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CCH® Tagetik® Close & Consolidation
Fully automated. Seamlessly consolidated. Fast and accurate close.
Financial consolidation is a core capability of CCH Tagetik, enabling organisations to consolidate financial data from multiple entities, subsidiaries, and currencies into a single, accurate set of financial statements thus reducing manual effort and accelerating the close process.
Consolidate Financial Data with Confidence
Fully automated. Seamlessly consolidated. Fast and accurate close.
Financial consolidation is a core capability of CCH Tagetik, enabling organisations to consolidate financial data from multiple entities, subsidiaries, and currencies into a single, accurate set of financial statements thus reducing manual effort and accelerating the close process.”
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Overcome Financial Consolidation Challenges with CCH® Tagetik
CCH® Tagetik is a comprehensive financial management solution designed to tackle challenges in the financial consolidation process, ensuring accuracy, efficiency, and compliance. It maintains data quality and integrity by centralising data from various sources, eliminating inconsistencies and errors.
The solution simplifies intercompany eliminations and currency translation, automating the elimination process and managing exchange rates. CCH® Tagetik’s robust features streamline financial consolidation, providing reliable, consolidated financial information for informed decision-making and business success.
CCH® Tagetik offers organisations a comprehensive financial performance management solution that improves the consolidation process, enhances data accuracy, supports compliance, and enables better decision-making.
Common Challenges
Financial consolidation is a complex process, particularly when navigating data quality issues, inter-company eliminations, and currency translation across multiple entities. CCH Tagetik helps organisations overcome these challenges — delivering accurate, reliable financial statements and a true consolidated view of financial performance.
Data Quality & Integrity
Maintaining data quality and integrity is crucial for accurate financial consolidation. Organisations often face challenges around data accuracy, completeness, consistency, and timeliness-and inconsistencies or gaps can affect the consolidation process, leading to unreliable financial statements and multiple versions of the truth.
Intercompany Eliminations
Intercompany transactions and balances need to be eliminated to avoid double counting and present a true consolidated view. Handling intercompany eliminations can be challenging, especially when dealing with a large volume of transactions, multiple currencies, and complex intercompany relationships.
Currency Translation
Organisations operating across multiple currencies face significant challenges in accurately translating financial statements into the reporting currency. Managing exchange rates, currency fluctuations, and their impact on consolidated results demands robust currency management capabilities and a reliable translation methodology.
Integration capabilities
CCH Tagetik integrates flexibly with a wide range of data sources — including ETL pipelines, data warehouses, and ERP systems, through pre-built connectors and adapters, ensuring seamless data flow into the consolidation process.
Ownership and Shareholdings Management
CCH Tagetik's ownership and shareholdings register enables organisations to track and manage ownership structures, investments, and shareholdings information thus providing the foundation for accurate consolidation and equity method accounting.
Complex Consolidation Scenarios
CCH Tagetik provides a comprehensive suite of capabilities specifically designed for complex consolidation processes — managing multiple subsidiaries, varying ownership structures, inter-company transactions, foreign currency translations, equity method accounting, and compliance with multiple accounting standards.
Features & Benefits
Streamlined consolidation process
CCH® Tagetik automates and streamlines the financial consolidation process. It eliminates manual tasks, reduces errors, and saves time, allowing finance teams to focus on analysis and value-added activities.
Improved data accuracy and integrity
With validation rules, reconciliation capabilities, and data traceability, CCH® Tagetik ensures data accuracy and integrity throughout the consolidation process. This leads to reliable financial statements and enhanced decision-making.
Enhanced visibility and reporting
CCH® Tagetik provides comprehensive reporting capabilities, enabling organisations to generate accurate and timely financial statements through pre-built templates, custom-built reports, and disclosure management features thus ensuring compliance with reporting standards.
Flexibility and scalability
CCH® Tagetik is a flexible and scalable solution that accommodates complex consolidation structures, varying hierarchies, and evolving business requirements — growing and adapting alongside the organisation as its consolidation needs change.
Intercompany management
CCH® Tagetik is a flexible and scalable solution that accommodates complex consolidation structures, varying hierarchies, and evolving business requirements — growing and adapting alongside the organisation as its consolidation needs change.
Enhanced collaboration and workflow
CCH® Tagetik enables collaboration and data entry at various levels of the consolidation hierarchy. It offers workflow automation, enabling coordination among stakeholders and streamlining the consolidation process.
Improved decision-making
CCH® Tagetik empowers organisations to make informed decisions by providing accurate, timely financial information alongside comprehensive analytics, scenario planning, and forecasting capabilities thus supporting strategic planning and performance analysis.
Integration with other systems
CCH® Tagetik connects with ERP systems, sub-ledgers, and financial data warehouses to ensure seamless data flow and consistency. Data silos are eliminated, providing a complete and holistic view of financial information across the organisation.
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