FinanceJune 19, 2023
Mediahuis monthly consolidation is now a smooth process with CCH Tagetik for Consolidation
The time we save with CCH® Tagetik, allows the financial team to focus on tasks that add more value to our business. There is more time for analysis, but also quality & control.
Mediahuis' growth is based on mergers and acquisitions against a background of increasing consolidation in the media sector.
In order to manage the risk of increasing complexity as the company grew, Mediahuis decided to keep Unit4 Business World as the basis, but to look for another, more specialized solution for Corporate Performance Management (with a focus on reporting and forecasting) that would also support consolidation.
The solution had to provide the right links between the local level and the group level. It also had to be flexible in dealing with reporting standards.
CCH Tagetik Solutions for Mediahuis: Consolidation, Budgeting and Planning and Management Reporting
After a thorough market screening process, Mediahuis opted for CCH Tagetik, with element61 as its implementation partner.
In CCH Tagetik, Mediahuis found a single platform to support the international expansion of the group: a tool for Consolidation, Management reporting, Budgeting and forecasting, that provides one version of the truth. The ability to support decentralized users and dynamic reporting were key factors.
Thanks to CCH Tagetik, Mediahuis' monthly consolidation is now a smooth process. This allows Mediahuis’ financial team to spend much more time on quality & control, making the entire process much more valuable to the organization.
Key benefits Mediahuis gains with CCH Tagetik for Consolidation
Reporting as an essential tool for finance in the role of local business partner |
"This leads to strong reports with regard to the content and gives added value for the business.” |
Smooth consolidation |
"The quality is significantly higher,” says Katrijn Peeters. “In the past, we had to collect, check and centralize all kinds of Excel files. But this nerve-racking task has now disappeared. At the same time, we know that all inter-company movements are correct.” |
Correct inter-company transactions |
This allows Mediahuis’ financial team to spend considerably more time on quality & control, so that the entire process adds much more value to the organization. |
Significantly improved quality & control |
"We no longer need to spend that time exclusively on monitoring.” Moreover, CCH Tagetik offers the company access to accurate data |
A single version of the truth |
“There’s no more discussion. There’s only one version of the truth. And since everyone is working with the same figures, we can analyze them much faster." |
By using CCH Tagetik, there can only be one version of the truth. And since everyone is working with the same figures, we can analyze them much faster. This leads to strong reports with regard to the content and gives added value for the business.
Learn why major Analysts recognize to CCH Tagetik solution the ability to smooth the Consolidation process:
2023 Gartner® Magic Quadrant™ for Financial Close and Consolidation Solutions
Learn why Wolters Kluwer was recognized as a Leader for its CCH® Tagetik Financial Close and Consolidation software.
Financial Close & Consolidation
Manage your financial close and consolidation with CCH Tagetik's software from local close to group consolidation to regulatory reporting and disclosure.
With CCH Tagetik Financial Close and Consolidation Software, we manage the complexity so you can accelerate the close.
Related Insights
-
WebinarFinanceApril 23, 2024The evolution of profitability and planning for banksIn this on-demand webinar Huron Consulting and Wolters Kluwer will discuss how your organization can benefit from an easy-to-use, “bank in a box” multi-dimensional profitability and planning solution
-
WebinarFinanceTax & AccountingApril 22, 2024Demo: CCH® SureTax®Automate your sales tax workflows with CCH SureTax – the end-to-end software that enables you to automatically calculate, collect and remit taxes.
-
WebinarESGFinanceApril 18, 2024Exploring ESG & Sustainability's role in CFO priorities: EY & CCH Tagetik perspectivesIn this webinar CCH® Tagetik & EY share insights on ESG and Sustainability, biggest items hitting the CFO agenda for 2024 — and what finance teams need to do to prepare.
-
ArticleFinanceApril 17, 2024Protecting non-performing assets in a challenging market environmentAn extended higher rate environment is driving up non-performing loan ratios for financial institutions. Enhance financial risk mitigation from borrower non-payment with fit-for-purpose technology.
