Partners

CCH® Tagetik Account Reconciliation

Scalability, Flexibility and Efficiency. Overcome the obstacles of manual reconciliation for efficient accounting.

Talk to us

CCH® Tagetik Account Reconciliation Image

CCH® Tagetik CCH® Tagetik Account Reconciliation CCH® Tagetik Analytic Information Hub CCH® Tagetik Budgeting, Planning & Forecasting CCH® Tagetik Close & Consolidation CCH® Tagetik ESG CCH® Tagetik IFRS 16 (Lease Accounting) CCH® Tagetik Intelligent Disclosure CCH® Tagetik Predictive Intelligence CCH® Tagetik Supply Chain Planning CCH® Tagetik Transaction Matching

Scalability, Flexibility and Efficiency

The Account Reconciliation process can be streamlined and automated with the help of CCH Tagetik. Users can provide rules for reconciliation, compare transactions, and identify errors and anomalies. The software provides workflows and notifications to assist with collaboration and ensure timely resolution of reconciliation issues. As transaction volumes grow, CCH Tagetik scales to meet demand without requiring additional manual resource, making it a future-proof solution for organisations at any stage of growth.

Finance teams can monitor reconciliation status in real time, maintain a full audit trail, and generate reports and analytics to gain complete visibility across the reconciliation process

Talk to our consultants

Request Information

Common Challenges

Discover the challenges of manual account reconciliation, including labour-intensive processes, error prone practices, and lack of control. Learn how to overcome these obstacles for efficient accounting.

Labour Intensive

With a manual process, the summing up of numbers and associated grunt work of reconciling is a long, laborious process for accountants.

Error Prone

For many organisations, account reconciliation is a process where errors can easily occur, especially due de-centralised data.

Lack of Control

A manual process with a lack of a formalised workflow leads to a lack of control and no ability to monitor who is inputting what.

Scalability Issues

As businesses grow, the volume of transactions increases, making manual reconciliation completely unsustainable for finance teams.

Regulatory Compliance

Growing regulatory requirements such as UK SOX demand robust, auditable reconciliation processes that manual methods struggle to meet.

Limited Visibility

Manual processes make it difficult to gain real-time visibility into reconciliation status, hindering timely decision-making.

Features & Benefits

CCH® Tagetik addresses common challenges in account reconciliation by offering several features and capabilities that help streamline the process and improve its efficiency:

Automated Matching

CCH® Tagetik may have algorithms and rules to automatically match transactions based on predefined criteria, reducing the need for manual intervention and saving time during the reconciliation process.

Flexible Matching Criteria

The system allows you to define matching criteria based on transaction attributes such as amount, date, reference numbers, account codes, etc. This flexibility ensures that you can tailor the matching process.

Manual Matching

In cases where automatic matching is not possible, finance professionals can manually review and match transactions, ensuring comprehensive reconciliation.

Multiple Data Source Support

In cases where automatic matching is not possible, finance professionals can manually review and match transactions, ensuring comprehensive reconciliation.

Reconciliation Reports

The system generates detailed reconciliation reports and dashboards, providing insights into the status of the matching process and facilitating a clear view of reconciled and unreconciled transactions.

Exception Management

The software likely includes functionalities for handling exceptions, such as unmatched or partially matched transactions, allowing users to investigate and resolve discrepancies efficiently.

Audit Trail

CCH® Tagetik may maintain an audit trail of all the actions performed during the matching process, ensuring transparency and compliance with financial regulations.

Workflow and Approval

The system might support workflow and approval processes to ensure proper authorisation and validation of matched transactions.

Integration with Other Modules

CCH® Tagetik’s transaction matching module may integrate seamlessly with other financial performance management modules, such as financial consolidation, planning, and reporting.

Book a discovery call

Book a call with us and discover how the platform can transform your Finance function.