The landscape of financial consolidation is rapidly changing, with a significant shift towards next-generation cloud tools like CCH Tagetik. Legacy systems, once the backbone of financial consolidation processes in many organisations, are becoming increasingly outdated. This is pushing financial executives to seek out more dynamic, efficient, and reliable solutions, such as those offered by consolidation software and specifically, CCH Tagetik.

Financial consolidation software, exemplified by CCH Tagetik, is revolutionising this process. It automates the creation of consolidated financial statements, importing data from various entities, normalising it according to regulatory rules, and converting it into a common currency for global businesses. The inadequacies of manual, Excel-based spreadsheets are being replaced by consolidation software’s capacity to facilitate collaboration and integrate vast amounts of data at both the legal-entity and group levels.

The importance of this software cannot be overstated for larger, complex companies. It addresses critical needs – from intercompany matching and eliminations to managing legal structures and automatic report generation. Its significance lies in its ability to connect disparate parts of an organisation, especially for companies with complex ownership structures. It provides an aggregated view of consolidated data, enabling line-by-line comparison of entity performance.

With the advent of modern consolidation tools like CCH Tagetik, organisations are equipped to handle multiple currencies, mergers and acquisitions, and different accounting standards like IFRS and GAAP efficiently. These tools also integrate with other financial processes, ensuring the most accurate information is used across the organisation.

However, the journey to adopting a new consolidation system can be daunting. For larger organisations, it might involve a significant implementation schedule. The key is to ensure that the software chosen can adapt to the evolving financial regulations and operating standards, reduce the total cost of ownership, and simplify complex processes for end-users.

Award winning CCH Tagetik stands out in this regard. It is not just a financial and regulatory reporting tool, but also offers solutions for lease management and sustainability and ESG reporting. Over 1,700 global organisations have already adopted CCH Tagetik, leveraging its capabilities to streamline business collaboration and make insight-based decisions with confidence.

As businesses face the inevitable obsolescence of traditional consolidation systems, tools like CCH Tagetik represent the future – offering simplicity, agility, and comprehensive functionality. It’s time to evaluate if your current system is fit for purpose in this new era of financial consolidation.