Learn how Halma stays compliant with IFRS 16 for Lease Accounting with CCH Tagetik
WEBVTT We are into the safety, medical and environmental analysis business, so we will make the world a safer, cleaner and healthier place, for everybody, every day, so that's quite a big challenge.
We are a collection of about 45 different businesses in those key markets.
They are very high-return, high-niche, and as a result it's quite demanding from a finance point of view to be able to control and understand the performance of each of those businesses.
I guess the main thing in finance is that you need to be able to respond to your partners very rapidly, so it's having good quality data that you can turn into meaningful, insightful information that the business can use to drive business decisions and make changes and drive, ultimately, returns.
We chose the CCH Tagetik system because it met all of our functional and non-functional requirements which were quite demanding.
During the demo phase we felt that the system had the best look and feel and user experience and we were really impressed that the CCH Tagetik team listened very carefully to our needs and our requirements, and responded very rapidly when further questions were asked. In terms of the timetable for implementing the software we set a really aggressive timetable of 13 weeks, which is quite a lot to get it deployed across 45 different businesses.
It was a great result. We successfully deployed this in the time frame and the results for our 30th of September 2019 half-year reporting, we were fully compliant with IFRS 16.
The CCH Tagetik Lease Accounting system simplified the complexity for us.
At a group level it allows us to have a global view on the complex accounting reporting of all of our businesses.
It is also an enabler for all of our 45 operating companies, to allow them to be compliant and in a consistent and standardised way. And finally, a single platform for all of our operating businesses means greater knowledge sharing and efficiency across all of our operations.
The best tool for an IFRS 16 solution is one that has robust controls and workflows with validations.
At Halma the three challenges of implementing the new standard were adding new processes without adding complexity, ensuring standardization across all of our 45 businesses and ensuring accountability for our local operations. The CCH Tagetik IFRS 16 solution was fantastic for Halma.
The team were great, we deployed it on time, and I would certainly recommend it to any other customers.