds, Windows, Android, and iOS.

Features:

• Multi-currency reconciliation, bank deposits, disbursements, automated postings to G/L, etc.
• Automated compliance tasks and efforts such that teams adhere to standardized accounting and financial legal frameworks.
• Increased visibility across all close processes eliminates if not reduces communication breakdowns between teams. Automation eliminates such a great deal and frees staff to concentrate on other things.
• Audit trails
• Transaction matching via ReconNET corporate performance management module, accounting reconciliations via the Frontier Reconciliation module, financial consolidations, journal entry, intercompany accounting, audit and compliance, and reporting and analytics (provides pre-configured reports, although customers can configure theirs using Power BI, Excel, or Tableau).
• Data acquisition through DATAflow. Aggregates data from bank statements; BAI, SWIFT, credit cards, and gift cards. Data is delivered in a customizable format and for integration into reconciliation, cash management, and financial systems.
• Online Success Center for training, product-related resources such as guides; events, case studies, and more. Also, submit ideas for enhancement and improvement of the product.
• Integrations with ServiceNow with a native application for the ServiceNow platform. Cadency also integrates with SAP, Oracle, Oracle Netsuite, and Workiva. Adra Suite integrates with ERPs, Microsoft 365, and Planful.

Pros:

• 2023 SWIFT Certified Application for Reconciliation.
• Software-based ROI predictions on how implementing the solutions can change your financial outlook.

Cons:

• It is best for cases where huge volumes of data are involved. Otherwise, it may not be ideal for low data volume reconciliations.
• Upfront programming may be helpful for multi-national corporations that need to achieve optimal account reconciliations for multiple different accounts and legal entities.

Pricing: Contact the company for pricing details.

Training:

• Documentation
• Webinars
• Live Online
• In Person

#4) FloQast

Best for easing accounts auditing and reducing auditing time and tasks.

FloQast achieves three main objectives. The first is to help accountants integrate and automate financial and accounting workflows that include data collection, follow-ups with role-based tasks and processes, and flux analysis. The second is to help comply with accounting procedures and transparency, and the third is to derive actionable analytics from data.

It comprises about 7 modules termed as workflow solutions. These have different features. FloQast Reconciliation Management module features automated processes and cross-team collaboration.

FloQast Close centralizes all items, assigns and tracks all tasks in real time, and issues notifications and updates via Slack. Streamline accounting operations with increased visibility, enhanced control, facilitated collaboration, and time-saving automation.

FloQast Remind automates communications such as information requests and follow-ups, and streamlines information collection. FloQast Flux is an analysis module to help analyze month-end close, and it updates balances dynamically and flags any material fluctuations.

Valuable insights are provided via the FloQast Analyze module, which helps identify close trends and gaps in workload allocation. FloQast Variance Analysis automates the data collection and sign-off process.

Deployment and Supported Platforms: Software as a Service (SaaS), Cloud, or Web-Based

Features:

• Accounting reconciliations, financial data consolidation, journal entries, multi-currency management, audit trails, financial close, control optimization to help reduce audit findings and auditing time, SOX compliance, controls and risk management, and reporting.
• FloQast Connect API to integrate any ERP and third-party software with the modules/workflow solutions.
• Templates; for instance, close and reconciliation templates.
• Generative AI to ease reconciliation processes using AI. It also delivers enhanced support.
• Workflow integrations with Email, Slack, Microsoft Teams, Spreadsheets, and any ERPS via FloQast Connect which helps with automated balance sheet reconciliation updates with ledger balances, documents, and Dropbox. ERP integrations include Oracle and Sage Intact. Microsoft ERP, OneDrive, Excel, Outlook, QuickBooks, Infor, and SAP.

Pros:

• Highly rated among users with many positive reviews.
• Wide range of integrations.
• Academy with learning and training materials about matters related to the software, FloQast studios, and FloVerse Community, with member rewards and offers, events, webinars, and partnership programs. In-person training is also provided, besides webinars and other types of online training.

