Randstad Group
FinanceJune 15, 2023

Consolidation and Closing, Collaborative Reporting, IFRS 16 Lease Accounting with CCH Tagetik – Randstad case study

Randstad Group implemented CCH Tagetik for Closing & Consolidation, Collaborative Reporting, IFRS 16 Lease Accounting. Since 2017, they have been able to manage workflows and provide audit tracking of all submitted data.

The solution’s workflow management capabilities and audit tracking force our operating companies to take responsibility for the data submitted and become much more engaged in the process overall
Sean Pourquie - Senior Manager of Global Financial Reporting, Randstad
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Randstad has 150 operating companies in 39 countries. Each operating company has full responsibility for managing and reporting on all lease agreements. To successfully meet the requirements of IFRS 16, Randstad's accounting group needed to identify and implement a software solution that could be used globally, as well as train all stakeholders on the new accounting standards and related processes to ensure consistency in all reported lease-related data.

CCH Tagetik met all of Randstad's requirements and provided "bonus" functionality for workflow management and audit tracking of all submitted data. 

Randstad officially selected CCH Tagetik's IFRS 16 Lease Accounting solution in June 2017. The company conducted two days of on-site user training at nine locations for approximately 115 system users and stakeholders. The first day of training focused on the details and requirements of IFRS 16 and its accounting implications, while the second day focused on the practical use of the CCH Tagetik solution. Randstad also provided supporting reference resources to ensure ongoing guidance on the interpretation of lease-related standards. 

Main advantages Randstad gains with CCH Tagetik software solution

Flexibility

Flexible organizational structures to manage new entities and account

Accuracy and Consistency

Improved accuracy and consistency of lease-related data across 39 countries

IC reconciliation

Easy reconciliation and automatic balancing of intercompany relationship

Better data quality

Better data quality and more transparent business processes

Web solution

Web solution and online validations with direct response

Accountability

Improved accountability for data submissions with workflow and audit trail
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Lease Accounting
(IFRS 16 & ASC 842)
All lease types. Pre-packaged Lease Accounting Compliance.

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