Statutory consolidation, Financial reporting
”CCH Tagetik’s software is targeted to the future. Unlike other vendors, it makes a huge commitment with a roadmap for the next five years. You can tell that the company stands behind its software and makes a considerable investment in it. In addition, the software’s built-in intelligence reflects the real needs of customers.”
Thomas Bünger - Deputy Head of Accounting
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Excel had served the company well as a consolidation tool. Following the acquisition of several companies, the establishment of a sub holding and the addition of the Euro as a foreign currency, the group accounting realized that it had outgrown its former tool.
The growing need to improve its internal control systems as well as to increase the transparency of its group accounting processes solidified the decision to implement a new solution.
In close cooperation with pmOne’s partner Alper & Schetter, a small project team at St.Galler Kantonalbank was able to implement a complete, standardized solution for collecting and processing data for each consolidation event (i.e. monthly, quarterly, half-year, annual consolidated accounts as well as budgeting) between March and September 2010.
In addition to consolidation, the solution also provides rich functionality for reporting actuals as well as budgetactual variances. Users can import budget data into CCH Tagetik and use the same functionality it can for actuals. Overall, 17 users – from the accounting and financial controlling departments at group headquarter as well as the accounting departments of the subsidiaries – work with the software. Internal and external auditors are connected to the new solution.
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