Bristol Bay automates their Statutory Reporting across 5 lines of businesses

Transcript

We have to provide quarterly financial reporting to our shareholders.

We have approximately 10.000 shareholders that are Alaska native shareholders Bristol Bay Native Corporation.

Before CCH Tagetik we were using all manual Excel spreadsheets.

The pain points are… …we have 5 different ERP accounting systems.

We have 5 different industries in which we are operating: governament contracting construction, tourism, oilfield services and petroleum distribution, and they all have different ERP accounting systems.

That was our biggest pain point … it took two people, approximately 7 days, to run these processes on a monthly basis.

Now it takes 2 to 3 days to do the same processes with much more accuracy.

There were really 3 things.

One was the honesty of the sales process: they gave us what we believed to be an accurate, reliable quote on implementation costs where we felt some of the other vendors were sort of low-balling us, and as it turned out we were right on budget with our implementation, which was a big win for us.

Second thing, the Excel interface … our 120-plus end users are used working in Excel and so there was a very short learning curve; and the third thing was CCH Tagetik offered a robust disclosure management tool and the competing vendors did not.

The main challenge is just having 70-plus company subsidiaries that were consolidating, we have a lot of intercompany activity that CCH Tagetik has helped us automate.

In addition we are always adding and acquiring new companies and changing our ownership structure … and with CCH Tagetik it's very easy to do that, with very minimal effort.

We have a lot of equity method investments and a lot of entities that we consolidate where we have minority interest and so CCH Tagetik really helps with that too and automates that process.

Being that it is one tool or one platform, we easily can make report comparisons between our budget and actual and, in addition, bring forecast into that.

So now, we have three data points … before, to report those data points … it would be time-consuming and a lot of effort… …now it's very easy to do that.

Before, there were a lot of different ways people would budget and plan, now we've built very consistent streamline models within CCH Tagetik, now it's much easier and everybody's budgeting and planning the same way.

We're able to utilize our time to do more analysis that we've never been able to do before, because of our manual processes.

The CFO really benefits from being provided a level of information that has never been provided before, we're able to produce reports that show budget to actual to forecast … this is something that would take a lot of time and effort to do before CCH Tagetik and now it's relatively easy and we can produce that information very quickly.

I would recommend CCH Tagetik to anyone who has similar issues that we had.