FinanceDecember 09, 2022

Multi entity consolidations with CCH Tagetik – how KWH handles unlimited hierarchies on the cloud

KWH implemented CCH Tagetik for Financial Close and Consolidation and now perform on-the-fly multi currency conversion and deliver information on time with one source of truth.

KWH is a multinational group with 50 reporting units throughout the world in more than 20 countries and therefore, more than 20 currencies as well in the reporting system. 

KWH has several business branches, so also different business models to adopt to. 

In order to meet the requirements in the finance function you need to be efficient in delivering the information on time, accurately, and for that you need a good systems background and a smooth processes to be able to do that. CCH Tagetik for financial close and consolidation is the solution that can help you with that! 

Hear what Eija Savela, Group Controlle at KWH group, has to say. 
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Prior using CCH Tagetik, KWH had several databases and therefore, several truths to the numbers that they wanted to eliminate. For this reason, they replaced their old system (Cognos Controller). 

One of the critical factors in partnering long term with CCH Tagetik were because of the partnership with INTITO in Finland that provided a good supporting during the implementation process. 

KWH implemented the consolidation software and they are currently in the process of implementing the IFRS 16. 

When we asked to Eija why KWH chose CCH Tagetik she answered: 

"CCH Tagetik solution provided the most value in the visualization of the reporting process because when we do the global launch, we have the workflows to utilize instead of writing down the stories and telling people that this is the next step and this is the next phase you need to complete in your process. 

We decided to go for the cloud because we believe that it’s the future solution. 

We’re still developing the project and the implementation further, but, still, we can all really see that we’ve reached the one database, one truth that we wanted. 

And that’s a really good platform to be building the future with. 

I would recommend CCH Tagetik to anyone who wants a good, flexible, modern solution for their consolidation process." 
Financial Close & Consolidation
Manage your financial close and consolidation with CCH Tagetik's software from local close to group consolidation to regulatory reporting and disclosure.
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