Monthly data collection, Financial consolidation, Cash flow reporting, Management reporting, Annual IFRS consolidated financial statements
”We found the optimal solution with CCH Tagetik as our new corporate performance management system and Satriun Group as our implementation partner. With their hands-on, customer-focused approach, Satriun Group and CCH Tagetik did a tremendous job in helping us to achieve our goals on time and within budget.”
Stephan Kniewasser - CFO
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TeamViewer is the world’s most downloaded remote support solution. Acquired by Permira, a private equity firm, in 2014, now TeamViewer has customers in over 200 countries, headquarter in Göppingen (Germany) and operations in Germany, USA, Australia, Armenia and the UK.
A key objective of implementing CCH Tagetik was to streamline and speed up the group accounting and controlling processes through automation, including the automation of interfaces between the company’s various accounting ledgers and CCH Tagetik and the automation of financial consolidation and management reporting. In the Excel-based reporting process, the cash flow statement was available only at a consolidated level. The CFO of TeamViewer wanted to produce cash flow statements for each legal entity, as well as a consolidated cash flow statement. Additionally, he wanted to enhance reporting notes and to automate the creation of the annual IFRS consolidated financial statements using CCH Tagetik’s Disclosure Management functionality.
According to TeamViewer’s evaluation, project implementation went very smoothly. The CCH Tagetik software, together with the financial data model designed by Satriun Group, have significantly increased the speed of TeamViewer’s monthly closing. CCH Tagetik’s extract, transform and load (ETL) functionalities allow TeamViewer to create a fully transparent and auditable interface between its accounting ledgers and group reporting.
Inter-company matching is pushed down using CCH Tagetik’s powerful IC matching cockpit. Using the CCH Tagetik process cockpit allows the finance team to break down the reporting process into individual steps, each with its own set of blocking controls, to enforce data quality early in the process. Intercompany elimination, currency translation and equity consolidation postings are fully automated.
The consolidated cash flow statement is now done within minutes, saving two days of manual work. Most pages in the monthly management report now come directly from the CCH Tagetik system. Moreover, CCH Tagetik’s Disclosure Management functionality enables TeamViewer to produce the tables and narratives included in the annual IFRS consolidated financial statements through a structured and auditable process.
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