3 reasons why CCH Tagetik Financial Reporting lets you focus on your business
CCH Tagetik Financial Reporting
Increase efficiency in your reporting cycle. Our automated financial reporting solution integrates with Microsoft Excel, Word, and PowerPoint so you can expedite the reporting process, while ensuring accuracy and transparency.
- Multiple contributors can work on the same report
- Collaborate via comments, instant messaging, or email
- Track progress via a management dashboard
- Dynamically update numbers and narrative
- Update reports with real-time data
Vita Group streamlines consolidation and reporting with CCH Tagetik
Whether you’re using one data source or twenty, our financial reporting software integrates easily with your existing systems, automatically cascading all relevant information into your reports.
- Combine data from multiple sources
- Audit trail tracks changes every step of the way
- Collaborate, maintain data governance and control
- Create standard templates for consistency
- Automatically roll reports forward
Frequently asked questions
What is financial reporting?Financial reporting is the umbrella term for internal and external reports in which a company discloses its financial activities. Financial reports are submitted to the government, regulators, investors, executives, management and, in the case of public companies, the public at large. Financial reports include: balance sheets, cash flow statements, income/P&L statements, equity/earnings statement.
External financial reports are subject to regulations and requirements depending on which authority the company is reporting to. In accordance with US GAAP, SEC reporting entities must tag their financial statements in eXtensible Business Reporting Language (XBRL) and submit those reports to regulators along with the annual and quarterly reports.
What is management reporting?
Management reports are created by departments and teams and they’re typically submitted monthly to internal managers. Often, they capture the overall performance results of individuals, specific processes or metrics. For example: performance indicators like waste production, average time of order processing, tech assistance calls.
Often, management reports will include information like:
- Profit and Loss by Department/Team/Job Function
- Realization Rate
- Utilization Rate
Management reports are not mandatory as far as regulatory authority goes, so there’s no compliance measures or set standards. That said, management reports are critical documents for managers and executives who use them to make decisions, strategy and business changes and thus, often require customization.
What are annual reports?
Like a year in review, the annual report is a comprehensive disclosure filing that provides shareholders, stakeholders and the public with a thorough run down of the company’s yearly activities and financial results. A combination of narrative and financial information, the annual report includes:
Letter to shareholders
An executive summary, corporate governance and general corporate information
- Financial statements
- Notes to financial statements
- The auditor’s report
The annual report differs from the 10K by being less formally written. As much as it is an informational document for shareholders, it’s also a marketing document for prospective shareholders. With the annual report, shareholders are the target audience, where as with the 10K, the regulators are the target audience.
What is segment reporting - IAS 14?
Segment reporting is covered under IAS 14. According to IASplus.com, “IAS 14 Segment Reporting requires the reporting of financial information by business or geographical area. It requires disclosures for 'primary' and 'secondary' segment reporting formats, with the primary format based on whether the entity's risks and returns are affected predominantly by the products and services it produces or by the fact that it operates in different geographical areas.
IAS 14 was issued in August 1997 and was applicable to annual periods beginning on or after 1 July 1998. It has since been superseded by IFRS 8 Operating Segments with effect from annual periods beginning on or after 1 January 2009.”
In other words, its objective is to establish principles for reporting financial information by 1. line of business and by 2. geographical area. It applies to organizations whose equity or debt securities are publicly traded and those in the process of issuing securities to the public.
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(IFRS 16 & ASC 842)