Aquinos Group’s road to Finance Automation

Discover how Aquinos transitioned from using numerous Excel spreadsheets to implementing CCH Tagetik, the unified platform that optimizes its financial process.

This webinar hosted by CCH Tagetik and OnGlobal Solutions, focus on the digital transformation journey of Aquinos Group through the adoption of CCH Tagetik for Reporting, Planning and Consolidation.

Aquinos faced some challenges due to their rapid growth, managing 35 reporting units across 10 countries, operating with 6 different ERPs, and the need for IFRS consolidation.

By implementing CCH Tagetik, Aquinos achieved process standardization, data visibility, reporting speed, post-acquisition integration, and enhanced planning and forecasting. Another significant gain is that now they can rely on “a single source of truth” to support their decision-making.

Aquinos Group

Aquinos is a Portuguese-based group founded in 1985. Globally they are a player in the comfort sector, with core products focused on the production and commercialization of sofas and bedding systems. Over the years, the group has grown significantly, internalizing many processes and operating worldwide in 10 different countries. With the growth and internationalization Aquinos had some challenges due to the range and diversity of their business and this is where CCH Tagetik came into play!

What were the main challenges Aquinos Group was facing?

Aquinos’s Group grew significantly through acquisitions in a short time resulting in diverse processes and cultures to manage, specifically:

• 35 management reporting units
• 30 legal entities
• 3 divisions (bedding, upholstery and retail)
• 6 main ERPs with specific applications
• 6 currencies
• 10 local GAAPs vs IFRS Consolidation

Which CCH Tagetik Product did Aquinos implement?

• Reporting: Automated IFRS-compliant reporting with standardized workflows, deadlines and reports, including P&L, balance sheets, KPIs and company comparison reports.
• Planning: Increased budgeting efficiency through new forecasting processes (3+9, 6+6, 9+3), increasing accuracy and flexibility.
• Consolidation: Automated intercompany adjustments, margin eliminations and journal-specific adjustments, ensuring accuracy across the group.

What are the benefits that CCH Tagetik brought to Aquinos Group?

• Single source of truth: adoption of concepts that are used across the entire organization
• Security and speed of drill down: confidence in data integrity and drill-down capabilities
• Time savings: reduce the reporting cycle by 3 weeks even with the acquisition of 7 new companies
• Strategic focus: freed up resources to focus on decision-making and business growth

Watch the webinar with António Jorge Cruz, Head of Controlling at Aquinos Group, as he share first-hand his experience of the group’s journey towards financial automation with the CCH Tagetik solution.

Speakers:

• António Jorge Cruz | Head of Controlling - Aquinos Group
• Stefano Somma | Senior Technology Sales Support Specialist - CCH® Tagetik, Wolters Kluwer
• Hugo Carvalho | Head of Business Development - OnGlobal Solutions