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Consolidation is one of the core functionalities provided by CCH Tagetik. It allows organisations to consolidate financial data from multiple entities or subsidiaries into a single set of financial statements.
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Navigating the complexities of financial consolidation can be daunting, especially when dealing with challenges such as data quality, intercompany eliminations, and currency translation. Explore how to overcome these obstacles and achieve accurate, reliable financial statements that provide a true consolidated view of your organisation’s financial health.
Data quality and integrity
Maintaining data quality and integrity is crucial for accurate financial consolidation. Organisations often face challenges related to data accuracy, completeness, consistency, and timeliness. Data inconsistencies, errors, or gaps can affect the consolidation process and lead to unreliable financial statements and multiple versions of the truth.
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.
Organisations operating in multiple currencies may face challenges in accurately translating financial statements into the reporting currency. Managing exchange rates, currency fluctuations, and the impact on consolidated results can be complex, requiring careful attention to detail.
The flexibility to integrate and work with various data sources including Exract, Transform, Load (ETL), data warehouses and ERP systems. CCH Tagetik is designed to work with different data sources and offers pre-built connectors or adapters.
Manage Ownership and Shareholdings Data
As part of its financial consolidation solution, CCH Tagetik provides features to manage ownership and shareholdings data. The ownership and shareholdings register functionality in CCH Tagetik helps organisations track and manage ownership structures, investments, and shareholdings information, which is essential for accurate consolidation and equity method accounting.
Handle complex consolidation scenarios
As a financial software solution, CCH Tagetik offers a comprehensive suite of features specifically tailored for handling intricate consolidation processes. It is capable of managing the complexities arising from multiple subsidiaries, varying ownership structures, intercompany transactions, foreign currency translations, equity method accounting, and compliance with multiple accounting standards.
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.
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. It offers pre-built templates, custom built reports, and disclosure management features, ensuring compliance with reporting standards.
- Flexibility and scalability – CCH Tagetik is a flexible and scalable solution which accommodates complex consolidation structures, varying hierarchies, and changing business requirements. It grows as organisations needs change and adapts to evolving consolidation processes.
- Intercompany management: CCH Tagetik simplifies intercompany eliminations and reconciliations. It ensures accurate elimination of intercompany transactions and balances, providing a clear view of the organisation’s financials.
- 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: By providing accurate and timely financial information, CCH Tagetik empowers organisations to make informed decisions. The solution offers comprehensive financial analytics, scenario planning, and forecasting capabilities, enabling strategic planning and performance analysis.
- Integration with other systems: CCH Tagetik integrates with other financial systems, such as ERP systems, to ensure seamless data flow and consistency across the board. Data silos are eliminated and it enables a holistic view of financial information.
Why choose HAYNE Solutions?
HAYNE are trusted UK CCH® Tagetik Partners with a proven ability in delivering best-in-class solutions
We are your Partner
Our reputation is well-known for our dedication and expertise in delivering best-in-class Enterprise Financial & CPM Solutions – from implementation and licence management to upgrades, training, maintenance and support.
The combination of the HAYNE focus and the strength of CCH® Tagetik delivers results for our clients time and time again. We are certified CCH® Tagetik Developers and can support you with the planning, training and implementation of your CCH Tagetik solution.
Leading UK Consultancy
CCH® Tagetik UK Partner
Proven best-in-class delivery
Trusted UK-Based support team
We could reach out to HAYNE at any point and set up meetings where necessary, even at very short notice. HAYNE knew exactly how our business was run and therefore understood exactly what we needed. The relationship between HAYNE and Sureserve worked really well and they met all of our expectations.