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