Cons:

• Limits on reconciliation file sizes to 2MB. May also be slow for vast volumes of data.
• Task notification email flooding.

Pricing: Contact the company for pricing details.

Training:

• Documentation
• Webinars
• Live Online
• In Person

#5) Cube

Best for strategic data modeling and analytics.

Cube enhances data collection from various sources to unify and use the data for strategic data modeling. For this reason, it integrates with a variety of ERP, CRM, and other third-party tools.

It automates repetitive tasks, such as income statements, ad hoc reporting, sensitivity analysis, variance analysis, balance sheets, cash flow reporting, compliance reporting, and performance reporting. The analytics help to make better data-driven decisions such as financial and budget forecasting and planning.

The platform, in a nutshell, helps with financial planning and reporting, financial forecasting, cash flow projections, workforce planning, budget and actuals, operational data integrations, drill-down, and financial consolidations. It also helps with real-time collaboration among teams and members.

Deployment and Platforms on which it is used: SaaS, PC.

Features:

• Audit trails, custom APIs, configurable data mapping, direct integrations, formulas and calculations, and configurable data hierarchy such that you can customize structure and relationships within your financial data, access controls, and access levels for all users to help safeguard sensitive information. It also includes user activity tracking.
• Automated planning and modeling: create, revise, and collaborate on budget. Allocate resources effectively and track performance against the budget. Do workforce and skill planning, sales forecasts, monthly/quarterly forecasting, plan your business performance based on what drives it most, and do a break-even analysis.
• Templates, e.g. headcount planning templates, financial planning calendar templates, rolling 12-month forecast templates, etc. Also provides professional development resources,
• Reporting and analytics: get report templates, automate data validations and error-checking, customize dashboards, automatically gather data across sources for reports, and analyze business performance.
• Integrations include QuickBooks, Sage, Sage Intacct, Xero, Yardi, Oracle NetSuite, Google Sheets, Microsoft Excel, Azure, BigQuery, Redshift, Hadoop, Looker, and MongoDB. Salesforce, Hubspot, Pipedrive, Chargebee, Coupa, Ordway, SaaSOptics, and Zuora are also included.

Also Acumatica, Deltek, PeopleSoft, Microsoft Dynamics GP and 365, ADP, Charthop, Greenhouse, Gusto, Bob/Hibob HRIS, Bamboo HR, Justworks, JazzHR, Lever, Namely, Paychex, Paycom, Sapling, Rippling, Paylocity, SuccessFactors, TriNet, Workday, Zenefits, Tableau, SQL, PowerBI, Snowflake,

Pros:

• Superior data fetching capability including from multiple sources that can be integrated. Superior integrations and third-party compatibility compared to OneStream.
• Compared to OneStream, it also allows customers to maintain and improve current models, provides in-house implementation teams, enables updating of models without the need for consultants, and possesses an intuitive formula engine.
• Implementation support in addition to ordinary customer support. A dedicated customer success manager for Premium and Enterprise clients. Slack community of finance experts to share best practices.
• Custom integrations and sandbox instances for Enterprise subscribers.

Cons:

• Limited reporting and data analytical capabilities are available for large-sized companies.

Pricing: Essentials – $1250, Premium – $2450, or get quotes for the enterprise version.

#6) IBM Planning Analytics

Best for AI-based insights and analytics.

IBM Planning Analytics helps to turn data into insights for organizations that want to empower their decision-making, planning, and forecasting outcomes based on or using data acquired from their processes.

It also helps with automating financial and accounting workflows. The platform is used to analyze data and big data in large-scale operations, especially because it features an integrated AI-business planning solution.

It interfaces with multiple data sources via the web application or Excel spreadsheets. Users can invite others for collaborated projects and share information, such as reports, with them. It is used for various pre-built visualization formats, such as heat maps, and scatter plots.

Deployment and Platforms on which it is used: Cloud including as-a-service on AWS, or on-premise. Web.

