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What are the benefits of a fast financial close?
A fast financial close has many benefits, including improving a company’s ability to actually analyze and take action on financials, rather than be stuck in the trenches dealing with the logistics of them. Fast closing refers to the speed at which a company can complete its accounting cycles and successfully close the books. Of course, while fast closing is desirable, attaining it cannot sacrifice the integrity of financials. Thus, many modern finance organizations are automating key accounting processes like consolidation and actually improving the process by eliminating the need for human input. Now, companies can perform traditionally laborious, error-prone tasks like intercompany matching, currency translation, and defining hierarchies and various charts of accounts automatically. -
What are the key functionalities for a fast close?
Key functionalities that enable a fast close include:
- single version of data
- intercompany matching and eliminations
- currency translation and multi-currency support
- defining legal structures
- determining legal entities and reporting units
- ability to set unlimited hierarchies to support complex ownership requirements
- define control groups between main accounts
CCH Tagetik Financial Close & Consolidation helps organizations accelerate period-end and year-end close activities through automation, workflow orchestration, and integrated reporting.
Key capabilities include:
- Automated intercompany matching and eliminations
- Multi-entity consolidation
- Real-time close monitoring
- Account reconciliation integration
- Workflow-driven task management
- Auditability and governance controls
- Integrated statutory and management reporting
By connecting close, consolidation, reporting, and disclosure processes on a single platform, CCH Tagetik helps organizations reduce close cycles while improving accuracy, transparency, and control.
With CCH Tagetik Financial Close and Consolidation Software, we manage the complexity so you can accelerate the close.
ANALYST REPORT
Gartner® Magic Quadrant™ for Financial Close and Consolidation Solutions
Discover why Wolters Kluwer is recognized as a Leader in the Gartner® Magic Quadrant™ for Financial Close and Consolidation solutions.
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Financial Close and Consolidation in CCH Tagetik
Learn how CCH® Tagetik connects financial and operational processes in a single AI-powered platform for planning, consolidation, reporting, and performance management.
Customer success stories
Chosen by over 2,000 organizations worldwide
Explore real-world success stories and discover how organizations worldwide improve planning, reporting, consolidation, and decision-making with CCH® Tagetik.