FinanceFebruary 27, 2023
Budgeting and Consolidation with CCH Tagetik. Better business continuity for Nelnet now!
How was life before CCH Tagetik?
Before CCH Tagetik Nelnet was already using a financial reporting tool, it was called BPC, they had used it for 8 years and it was getting to the point where they had to renew it, and it was a pretty pricey renewal fee.
What are the benefit gained with CCH Tagetik for Consolidation?
Nelnet has definitely saved so much time with CCH Tagetik Consolidation tool.
It has also helped with the accuracy, because it made sure that Nelnet crossed T's dotted theirs I's and didn't miss anything. CCH Tagetik allows Nelnet to save anywhere from 4 to 8 hours a month on their consolidation process.
Nelnet used to do manual entries for 80 companies, now it's kind of a couple clicks of a button and lots of more reviewing and making sure that they are more accurate, a lot of time savings there. Nelnet is able to create the reports exactly how they want them and pull in that one number or they can kind of move stuff around in the financials.
What are the benefit gained with CCH Tagetik for Budgeting?
The big challenge that Nelnet faced in Budgeting and Planning is Personnel, they have a company with lots of different cost centers lines of business and everyone wants to plan their Personnel differently. Nelnet just wants to say "we have a thousand people, put them at this rate … this much overtime… and push it through or then when we are budgeting leadership, we want to go in and say 'okay this is their salary, we want to apply a 3% salary increase and we want to promote them at this time'… and CCH Tagetik allows Nelnet to do that. Now they are able to slice and dice their company to how they would like to budget.
How CCH Tagetik allow a better business continuity for Nelnet?
Even though there are five different segments log in the system they can be in the system at the same time. This is a big plus because if one person was doing all of it, it would take a very long time to get it done.
Management is a huge thing… with the different segments all signing off making sure that everybody can get in their data and get it in accurately. With the usage of CCH Tagetik, intercompany eliminations are really easy. It's easy to pinpoint what's wrong, if there's something missing, if somebody didn't make an entry that they should have, having a streamlined process of having both planning and consolidation in the same system being able to compare side-by-side, not running any additional reports or any one report, being able to see both of them right there, it's really helpful.
Month end used to be a beast for Nelnet. They were spending a lot of hours just making journal entries, manual adjustments, going back and forth trying to find errors and now CCH Tagetik finds those errors and they can also get financial reports out to the executive team faster.
Enter the next evolution in planning with CCH Tagetik Budgeting, Planning, and Forecasting software.
