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Randstad Group

Randstad Group implemented CCH Tagetik for Closing & Consolidation, Collaborative Reporting, IFRS 16 Lease Accounting

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The Challenge

Randstad operates 150 companies in 39 countries. Each operating company has full responsibility for management and reporting of all lease agreements. Therefore, in order to successfully meet IFRS 16 requirements, the Randstad accounting group had to identify and implement a software solution that could be used worldwide, as well as educating all stakeholders in new accounting standards and related processes to ensure consistency in all reported lease-related data.

CCH Tagetik Solution

CCH Tagetik met all of Randstad's requirements and provided “bonus” capabilities for managing workflows and providing audit tracking of all submitted data.

Randstad officially selected CCH Tagetik’s IFRS 16 Lease Accounting Solution in June 2017. It held two-day on-site user training in nine locations for approximately 115 system users and stakeholders. The first day of training focused on the details and requirements of IFRS 16 and its accounting impact; the second day focused on the hands-on use of the CCH Tagetik solution. Randstad also provided supporting reference resources to ensure ongoing guidance for interpreting lease-related standards.

Benefits

Flexibility

Flexible organizational structures to manage new entities and account

Accuracy and Consistency

Improved accuracy and consistency of lease-related data across 39 countries

IC reconciliation

Easy reconciliation and automatic balancing of intercompany relationship

Better data quality

Better data quality and more transparent business processes

Web solution

Web solution and online validations with direct response

Accountability

Improved accountability for data submissions with workflow and audit trail

Customer Quote

The solution’s workflow management capabilities and audit tracking force our operating companies to take responsibility for the data submitted and become much more engaged in the process overall

Sean Pourquie - Senior Manager of Global Financial Reporting, Randstad