The financial consolidation process is complex, time consuming and laden with risk, requiring proven financial consolidation tools to get the job done. Our unified CPM solution helps streamline finance consolidation by providing robust automation, process-driven workflow, stringent controls and detailed audit logs to modernize legacy approaches. With CCH Tagetik financial close software, we manage the complexity so you can accelerate the close and reporting process across all business entities.
- Consolidation Cockpit: A specific dashboard allows you to monitor each consolidation step and analyze results of the consolidation engine. The consolidation smart cockpit shows users which data process must be performed depending on the consolidation scenario.
- Intercompany Cockpit: The IC Cockpit allows you to monitor all transactions, match between entities on a graphical dashboard, define groups of accounts and materiality thresholds. You can also reconcile unbalanced amounts under a predefined threshold.
- Multi – GAAP, IFRS: Perform multiple GAAP consolidation adjustments on the same set of data. All adjustments are stored for easy auditing of IFRS, IAS, local GAAP, US GAAP back to the data source.
- Multiple Currencies, Exchange and Interest Rates: No matter how many currencies, levels, entities or regulatory bodies you report to, CCH Tagetik manages all conversion types and processes them in the consolidation currency. All interest and exchange rates are retained so you can calculate the difference and determine gains and losses.
- Calculation Engine and Complex Rules: Define multiple consolidation scenarios and rules for underlying levels during a single data collection process. Use automatic calculations including: minority calculation, equity valuation, financial investment elimination, deferred tax calculation and more.
- Data Validation and Submission: Diagnostic checks and automatic validation tools ensure consistency during data entry and the consolidation process. Consolidation adjustments are automatically processed. After the validation, users can submit the final version of the data, which is locked and cannot be changed.
- Reduce the cost and effort of your monthly and quarterly closing and reporting.
- Increase confidence and eliminate inconsistencies with a single source of the financial truth.
- Cut days off the monthly close process by eliminating bottlenecks and delays.
- Minimize manual errors with automated controls, validation, and error checking.
- Full traceability, visibility and accountability from start to finish.
- A built-in financial intelligence workflow manages even the most complex close processes across decentralized business units.