Features:

• Financial budgeting, forecasting, and scenario modeling. Also supports financial consolidation and close, multi-currency management during consolidation, audit trails, journal entries and reports, and intercompany eliminations. BI standard reporting, ad-hoc reporting, KPIs, and access control on which data a person can access.
• Data analytics down to SKU product level, embedded AI for advanced forecasting, and upcoming generative AI capabilities to enhance accuracy and predictive insights, reporting,
• Pre-built applications and templates/samples for financial, demand, workforce, and IT project planning. Familiar with Excel interface plus governance and control.
• Integrations include SAP Connector, IBM Cognos Analytics, and IBM Controller. Also integrates with other ERP, CRM, HCM, and any APIs.
• Financial consensus between income statements, balance sheets, and cash flow. Derive insights from unlimited what-if scenario analysis. Sustainability planning, simulation, and optimization. Analyze sales performance and capacity for optimizing them. Automate and streamline HR-related processes, such as employment, salary, bonuses, headcounts, and benefits planning. Get real-time visibility into IT resource allocations, usages, ownerships, and life cycles.
• Customizable visualization and dashboard.

Pros:

• Get tips and tricks from IBM experts in the IBM Business Analytics Community. Also provides analyst reports, provides training via documentation, best practice guides, and an accelerator catalog of resources, webinars, and other online resources. No in-person training.
• 30-day trial for free.
• Also offers premium consulting and custom integrations.

Cons:

• Limited integrations and needs have some associated learning curve for most users and a high price point.

Pricing: From $825 per month 5 users

#7) Oracle Cloud EPM

Best for financial close solutions.

While many financial close and record-to-report software such as OneStream deliver more value in financial close or FP&A, Oracle EPM addresses more EPM needs. It integrates and consolidates data from any source and standardizes it for predictive analysis.

This consolidated financial information is used to forecast various what-if scenarios. It also automates data integration from these sources, hence reducing the manual efforts required in closing, reporting, and forecasting.

Features:

• An integrated data hierarchy management system helps to reduce data redundancies, duplication, and errors when dealing with or reconciling multiple sources of data (e.g. data from sales, HR, and ERP systems).
• Financial reporting
• Risk management

Pros:

• The cloud-based deployment achieves a reduction in implementation times by about 3 months compared to the implementation times achieved with OneStream. This is because the cloud-based solution features pre-configured templates.
• The EPM is hosted on Oracle’s cloud, unlike OneStream, which is hosted on Microsoft Azure. This means no hardware or server installations are involved and Oracle does the updates.
• Cloud Customer Connect hosts over 220,000 community members of finance and accounting professionals. This eases support, documentation, and product development based on public feedback.

Cons:

• Frequent (monthly) version releases give overhead challenges for regression testing.

Pricing: Contact the vendor for pricing details.

#8) Board

Best for financial and accounting forecasting and simulation using machine learning-based tools.

Board is used to build, deploy, and maintain applications that are used for financial and organizational strategic planning. Performance management is a critical function of the board and is designed to help organizations through budgeting, profitability analysis, financial consolidation, and strategy management.

It performs almost similar functions to OneStream (budgeting functions, performance management, and reporting) at a lower price point. It also receives more ratings than OneStream on all aspects of financial and accounting EPM and integrates with more third-party software.

Board also helps organizations to leverage forecasting and simulation with machine learning-based tools to make necessary informed decisions. It incorporates score-carding, analyses, and reporting functions.

The organization can derive analytics from in-app or external data, which can be sourced into the Board through pre-built dedicated data connectors. This also has the benefit of helping an organization to unify data and data sources. Users can read, write, and update data regardless of the data source.

Deployment and Platforms Supported: Cloud or on-premise. Windows, and Linux. iOS and Windows mobile devices.

