Learn how Evapco leverages CCH Tagetik platform to deliver their Account Reconciliation to distribute reconciliation needs across multiple data sources.
FinanceJuly 02, 2022
Evolve Now: EVAPCO's experience
EVAPCO is a global manufacturer of heat transfer solutions.We currently operate 30 different companies around the world and trade in 12 different currenciesThe benefit of using CCH Tagetik processes are numerous.
We've implemented consolidation, account reconciliation, forecasting, and leasing.
Having an integrated solution allows us to have more consistent information.
Prior to implementing the CCH Tagetik solutions, we were closing our accounts on an annual basis, and it would typically take us about four weeks to close.
Now that we have implemented a solution, we're able to close the books on a monthly basis within six days after the period closes.We chose CCH Tagetik on the cloud because we could see our systems becoming more global in scale and it just made sense to move them to the cloud as we implemented new platforms.
Our product updates were as simple as giving CCH Tagetik a two or three-hour window several times per year to bring us up to date.
It couldn't be easier.The key project highlights and benefits we've seen have been increased speed, accuracy, and traceability of the consolidation data and process.
And for leasing, the organization of data and complex calculations are now under control.
We are expecting a similar result with the account reconciliation project.
We believe the CCH Tagetik Account Reconciliation solution will increase our productivity and the accuracy of our financial closing process.
Our controllers will be able to review their accounts on a more timely basis.
Significant accounts are reviewed before for the close is submitted to the corporate office, and, by doing this, should give us greater confidence in the close and making sure it's more accurate."The reasons we chose together — and we choose them again — were first off, the people.
We couldn't have asked for a better team to work with from implementing the project and since going live.
Being able to relate well has allowed us to solve complex tasks.
The applications are very granular,and there are many functions that are in the products that I suspect we will never need to use.
We've implemented consolidation, account reconciliation, forecasting, and leasing.
Having an integrated solution allows us to have more consistent information.
Prior to implementing the CCH Tagetik solutions, we were closing our accounts on an annual basis, and it would typically take us about four weeks to close.
Now that we have implemented a solution, we're able to close the books on a monthly basis within six days after the period closes.We chose CCH Tagetik on the cloud because we could see our systems becoming more global in scale and it just made sense to move them to the cloud as we implemented new platforms.
Our product updates were as simple as giving CCH Tagetik a two or three-hour window several times per year to bring us up to date.
It couldn't be easier.The key project highlights and benefits we've seen have been increased speed, accuracy, and traceability of the consolidation data and process.
And for leasing, the organization of data and complex calculations are now under control.
We are expecting a similar result with the account reconciliation project.
We believe the CCH Tagetik Account Reconciliation solution will increase our productivity and the accuracy of our financial closing process.
Our controllers will be able to review their accounts on a more timely basis.
Significant accounts are reviewed before for the close is submitted to the corporate office, and, by doing this, should give us greater confidence in the close and making sure it's more accurate."The reasons we chose together — and we choose them again — were first off, the people.
We couldn't have asked for a better team to work with from implementing the project and since going live.
Being able to relate well has allowed us to solve complex tasks.
The applications are very granular,and there are many functions that are in the products that I suspect we will never need to use.
With CCH Tagetik Financial Close and Consolidation Software, we manage the complexity so you can accelerate the close.
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