FinanceJuly 20, 2022
Budgeting, Consolidation, IFRS 16 all in one solution with CCH Tagetik – Immofinanz case study
Collaboration between departments is much more efficient with CCH Tagetik.
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: multiple solutions all in one system
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.
Main advantages IMMOFINANZ gains with
CCH Tagetik
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 |
We had the unique opportunity to streamline processes and map everything in one tool. A decision that turned out to be absolutely right.
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