Features:

• Low-code/no-code building of application with drag-and-drop functionality. Drag-and-drop applies also when building data analysis simulations and other apps.
• Share workloads across a virtually unlimited number of nodes. It utilizes an in-memory technology called HBMP (Hybrid Bitwise Memory Pattern) which makes this possible.
• Combine data access authorization with application privileges and action permissions to achieve granular access controls per individual, per user role, and user group.
• Multi-language support for applications.
• Build metrics through Excel-like formulas and use them in analyses, reports, and dashboards.
• Contextualize, compare, and do a historical analysis of data using time-based functions (previous year, previous periods, cycles, time cumulated value, period moving total, period moving average, period offset). There also are various statistical functions that can analyze data, including min/max, average, standard deviation, and algorithms.
• Get drill-down suggestions from the app and choose the most suitable during data exploration. Drill down without retrieving vast data from sources.
• Planning: simulation, reverse algorithm, multi-user concurrent data entry, real-time modeling, ERP database write-back, etc.
• Business modeling: renders integrated workflow management; and you can configure pre-built rules to model key business processes, generate multiple/unlimited versions of forecasts and plans over time, as well as use Excel-like formulas, and add new dimensions on the fly and instantly re-aggregate all data across the new dimensions.
• Financial consolidation and reconciliation.
• Integrations include MS Office, Oracle CRM On Demand, Mobotory, Salesforce, SAP Cloud Platform, Salesforce Service Cloud, Microsoft Excel, Microsoft 365, Marketo, HubSpot CRM, and Eloqua.

Pros:

• Extensive learning and support. Leverage crowd knowledge in financial and accounting EPM via connection to the community of Board users. There also is on-demand e-learning, instructor-led, in-person, or online training through courses. Partners also receive marketing materials, sales tools, technology training, and the latest product news via the Partners Hub. Get insights, research, and best practices. There also is an open innovation program for customers and partners. Premium support is also available.
• Access a range of applications (ranging from financial consolidation to lease accounting) through the Board Marketplace. This allows organizations to extend system functionality. It is comparable to XF OneStream Marketplace.
• Does not need any sophisticated IT knowledge or assistance to make the most out of it.

Cons:

• Limitation on third-party integrations which is now balanced by access to apps specifically built for Board which can be bought from the Marketplace. However, less number of native integrations introduce some limitations, especially with using multiple cloud-based tools.

Pricing: Contact the company for quotes.

#9) Anaplan

Best for enterprise organizations with 500 FTEs and more.

Anaplan helps Corporate Financial Planning and Analysis (FP&A) teams stay up to date with the changing business landscape via forecasting multiple scenarios. This also helps with better planning and budgeting. It streamlines and centralizes plans across all departments.

The system automatically uploads signals from multiple sources and uses them to gauge performance on an annual, monthly, weekly, or daily basis. Users can also create visually engaging dashboards that tell a story behind the numbers. It has connectors with Workiva, Power BI, Microsoft Office, and Tableau that can link data and share it with various stakeholders on the platform.

Deployment and Platforms Supported: SaaS, On-premise, Web, Windows, and Linux. iOS and Android.

Features:

• Strategic, financial, and operational planning. Includes profit analyses, financial forecasting, budgeting, etc.
• Role-based access control, user management, SSO support, and data encryption at rest.
• Synchronized planning across the entire organization. Source data from all departments and unify and use it for analytics.
• Share information enterprise-wide in real-time and unify all departments.
• Predictive algorithms and AI capabilities deliver actionable recommendations. Use the hyperblock calculation engine to model complex business processes to understand what could impact your business. Multi-dimension modeling supported (model using time, location, product, customer, expense, or currency dimensions).
• Tailored planning solutions from strategic partners such as Deloitte, Slalom, Accenture, and Spaulding Ridge, among others.
• Purpose-built integrations such as Tableau, Microsoft Power BI, Workiva, and DocuSign; also integrate with Informatica, MuleSoft, Dell Boomi, SnapLogic, and other systems of record. Custom integration is also supported using REST APIs, scripting, and Transactional APIs. Customers can also access pre-built integrations with Microsoft Dynamics 365, Adobe, and Salesforce.
• Unite FP$A tools using the platform’s three types of views namely worksheets (data tables), board pages, (dashboards), and reports (slides).

