Losch Luxembourg Implemented CCH Tagetik Software Solution for Financial Reporting, Budgeting, Planning, and Forecasting, and Consolidation
Finance 01 septembre, 2017
Losch Luxembourg
With CCH Tagetik, we have been able to streamline our financial processes while providing much more detailed and meaningful reporting. The significant time savings allows us to do much more analysis for decision support.
Le contexte
Founded in 1948, Losch Luxembourg specializes in automotive distribution. Its business is divided into three main areas: import, retail (through 9 dealerships), and services such as rentals and leasing. In 2016, the company decided to redesign its management processes and procedures. One of the decisions the board made was to modernize the company’s financial processes and management. In addition to streamlining consolidation, the board wanted to improve financial reporting, regulatory and statutory compliance, and cash flow optimization. Additionally, board members wanted to implement long-range planning, budgeting, and rolling forecasting.
La solution apportée par CCH Tagetik
In the fourth quarter of 2016, the Losch team decided on CCH Tagetik’s unified solution for corporate performance management. Managers across the enterprise now have regular, timely information to make informed decisions based on the most current data. Cross-company reporting and benchmarking can now be done for comparisons; what-if analyses and top-down adjustments further support decisions and goal setting.
From automated data collection to simplification of profit elimination and consolidation to integrated planning, CCH Tagetik has allowed Losch’s finance team to shift its focus away from manual work to value-adding activities. As mentioned above, automotive distribution is a cash intensive business. CCH Tagetik now gives managers a clear and automated view on key cash position drivers and cash flow plan status.
Les bénéfices
Traceability and visibility |
Ability to track progress, manage workflows, and provide greater traceability and visibility into all financial processes |
Informed decisions |
The enterprise now have regular, timely information to make informed decisions based on the most current data |
Cross-company reporting and benchmarking |
Cross-company reporting and benchmarking can now be done for comparisons; what-if analyses and top-down adjustments further support decisions and goal setting |
Elimination of spreadsheet-based reporting |
The company was spending an inordinate amount of its time managing, maintaining, and consolidating hundreds of Excel-based input forms and reports |
More efficient data collection |
40% decrease in time required for data collection |
Faster, more detailed financial reporting |
The reporting is more comprehensive, with detail easily available, to guide and support the business on a daily, weekly, or longer-term basis. |
Clôture comptable et consolidation
Gérez votre clôture financière et votre consolidation avec le logiciel de CCH Tagetik, de la clôture locale à la consolidation du groupe en passant par les processus de reporting réglementaire et de publication (Disclosure Management).
