The Challenge
The finance and accounting departments at the M+W Group are responsible for two separate yet similar processes: consolidating data throughout the group to create management reports and financial statements.
In the past, these processes were managed in two separate systems – which quickly added up to too much work for everyone involved. That’s when the company decided to unite these processes into a single solution.
CCH Tagetik Solution
- Uniting internal and external reporting
- Eliminating double work in data collection and analysis
Benefits
Less time for verifying the data in Excel sheets
Now the users can manage this process from an integrated, Web-based intercompany matching platform
High Quality
CCH Tagetik’s built-in rules support a very stringent consolidation process, which has significantly improved the overall data quality
The streamlined processes
This solution has led to faster consolidation and reporting cycles
Organizational improvements
The management team is satisfied that the reporting has improved in terms of speed, detail and quality
Web solution
The M+W Group's subsidiaries now have a powerful solution for storing master data on all projects worldwide
Faster Processes
The workflow has profited as well because many validations are now already built into the data entry and approval processes
Customer Quote
CCH Tagetik’s intercompany matching features are a huge advantage for us because there are so many different relationships within our group. Now, our subsidiaries just report their internal transactions in the exact currency during the standard data entry process. After adjusting the balances in the integrated cockpit, we can already use this data for other processes.
Renate Jaeger - Project leader and financial accountant