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FinanceSeptember 29, 2021

IMMOFINANZ

IMMOFINANZ implemented CCH® Tagetik’s software for Budgeting, Planning & Forecasting, Consolidation and Lease Accounting for IFRS 16

Collaboration between departments is much more efficient with CCH Tagetik.
Andreas Schmidt-Pöstion, Head of Controlling & Country Finance IMMOFINANZ
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The Challenge

Planning, budgeting and forecasting processes play a decisive role for IMMOFINANZ, both in the professional management of existing properties and in the course of its own projects and acquisitions.

However, the planning system used for budget and multi-year planning did not sufficiently meet the commercial and process requirements. Over the years, a relatively complex solution architecture had emerged. The lack of availability of external consulting resources around the solution, which was no longer a focus on the part of the manufacturer, also repeatedly presented the company with challenges.

CCH Tagetik Solution

Together with the implementation partner PwC, the decision was made to implement the planned One Finance Hub using CCH Tagetik. Both consolidation and budgeting & planning were implemented. In addition, the cost allocation, for which an in-house developed tool was previously used, was also realized with CCH Tagetik.

Lease Accounting IFRS 16 requirements as well as some tax topics, which could previously only be mapped via workarounds and individual solutions, also became part of the integrated One Finance Hub within the scope of the project.

Benefits

Implementation of CCH Tagetik Consolidation and CCH Tagetik Budgeting, Planning & Forecasting

Forecast and budget can be implemented as needed

Unified data base for all essential financial processes

The uniform data basis for all essential financial processes allows a high degree of automation and standardization

Extensive analysis options, including drill down

The analysis options, including drill-down options, are also very beneficial

Finance Owned - key users can make many adjustments independently

Since the key finance and business users can make many adjustments independently, the dependence on internal and external consultants has decreased significantly. Thus, the solution is "finance owned"

Streamlined processes and mapped information in one tool.

This plus in standardization should enable a continuous audit trail and reduce dependencies on costly manual processes
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