Augment the scope, speed, and accuracy of the financial close.

Meeting today’s monthly close requirements is no longer just a matter of consolidating financial data. It’s managing an ever-growing volume of disparate financial, operational, ESG, and tax data. The issue is yesterday’s close solutions don’t meet today’s complex data needs.

CCH Tagetik Financial Close & Consolidation goes above and beyond standard close capabilities to meet the need to manage increasing data volumes, accounting rules, and regulatory requirements. It extends the scope of the financial close to cover new operational dimensions and adjacent processes, including account reconciliation, ESG, global minimum tax and integrated disclosure.

As a data-centric platform, it uses AI to power close and consolidation processes giving much-needed accuracy and speed to transaction matching, outlier detection, and driver-based analysis. 

3 reasons why CCH Tagetik Financial Close and Consolidation
lets you focus on your business

Happy Financial Close and Consolidation customers
CCH Tagetik's Financial Close and Consolidation is trusted by leading companies across all industries.
  • CitizenM
  • Breitling
  • Manitou
  • Alcatel-Lucent Enterprise
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Innovative finance strategies at citizenM with CCH® Tagetik

Innovative finance strategies at citizenM with CCH® Tagetik

Dive into the story of citizenM Hotels as they lead the way in revolutionizing their finance operations with the innovative power of CCH Tagetik.
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Learn how Breitling successfully Automated their Closing Process with CCH® Tagetik

Listen to how CCH® Tagetik automatized and speed-up the periodic closing in a structured way and provide their finance experts appropriate data in an accurate timeline.
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Building cross-functional collaboration: ESG experience at Manitou Group

Manitou optimizes their consolidation and reporting processes

Learn how Manitou transformed their consolidation and reporting management processes with CCH® Tagetik
With CCH Tagetik we are able to set up our monthly reporting in 8 days instead of 10, and we have gained a week on the time needed to standardize all of our reports. Moreover, this solution in the Cloud saves us more than 2 months in closing our annual accounts.
Bernd Stangl - Chief Financial Officer, Alcatel
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Close and consolidation for financial, operational, ESG, and tax processes

Today, the data required to close the books far exceeds financial statement results. Our financial close software extends the scope of financial close and consolidation processes to handle growing accounting, regulatory, stakeholder, and data requirements.

  • Meet accounting requirements for local GAAP, IFRS, and managerial reporting 
  • Incorporate the ESG and tax impact on financial reporting and disclosures  
  • Combine financial and non-financial data into your integrated reports  
  • Automate account reconciliation and transaction matching with AI 
  • Unified management of the end-to-end close with workflow and audit trail 
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Real Estate Finance Revolution: CCH® Tagetik's role at KMC Properties

Close the books, consolidate the group, report the results — intelligently 

Our data-centric platform uses artificial intelligence to streamline consolidation tasks, accelerate close processes, and ensure accurate results. It powers augmented close processes to give you visibility, insights – to make sense of volumes of data and bring your story to life.

  • Use our AI-based transaction matching engine 
  • Manage intercompany processes through workflow cockpits 
  • Access financial statement templates and multi-dimensional segment reporting 
  • Configure complex consolidation processes using a rules-based approach  
  • Perform on-the-fly multi-currency conversions  
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Tackling uncertainties: How Erste Group transformed their financial consolidation with CCH® Tagetik
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About the Financial Close and Consolidation

  • The financial close is a complex but foundational financial process for global enterprises

    The financial close marks the end of the accounting period when accountants close the books in order to prepare financial documents for reporting purposes. At this time, the finance team ensures all transactions have been accounted for and posted. Financials are then collected so that the gross and net balances are captured within financial records. And so begins the financial consolidation process.
  • All enterprises must prepare consolidated financial statements

    Consolidated financials are the statements where all assets, liabilities, income, expenses, cash flows and equity of a company and its subsidiaries are combined. They’re composed of the consolidated income statement, balance sheet and note disclosures and are meant to gauge how the parent company is doing as a whole. Consolidating the financial statements of child companies is often a complex undertaking, as subsidiaries can operate in different geographical regions, under different reporting languages and different currencies. This means that the consolidated financial statement must be prepared in a way that enables an apples-to-apples comparison between subsidiaries. 

    The goal of consolidated financial statements is to present an enterprise as a single entity, which means that intra-group transactions and intra-group balances need to be eliminated. Only then can an enterprise in its entirety be fairly evaluated and understood.  

  • Using consolidated management statements to understand corporate performance

    Consolidated management statements lay out the financial situation and performance of a group of companies viewed as a single enterprise. The consolidated management statements, unlike the statutory consolidated financial statements, have two main purposes: 

    1. Responding to regulatory demands, analyzing not only financial statements but also management reports. Therefore, it’s necessary for report creators to provide of extra-accounting information (such as quantitative information on sales, production, purchases or KPI’s) and financial information along with management report in order to develop a cash flow of the business dimensions (ex. products, sales channels, operating divisions or other).
    2. Frequently analyze the data (monthly or quarterly) in advance of financial statement closing. For this reason, it’s necessary to consolidate the financial statements quickly and integrate data with manual adjustments. 
  • Statutory management consolidation for disclosure

    Statutory and management consolidation is the process of closing the books, collecting data and consolidating all financials so that reports can be created for both managerial and regulatory disclosure purposes in accordance with IFRS and US GAAP.

    In a mergers and acquisition context, statutory consolidation can also refer to the scenario where two businesses merge to create a new company but neither of the previous companies continue to exist.

    In a close-to-disclosure context, financial consolidation is defined by IAS 27 as when the “Financial statements of a group [including] the assets, liabilities, equity, income, expenses and cash flows of the parent (company) and its subsidiaries are presented as those of a single economic entity." 

     

  • Reconciliation management: A necessary component of financial consolidation

    An essential part of monthly closing, reconciliations management is the process of comparing two sets of records with the purpose of ensuring that both sets are matched and accurate. Reconciliation management is important because it determines whether the funds that leave an account match the amount spent. Thus, reconciling accounts ensures no money is missing or fraudulently withdrawn. 

    Until recently, reconciliations management was a laborious, bottlenecked process, and yet necessary for understanding the account balance and to meet regulatory and auditing requirements. The reason it was so burdensome, especially for companies operating in different regions or with multiple account levels, was because of the disparity between data versions and data types. For this reason, many members of the Office-of-Finance are choosing to go with a consolidation and close solution that eliminates manual spreadsheet or paper based reconciliations. They now recognise the need for capabilities like automated matching and exceptions that can handle entities of all sizes, with multiple processes, and multiple lines of business.

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