CCH Tagetik Account Reconciliation
WEBVTT CCH Tagetik’s Finance Transformation Platform provides a single product to manage the full end-to-end financial close workflow. This starts with matching individual transactions, closing the entity books, and reconciling the ledgers, and ends with financial consolidation, statutory disclosure, XBRL and iXBRL. A major pain point in the close is to ensure the balance sheet balances are fully reconciled before the numbers are submitted for group consolidation. So let’s see this in CCH Tagetik. Any controller or process-owner logging into CCH Tagetik has instant transparency into the state of the close and any reconciliations in their jurisdiction. In this example, I am the global controller presented with key KPIs alongside a balance sheet view. I can choose either to see the data to split by any entity on the dashboard or filter to view a specific one. The dashboard has been designed to provide me with key KPIs most relevant to my role, providing real-time insight into the unreconciled balances as well as open reconciling items, and those which must be approved and reconciled.
The system provides a huge opportunity to save time in the process. Here we can see the definition of risk rules, which can be defined either globally or for a specific entity or account. The rules can alter the workflow of the account, ensuring that higher risk accounts are submitted earlier in the period, and having additional levels of approval. CCH Tagetik can automatically certify accounts with immaterial balances or where these haven’t changed. This introduces huge efficiency savings and enables accountants to focus on the review of the account.
Let’s look at the process from the reconciler’s perspective. Any user assigned to complete or approve reconciliations has a clear line of sight with a homepage that shows them all the reconciliations assigned to them as well as some useful KPIs which track performance.
I can identify the reconciliation from this form and, with one simple click, I can bring out the template that I want to analyze. The coversheet shows all the static and periodic data pulled from the CCH Tagetik database. In this example, I’m reconciling a cash account against supporting bank statements.
Where relevant I can also automatically match transactions using CCH Tagetik’s built-in matching engine and carry out the manual match of the transaction.
With one click, I'm able to review the matches found by the two. From the review screen, I’m able to review the matches found and, where relevant, unmatch or approve these ones. By matching at the transaction level, I can save time in the month-end, ensuring that transactions are matched upfront before the balance review occurs. Finally, CCH Tagetik’s web-based, Excel-like forms provide huge flexibility to create reports on any aspect of the process with drill-through to the details where relevant. From the IR cockpit, I can view the status of my reconciliation with detailed information on the reconciliation status for all accounts. At the transaction-level, I can open the Transaction Matching Cockpit, which provides key information on the status of my matching by different matching sets and allows me to match the data where necessary. CCH Tagetik is the only vendor that can provide an end-to-end financial close solution that’s designed to be owned by finance as part of a single transformational platform.