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Vexos has modernized legacy approaches to financial consolidation with CCH Tagetik.

Learn how Vexos has reached full visibility, traceability and accountability from start to finish for their consolidation process on CCH Tagetik Cloud!

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Before CCH Tagetik, we were using Excel files as all of our consolidation.

The main pain points we struggled with before CCH Tagetik was….you had all these Excel files, very large Excel files with multiple tabs, but also they were linked to other Excel files and other sources which made transferring files to the different divisions difficult and….

if you ever enable the content, it would just lock up your computer.

But then also, we were actually maintaining some of our controlling entities… They didn’t have their own trial balance within our ERP, they were actually tracked and managed within Excel.

Before CCH Tagetik it was just all these different sources, different Excel files being pulled all together and it was not a consistent process Before CCH Tagetik, what we couldn’t be delivered was a consistent message.

The intercompany eliminations in some months you would catch all of them and other months you would forget some, and you'd even forget some that didn't change from the prior month… it was a very manual process, and because of that, CCH Tagetik has now allowed us to put all the investments and the holding company information that doesn’t change… we are able to keep all that within Tagetik, and that has made our consolidation process quicker and easier.

What set Tagetik apart from the other consolidation tools that we considered… the other tools seemed good out of the box and actually looked a little bit easier to implement because they use their own system for Excel.

With Host Analytics the back end was Excel and so as long as you knew by memory a lot of the Excel functions and also learned host syntax, you could do a lot of custom reporting but it all had to be within their version of Excel.

The same with Adaptive solutions: they actually did use Excel but it was an older version of Excel and you still had to use their version.

It was good for consistency all your divisions to be working off the exact same.

However we liked CCH Tagetik because you get to use your own version of Excel and since this is an add-in for Excel we can do some of our custom analytics off to the side or in hidden parts of Excel, but then also pull information from CCH Tagetik using inner analysis, but also use additional information that’s hidden in our financial reporting within CCH Tagetik.

The benefits of using Tagetik: our Auditors don’t have to work through all the Excel files, they don’t have to test and make sure where all the sources are coming from.

They now have one system that they can test exactly where the sources are from there is easier to track where all the eliminations occur, where all the investments are and then be able to attest to our financial results.

We decided to use CCH Tagetik on the cloud because we are a multinational organization, this way we don’t have to host it on our server and that saves our IT department having to manage the hosting of the consolidation tool, the software, all that is handled by CCH Tagetik it requires less resources from our IT department.

We can access it from a smartphone, from a tablet, from our computer as long as we have an internet connection.

CCH Tagetik is currently benefit our CFO through a consistent message.

Instead of having to look through Excel files for information, to look at various tabs, to ask where this information come from, he is now able to pull up reports within CCH Tagetik, to drill through and by the drill through function he can find out what entity that information came from and from there, figure out where he needs to focus his attention, and also which entities are performing well and which entities need to improve or even improve within specific areas.

I would definitely recommend CCH Tagetik to other users.

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