Pros:

• Guided, instructor-led, on-demand platform training and certification programs. Additionally, there are online trainings, webinars, forums, a resource library, in-person events, and virtual events. Find and join Anaplan Groups and Community Spaces where people share ideas and assist one another with software-related issues. Voting of submitted ideas is also done to improve software.
• Customize models of business processes and analytics based on your needs.
• The Hyperblock system, Anaplan’s patented calculation engine, is capable of powerful multi-scenario modeling.

Cons:

• Among other functionality limitations, Excel for Macs is not currently compatible with Anaplan. Anaplan only integrates with Excel via its add-in. 
• Larger capacity models strain the computing capacity. Besides, depending on your organization’s needs, you might need to involve the costly Anaplan consultations costing between $90-$280 an hour. This is in addition to its high price point, ranging between $30,000 to $50,000 a year based on reports.

Pricing: Contact the company for pricing for Essential, Enhanced, and Cutting Edge subscription plans.

#10) Workday

Best for versioning and scenario analysis.

Workday’s financial solution helps to automate manual, repetitive, and predictable finance processes and transactions by leveraging AI. AI also assists in forecasting unlimited scenarios with better accuracy. It is also used in detecting anomalies in financial processes and makes recommendations for necessary actions.

The software delivers real-time insights into all aspects of budget spending which enables the containment of costs.

Workday helps organizations to streamline all financial management, planning, reporting and analytics, and forecasting processes across departments and geographies. It helps to automate financial management such as record to report, procure to pay, and contract to cash processes.

Also automates financial planning, spend management, payroll, analytics, and reporting. The HR solutions help companies to make data-driven decisions around talent and staffing. The HR solutions also optimize worker performance and planning and help identify opportunities and risks as well as trends within the workforce.

In addition to financial and workforce planning, planning solutions from Workday are used for a resource plan. The latter helps in sales planning, demand, supply planning, project planning, and market planning.

Companies also use Workday for service automation across multiple industries, such as automating admin tasks, spotting and uncovering insurance risks, and finding new revenue streams in business, etc.

Deployment and Platforms on which it can be used: SaaS, cloud, on-premise.

Features:

• Extensively uses AI and ML. The platform helps pull external data and unify all the company’s operations across all departments.
• Develop custom apps. The Workday Enterprise Management Cloud Platform integrates with third-party apps, and this can be done using low-code tools. Workday also has over 600 pre-built integrations. More custom integrations are possible by using Web Services and REST-based APIs.

Pros:

• Extensive integration with most applications in the financial and accounting world.
• Customer support via training, including in-house Workday experts, webinars, events, and online resources.

Cons:

• A few in-built integrations.

Pricing: Contact the vendor for pricing details.

#11) Vena

Best for automating administrative tasks.

Vena is for streamlining and automating key financial planning processes and tasks and workflows including those repetitive tasks in budgeting, strategic planning, what-if analyses, and financial and business-wide reporting.

It features workflow builders that help track and audit every step in the processes. Customers can set to send out reminders to teams about due tasks. They can also map out each step in the annual budget-making.

Vena sources data from multiple sources that include ERP and CRM to your HRIS, and creates a unified single source of truth for all individuals, departments, and teams in an organization. Vena unifies all accounting, finance, and business processes, including all the data involved. This, together with file/documents/data sharing, promotes collaborations.

The software is also applied in workforce planning, revenue planning, scenario planning, CapEx planning (e.g. calculating depreciation and amortization of assets, monitoring, and planning for related costs), and cash allocation management.

Here is a video for reference:

Deployment and Platforms on which it is used: SaaS, web.

