Transforming Group Finance

  • Client: Global wealth management firm
  • Category: Consolidation and Reporting

Transforming Group Finance to a modern platform

Our client needed to transform their group finance processes to manage their rapid growth. With private equity backing and organisational structures to facilitate investments – reporting was complex.

The Challenge

Our client went through a major acquisition doubling in size.  They needed a platform to automate consolidation and reporting. They also needed an easy tool to collect budgets and forecasts and that would integrate with their Power BI dashboard.

So, key issues were:

  • Highly acquisitive
  • Complex group structure
  • No consistent Group Chart of Accounts

Furthermore, big excel spreadsheets meant this was a very time consuming and risky process.

Transforming finance and the way we worked…

As a result, we implemented a consolidation and reporting process using CCH Tagetik.

First and foremost, this project was a “joint-venture” between client and AIS consulting. The approach was training focused. The client loaded and validated data within 3 weeks on the project. This was possible because CCH Tagetik is an easy to use solution owned by finance. Client team members owned the data history and reconciling the numbers. Better still, client team members also created reports. They took complete ownership of their new system

Importantly, we completed the project within 3 – 4 months. Since that time our client closed the year-end in record time. Even though they had doubled in size. Also they are very self sufficient – with little to no help needed.

In the end, our client had:

  • Automated data loads, consolidation and report production
  • A flexible consolidation tool quickly reflecting org changes
  • A tool to collect and consolidate budgets and forecasts

AIS Consulting provided a truly joint venture approach to the project.  ensuing that our client were self sufficient and able to enhance their systems.

Month end reporting cycles were significantly reduced. Furthermore, they had confidence in their robust consolidation process. And, automated reporting lead to fast accurate board and investor packs.