2023 Gartner® Magic Quadrant™ for Financial Close and Consolidation Solutions
Following the recognition as a Leader in the 2019 Gartner Magic Quadrant for Financial Close and Consolidation solutions, we're pleased to share that Wolters Kluwer was once again recognized as a Leader in the 2023 Gartner® Magic Quadrant™* for its CCH Tagetik Financial Close and Consolidation Solution.
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Wolters Kluwer’s Ability to Execute and Completeness of Vision are the reasons why it was named a Leader in the report.
- Product strategy: Wolters Kluwer provides an extensive product offering extending beyond core capabilities of close, consolidation and reporting, into adjacencies such as ESG and sustainability, tax and insurance. It also offers country-specific consolidation features for France and Japan.
- Innovation: Wolters Kluwer has embedded AI and ML across the solution, such as in anomaly detection, COA mapping and predictive insights. It has strong sources for innovation, including strategic co-innovation programs with its partners, allowing for intensive prototyping to identify new areas where AI/ML can be deployed.
- Implementation support: Wolters Kluwer delivers one of the shortest implementation timelines for large and extra-large clients through its embedded batch loading capability that automates the configuration of legal entities and accounts. It also offers prebuilt financial statement templates that accelerate customer adoption of the solution.**
The CCH Tagetik Financial Close and Consolidation expert solution from Wolters Kluwer supports all close processes from data collection to disclosure, including:
- Transaction Matching
- Account Reconciliation
- Group Consolidation
- Financial & Management Reporting
- ESG & Disclosure Management
This AI-based solution extends beyond the limits of traditional financial consolidation software, enabling finance leaders to automate-close adjacent processes while accelerating core processes. What’s more, the solution’s newest functionality, introduced in 2023, empowers users to incorporate corporate tax data, including Global Minimum Tax for BEPS Pillar Two calculations, into their financial close and consolidation processes.
Through CCH Tagetik Financial Close and Consolidation, Wolters Kluwer:
- Expands the core capabilities of close, consolidation, and reporting to adjacent processes such as ESG, sustainability, tax, and insurance reporting
- Innovates transaction matching, anomaly detection, COA mapping, and predictive insights via embedded AI and machine learning
- Supports fast implementation timelines even for the largest enterprises
About CCH Tagetik Financial Close and Consolidation
About the 2023 Gartner® Magic Quadrant™ for Financial Close and Consolidation Solutions
* Gartner® does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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** 2023 Gartner® Magic Quadrant™ for Financial Close and Consolidation Solutions, 27 November 2023, Nisha Bhandare, Permjeet Gale.