Features:

• Financial consolidation, close, intercompany elimination, journal entries and reports, minority ownership, multi-currency management, financial statement reporting, excel-based reporting, management reporting, personalized dashboards, KPIs, cost and profitability analysis. BI standard reporting features include pixel-perfect reports, while ad-hoc reporting features include drill-down analysis and predictive modeling. Reporting output features include publishing to web and PDF, report versioning, and report delivery scheduling.
• All the best of Excel tricks and skills plus the ones added by the team (e.g. data integrations, drill throughs, and advanced modeling). Using Excel quickens and eases onboarding.
• Excel templates for revenue forecasting, planning revenues, operating expenses, and more.
• Scenario modeling helps to leverage data from actuals and plans. As such, organizations can see how changes to business drivers will affect their financial projections and revenue forecasting.
• Data and file access controls.
• Set reminders for reviews and approvals. Also, send reminders about created assigned tasks and pending tasks.
• User audit and audit trails. Also features role-based permission controls.
• Unlimited modeling.
• Integrations include Excel (Excel, CSV, Flat Files, and More), Microsoft 365, Sage Intacct, and NetSuite among other ERPs. Also integrates with CRMs such as such as Salesforce, NetSuite, Microsoft Dynamics, and HubSpot.Can also import Excel and CSV files from Dropbox, OneDrive, SFTP, and SharePoint using Microsoft Power Automate.

Pros:

• Provides in-person training and online training, academy, documentation, forums, events, and online resources. Users can also leverage community knowledge on platform-related issues. Thought leadership provided by thought leaders on Excelerator. Vena also provides professional services through experienced consultants.
• Get more solutions from Vena partners such as pre-configured solutions and integrations on the Vena Marketplace to extend your platform capabilities.
• Extensive reviews, with most of them being positive.

Cons:

• Internet access is required to use the software.
• IT support may be needed to build complex reports.

Pricing: Contact the company for pricing of Professional and Complete plans.

#12) Workiva

Best for internal audit control and ESG reporting.

Workiva automates major financial and accounting processes and helps to derive insights using AI. It provides 60+ pre-built connectors and APIs through which users can integrate third-party data sources (ERPs, CRMs, and other systems).

It includes solutions for internal audit management, management reporting, ESG reporting, SEC reporting, SOX compliance, and statutory reporting.

Features:

• Collaboration tools (i.e. comment, track changes, review) that resemble Google Docs. Collaborate to improve ESG & Sustainability and reporting process.
• Automate financial reporting tasks and processes such as sourcing data, and narratives, assigning tasks, managing approvals, and more. Also features generative AI for automating reporting.
• Integrations with MS Word, Excel, and PowerPoint.
• Audit, risk, and compliance.
• It integrates with Anaplan, BlackLine, Host Analytics, IBM Planning Analytics, Oracle, Power BI, Tableau, and many others.

Pros:

• Makes it possible to do SEC filings easily.
• Extensive resources for customer support and training. There is a dedication to training, Workiva community hub which offers ideas, forums, and knowledge across different topics. There also are events, webinars, and online support.

Cons:

• Takes some time to learn how to use the software. Some training may be helpful.
• Has myriad of positive comments but complaints too including on basic issues such as slow loading, incompatibility with ordinary software, and its excessive costs.
• Onboarding support.

Pricing: Contact the vendor for quotes.

Frequently Asked Questions

Conclusion

This tutorial dwelt on the main alternatives for OneStream software. OneStream stands out in many aspects except in pricing compared to most of the OneStream alternatives.

Record-to-Report Automation by Redwood is recommended as a better OneStream alternative when it comes to financial close and record-to-report functions because it achieves better and more automation for finance departments for reconciliation, consolidation, and other tasks.

It also achieves better analytics and forecasting and deriving insights from data for purposes of planning and strategy. Like Oracle EPM, these two also compare favorably against OneStream in terms of features and usability and have a larger market share.

Research process:

• Actual OneStream Alternatives reviewed: 30
• Total software shortlisted: 12
• Time taken for review: 2 days