Financial reporting and Consolidation
”When you set up a process to go and extract data from your ERP and put it into another system, there must be strong checks and balances along the way to make sure that data stays intact. We think Tagetik simply has the strongest product in terms of ensuring accuracy.”
Dan Rowell - Corporate Controller
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Tosoh America, Inc., headquartered just south of Columbus, Ohio, is the parent company to a group of 11 subsidiaries across North America offering a range of chemical and specialty materials and equipment. The challenge was to find a better way to complete the company’s quarterly consolidation report required by parent Tosoh Corporation in Japan. The manual consolidation process was time-consuming and laborintensive, typically requiring 80 hours per quarter to complete.
Accounting managers of each subsidiary would complete manual spreadsheets and submit them to Rowell’s team. It took another five to ten business days for Rowell’s team to compile the data and calculate intercompany sales, payables and receivables; to verify the data aligned properly; and to create a consolidated spreadsheet. “Even after investing all of that time, we could never really be sure if the numbers were accurate,” said Rowell.
Rowell’s team began implementation of Tagetik software in July 2009. The entire implementation took about 100 days to complete. According to Rowell, the implementation was “super-fast, with no technical issues.”
By September, Rowell able to produce his first quarterly consolidated report using Tagetik. A one-time set up by Tagetik consultants at the start allows the software to extract data from Tosoh’s various ERP systems. “Tagetik goes out and grabs the data, brings it into the Tagetik software, maps it, and places it in a holding table from which we run our processes,” explained Rowell.
Today, Rowell’s finance organization uses Tagetik software for all of the company’s monthly, quarterly, and annual consolidated reporting. In addition, 15 accounting staff members at Tosoh America subsidiaries use Tagetik to contribute financial data for consolidated reporting.
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