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Triglav accelerated their close and reporting process across all business entities.


CCH Tagetik simplified Triglav's complex Consolidation process across 50 entities, with multiple currencies and industries reducing their close cycle significantly.

Transcript


Triglav is a really complex group… the process was totally manual,we used Excel spreadsheets, sending them by email, collecting the data … it was really a painful process.8 years ago it took us half a year to do the annual consolidated financial statements, we finished our process at the end of June and we were only able to do it once a year, because it was really a time consuming process.The saddest thing was that at the end of this period, we were only able … just to publish the financial statements,we didn't get actually too much time to analyze, to check all the financial data, so this was really a painful process.We chose CCH Tagetik and it made our lives simple, to get to the bottom line…now we finish our consolidation process 1 month after the reporting periodand we are able to do it on a monthly basis, we publish our financial statements one month after the reporting period,each quarter.

We also use CDM forwriting the documents … it's really nice because several people can do it at the same time….

Because it was simple, it was the only program which used Excel spreadsheets as interface, so for the entities, practically, nothingchanged.

It's fast: subsidiaries have, approximately, one day to do everything, to fill inthe data, to do the intercompany reconciliations, to finish all the reporting process for themselves,but the nicest thing for me is that I don't have to wait for the last company or entity to report, I can start the procedure of consolidation.Now I'm happy because also the management and other departments found it really, really helpfuland then, after some time also our financial department started using CCH Tagetik for their processes.Now, it's really simple and it's so simple that even CFO and all board members are able to use it, because it'ssimple.

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