5 Paybacks of automated Financial Close and Consolidation
What are the gains of an automated consolidation?
The first step towards the digital transformation of finance begins at square one: financial close and consolidation. An oft-overlooked, underdeveloped process, legacy financial close, and consolidation is rife with costs that ricochet to the far corners of financial management, affecting reporting, analytics, planning, and decision making.
In contrast, an automated close and consolidation solution creates a solid foundation for all other financial management processes and is a critical component in evolving finance into a data-driven business partner to the organization.
We’ve identified the 4 Hidden Costs of Legacy Close and Consolidation. Now, here are the five paybacks of CCH® Tagetik’s automated financial consolidation and close solution.
1 Continuous Close = an end-to end platform
Reduce month-or quarter-end peaks and improve accuracy by completing all financial management activities in a single comprehensive platform.
When you use one platform for all your data and your financial management processes, you’ll accelerate the close and take back time for analysis.
No matter how many different ERPs, or source systems in your organization’s financial matrix, a solution with an open architecture plugs into any existing system. This should funnels your data through a central data engine to seamlessly consolidate your numbers.
2 Accuracy = confidence
Be confident your numbers, calculations, and disclosures are based on the financial truth of your business.
One platform for all close and consolidation data:
An unique solution that centralizes all corporate financial and non-financial data through an open architecture that connects to any source system is key.
Take control with workflow, audit trail, and collaboration tools:
Keep everyone on track and on the same page. Streamline contributors using a process workflow to set permissions, track progress, automate approvals, and leave comments.Simplify audits by capturing changes to data every step of the way. Take control with stringent data governance.
3 Accelerated process = more time for analysis
Spend more time on analysis and less time collecting, reconciling, calculating and validating, the numbers.
Automated account reconciliation:
Create consistency across all accounts by harmonizing data company-wide and standardizing methodologies.
4 Optimized human resources = influential business partnering
Free your human resources from menial tasks and enable them to spend time on strategic analysis and advising the C-Suite.
Free yourself from regulatory burdens with a solution that covers your unique compliance needs.
5 Data-driven from the ground up = a culture of analytics
Make better business decisions with a holistic understanding of performance that’s easy to access.
Dynamic ad-hoc Reporting and Analytics:
Whether you need to come up with answers, guide strategy or pivot direction in an instant, you need a solution that gives you the power to slice, dice, and drill down into large volumes of data using a realtime data processing engine.
Fast, In-Memory Data Processing:
When the need for speed is the difference between submitting reports on time and fines for missed filing deadlines, you need a fast solution.
With CCH Tagetik these paybacks are reality!
CCH Tagetik unifies account reconciliation, close, consolidation, reporting, disclosure and iXBRL in a single end-to-end solution. By integrating these processes, you’ll get the accuracy, transparency and the control you need to be confident in your results.