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Nexthink

Nexthink implemented CCH Tagetik's software solution for Consolidation and Revenue Accounting for IFRS 15.

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The Challenge

Nexthink is focused on optimizing digital experience for employees worldwide. With real-time visibility into technical performance and employee sentiment across devices, applications, and networks, IT teams can see and solve problems faster. The Company is headquartered in Lausanne and Boston and has regional offices in Dubai, Frankfurt, Paris and London.

In 2018 the finance team faced the challenge of reporting according to the international accounting standard IFRS 15. Since these requirements could not be met with the existing consolidation solution, the team began to investigate new solutions to support them. The main criteria for the solution was that it needs to be able to support processes based on the IFRS 15 requirements.

CCH Tagetik Solution

CCH Tagetik’s specific IFRS solution portfolio included a key feature: the ability to cover processes such as all data acquisition, calculations and reporting in an automated way with access to preconfigured, compliant data models. This feature provides the ability to calculate revenue and manage revenue recognition in accordance with many IFRS requirements.

The implementation started with an intensive workshop on site at Nexthink’s headquarters in Lausanne, Switzerland. In this initial session, all essential aspects of the implementation were discussed and planned in detail. Nexthink used CCH Tagetik for the first time for the 2018 financial year to map the IFRS 15 regulations.

Benefits

Cloud-based solution

individually adaptable to infrastructure and requirements

CCH Tagetik for consolidation and IFRS 15

automated solution that support processes based on the IFRS 15 requirements

Automated capture of contract details

through an intensive analysis in CCH Tagetik

Single Version of the Truth

as a uniform platform for reports and publications

Individual display of the results

that offers a single version of the truth

Transfer of data

directly from the CRM system

Customer Quote

We wanted to introduce a tool with which the processes and specifications around the IFRS 15 standard can be automated as much as possible.

Romain Leduc - Finance & Strategy Manager, Nexthink