FinanceMarch 22, 2019

CCH Tagetik's manages the complexity of IFRS 16 disclosure requirements seamlessly for Smith & Nephew Finance team.

Learn how CCH Tagetik's Lease Accounting provides an automated solution that allows Smith & Nephew to easily manage the large volumes of leasing data by providing data collection, calculations, reporting and disclosures according to the new regulations.
Watch Video
Request A Demo
So IFRS16 is really really complicated as it stands and then if you got a large group with lots of entities and lots of currencies and lots of ERP systems you very quickly realize you can't do it in Excel.

So we looked at a number of different accounting solutions.

We very quickly saw that some could not cope with a lot of currencies, they could not cope with a lot of chart of accountsand then we saw CCH Tagetik and CCH Tagetik could cope with all of those things, it had a strong accounting engine, great reporting capabilitiesit just seemed to tick all of the boxes.

IFRS16 is very broad and rigid, it impacts a lot of functions, all the way from purchasing, all the way up to the CFO, who asks us to explain on numbersso we needed something we could rely upon, CCH Tagetik is very very easy to use, it's very quick so we didn't have to hire extra people to cope with lease accounting or to manufacture our own types of reports, we can fully rely on CCH Tagetik for everything that we need.

Transitioning to IFRS16 had broad-reaching consequences it hit many areas of our business as we expectedso in many regards the process was equally as important as the accounting.

So CCH Tagetik supported the accounting and then we built the process around it, everything from procurement, tax, treasury, were all impacted and they now all rely upon and value the reports we get from CCH Tagetik.So it smoothly fits into our month-end process, we use CCH Tagetik for month-end journals, it provides us outputs and we put them into our ERP system, it's very quick and easy to do.

We also use it to provide reports both on an actuals basis and a forecast basis.

It does it all really quickly for us!CCH Tagetik is a very robust and reliable system.

We've had it in place from January and February and it has worked! We've given reports to people and they've made decisionsbased on those reports and we've shared our excitement and our success around the business and it's been fantastic.

CCH Tagetik lease accounting for IFRS16has been invaluable in our disclosure reporting, there are so many nuances to the standard and while it looks like a short bullet list, really the amount of information you have to gather behind it is huge, we can now simply tailor and customize reports that gives us everything we need is on one tab in an Excel worksheet.

That's ridiculous!It's so powerful, so robust and it's using the same underlying data that we used for month-end reporting so we know it's consistent and reliable.

I absolutely would recommend CCH Tagetik to anyone that is looking to buy lease accounting software solution.

IFRS16 is complex and CCH Tagetik has been built in such a way that it can cope with this complexity.
View All Videos 
Back To Top