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Accelerate your Close with Account Reconciliation


Accelerate your close, increase transparency and take control with Account Reconciliation, Close & Consolidation, Reporting and Disclosure in one trusted unified solution. Learn how you can reconcile, review, and resolve balance sheet accounts automatically with CCH Tagetik Account Reconciliation.

Transcript


CCH Tagetik's Finance Transformation Platform is a single product that manages the full end-to-end financial close workflow.

The solution starts by closing entity books and reconciling ledgers and ends with financial consolidation and statutory disclosure in IXBRL and XBRL.

For many, a major pain point during the financial close is ensuring the balance sheet is fully reconciled before the numbers are submitted to the group for consolidation.

Let's see how this works in CCH Tagetik. Any controller that logs into CCH Tagetik has instant transparency into the state of the close and any reconciliations in their jurisdiction.

In this example, the global controller is presented with KPIs alongside a balance sheet view.

I can choose to either see the data split by entity on the dashboard, or I can use the handy filters panel to instantly drill into details for a specific entity.

The dashboard has been designed to provide me with the KPIs most relevant to my role, providing real-time insight into unreconciled balances as well as open reconciling items, including those carrying income statement or P&L risk. The system provides huge opportunities to save time in the process.

Here, we can see the definition of risk rules, which can be defined globally or by individual entities or accounts.

These rules can alter the workflow of the account ensuring high-risk accounts submitted earlier in the period can have additional levels of approval. CCH Tagetik can clear noise out of the user's inbox by automatically certifying accounts like those with a zero balance, lower risk accounts like those with immaterial balances, or accounts where the balance is unchanged.

This introduces huge efficiency savings and allows accountants to focus on the analytical review of the accounts.

Let's that take a look at the process from the reconciler's perspective. Any user assigned to complete or approve a reconciliation has a clear line-of-sight with a homepage that shows all reconciliations assigned to them.

They also have access to useful KPIs, which track performance of all roles in the workflow.

I can identify the reconciliation I want to complete, and, in one click, I can bring up the template.

The cover sheet shows all the static and periodic data pulled directly from the CCH Tagetik database.

In this example of a prepayments reconciliation, I have a list of schedule items to support the balance. All I have to do is tell CCH Tagetik the start date, end date, and the value of the prepayment, and the system calculates and carries forward the balances for me.

I then push for review with a notification to let the reviewer know their task is due.

Finally, CCH Tagetik's web-based Excel-like forms provide the flexibility to create reports on any aspect of the process, from withdrawals through to details where relevant. CCH Tagetik is the only vendor that can provide an end-to-end financial close solution that's designed to be owned by finance and part of a single, transformational platform.

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