OneStream
Crafting a Financial Transformation at Cricut
Cricut is a creativity platform with a mission to help people lead creative lives. Three revenue segments include connected machines,
October 3, 2024 No Comments
Cricut is a creativity platform with a mission to help people lead creative lives. Three revenue segments include connected machines, design software subscriptions, and accessories & materials.
Cricut transformed their financial consolidation and reporting by implementing OneStream, reducing manual processes, streamlining operations, and creating a scalable solution for future growth.
Cricut, a creative technology platform company, was growing rapidly, adding new entities and currencies to its reporting structure. Their outdated SAP ERP system relied heavily on Excel for financial consolidation and reporting, making the process time-consuming, error-prone, and inefficient. With 12 entities and nine currencies, manually managing their finances had become unsustainable. Cricut needed a modern, scalable solution to automate processes and reduce their reliance on spreadsheets.
Cricut partnered with SandPoint Consulting to implement OneStream as their CPM solution. SandPoint was selected for their personalized approach and industry expertise, guiding Cricut through the initial financial consolidation and year-end reporting. The platform allowed Cricut to automate key processes, such as intercompany transactions and operating expense segmentation, while SandPoint developed a custom dashboard to enhance visibility into Cricut’s month-end close process. With SandPoint’s support, Cricut streamlined their operations and integrated their largest trial balance from SAP into OneStream, setting the foundation for future growth.
With OneStream in place, Cricut saw significant improvements in efficiency and control. The company reduced its reliance on spreadsheets from 100 tabs to just 10 and eliminated manual data processing, resulting in substantial time savings. Data refreshes became more frequent, and the new automation allowed Cricut to meet tight reporting deadlines for SEC and board reporting. OneStream’s customizable platform has also equipped Cricut with the tools needed to scale and optimize their financial processes, preparing them for future growth and success.
“We used to create every single report manually in Excel, and we’d have to make sure that formulas were changed monthly, and that everything tied properly with account mappings added in manually. Now it is all automated through the OneStream process. It’s an enormous time-saving benefit.”
– Adam Marchant, Director of General Accounting
Cricut is a creativity platform with a mission to help people lead creative lives. Three revenue segments include connected machines,
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