BALANCE SHEET MOVEMENTS & P&L ANALYSIS, CONSOLIDATION, ANNUAL REPORTING, BUDGETING AND YEAR-END FORECASTING
"CCH Tagetik has accelerated our reporting processes and improved our financial and business analytics. We have gained more control over our financial data and can produce four-week reports and analyses for our executive board faster and more efficiently than before.”
Paul van Hameren, Controller Reporting & Consolidation, PLUS Group
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In cooperation with the consultancy firm Improven, PLUS kicked off a project in late 2012 to evaluate its existing processes and search for a suitable Corporate Performance Management (CPM) solution. After a thorough analysis of their requirements and various design sessions, the project team sent requests for proposals to three vendors and selected CCH Tagetik based on its proof of concept.
The prime focus of the project was to rebuild the entire four-week consolidation and reporting process including budget comparisons and historical analyses in CCH Tagetik. In doing so, the project team hoped to streamline these cycles, increase data consistency, and create a single source of truth.
The project team used CCH Tagetik to optimize its data collection, consolidation and reporting processes. The CCH Tagetik database provides a consistent pool for all reporting data – ranging from actuals and historical data to budget figures and current forecasts. Since some group companies organize their accounts on a monthly basis and others with a one-month delay, the consultants introduced specific reconciliation procedures and controls to transparently manage these differences.
In addition to automating the processes of uploading and validating data from the accounting department, the new system now includes process management measures, controls and formal submission requirements for a two-stage reporting process. The task of intercompany matching was also delegated to the local accounting departments.
As a CCH Tagetik implementation partner, Improven designed the metadata model, configured ETL processes, built reports, migrated data, performed testing, and provided documentation. The consultancy’s financial professionals also supported the group controllers with regard to project time management. Before switching to the new system, PLUS waited until tests and parallel reports in Excel and CCH Tagetik proved that there was no risk in using the new software and the design objectives had been met.
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