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Talking CCH Tagetik: Customer Insights on Financial Consolidation and Close


Learn why our customers recommend CCH Tagetik for Financial Consolidation & Close and how CCH Tagetik manages complexities to accelerate the close and reporting process across all business entities.

Transcript


The biggest thing that we've done with CCH Tagetik now is automating the consolidation process before are completely closed I guess the close calendar for the month is astats about 8 days long and the last two days would be completely focus on just the journal entries for the consolidation and that was me doingmanual entries hours and hours of time now it's really everything's on the front end all of our segments are doing their work we literallyyou literally push a button a couple buttons get it going and then CCH Tagetik finds all those errors that the segments have made during their close process we go back theminstead of us fixing it on our end during our close, it's a lot more seamless and it's more accurate.

The biggest issuethat we had with the system before CCH Tagetik was the fact that we did not have enough dimensions so we had to actuallyforce multiple dimensions into the entity dimension and that made the system very complex to mantainso within the entity we had legal entity we had product and we had country so whenever you have to add a product you have to add itto any country in any legal entities it was a lot of a lot of work involved in doing that.

With the existing solution the hardest thing really was getting consistent data using Excel spreadsheets we had with monthly data but then really being able toanalyze that at a group level it was very difficult,it really was the consolidation package, that really is the key thing, giving good consolidation.

Good ease of how the consolidation fits together both from a management accounting and Statutory accounting purpose.CCH Tagetik had the capabilities that we needed, it had the multiple dimensions and also we felt that it would be easyfor our users to use because it was my based.

One of the most important parts of the decision was the factthat it's a single solution for both Budgeting and Consolidation, the other products that we looked at did not have that.The consolidation how, I guess how easy his that once you get everything set up to maintain it was something that was pretty awesome, we're just making sure that we're reaching out to our segmentcontrollers every month and making sure we're getting all those updates on the front end but I thought it was pretty neat that it catches everything, we have some check spreadsheets built, and if youmiss one thing it's going to pop out and tell you hey this is $0.05 off so the fact that we can get down to that exact number that we know is correct ispretty unique compared to what we were doing.At the corporate level for consolidation it went from one person one full FTE for 5 days to 1 ft for 2 days and moreaccurate results.

I think the fact that we have CCH Tagetik working with us now we see where some of the places we can improve on our closing processso I think the CFO world will sleep better because he will have not as much pressure to get the numbers on time and he will have a little bit of time to look at those numbers before givingthem away.

Something great that came out of this is just process improvements, we cut down some time made some more efficiencies through CCH TagetikI think if someone was considering CCH Tagetik, especially if their main thing is consolidation, then I would say that you really need to look at the product because that really is its strength

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