How can we accelerate our consolidated financial statements with CCH Tagetik?

With CCH Tagetik, consolidated financial statements can be significantly accelerated by replacing manual processes with automated workflows, centrally consolidating data from various source systems, and performing intercompany reconciliations in real time. Especially for groups with complex structures and multiple subsidiaries, the platform can substantially reduce the time required for closing. The following sections answer the most important questions regarding a faster group close with CCH Tagetik.

Which processes in the consolidated financial statements can be automated with CCH Tagetik?

With CCH Tagetik, virtually all central steps of the group closing process can be automated: data collection from ERP systems, intercompany elimination, currency translation, capital consolidation, and the creation of statutory and internal reports. This eliminates a large portion of the manual work that is still associated with Excel spreadsheets and email reconciliations in many finance departments today.

Specifically, businesses benefit from the following automation options:

Automatic data import: CCH Tagetik connects to SAP, Oracle, MS Dynamics and other ERP systems via standardised interfaces and RESTful APIs, enabling individual financial statement data to be transferred without manual export.
Rule-based consolidation logic: Eliminations of intercompany transactions and capital consolidation are carried out automatically and transparently based on stored rules.
Currency conversion: Exchange rates are maintained by the system and automatically applied to all relevant items.
Integrated validation checks: Plausibility checks and data quality checks are carried out automatically and report any discrepancies directly within the system.
Report creation: Statutory financial statements in accordance with IFRS or the German Commercial Code (HGB), as well as internal management reports, are generated at the touch of a button, without the need for separate processing in spreadsheets.

This automation not only reduces the time required but also significantly lowers the risk of errors. Processes that used to take several days can now be completed in a matter of hours, as the data is available in the system in a consistent and verified form.

How long does a typical group financial close take before and after CCH Tagetik?

Without a specialised consolidation solution, group financial statements in medium-sized to large enterprises often take between 15 and 30 working days. Following the implementation of CCH Tagetik, companies regularly report a reduction to five to ten days, or even fewer in optimised environments.

The actual time saved depends on several factors: the complexity of the group structure, the number of subsidiaries, the quality of the source data and the maturity of the defined processes prior to implementation. Companies with a high volume of manual data transfers between systems and departments benefit particularly greatly, as CCH Tagetik eliminates precisely these bottlenecks.

A key lever is the platform's so-called fast-close capability: because data is collected continuously rather than only at the reporting date, much of the consolidation work is already done before the actual month-end. This turns the month-end close into a routine process rather than a major effort.

What are the most common causes of delays in the group financial statements?

The most common causes of delays in the consolidated financial statements are missing or incorrect data from subsidiaries, manual reconciliation processes for intercompany transactions, unclear responsibilities in the closing process, and decentrally maintained master data without a uniform structure.

In practice, the main causes can be divided into three categories:

Data-related issues

When individual financial statement data is supplied from different ERP systems in varying formats, chart of accounts or currencies, this results in a considerable amount of work involved in manual harmonisation. Missing or inconsistent master data – such as differing company code names or account structures – noticeably prolongs the preparation of each set of financial statements.

Process-related issues

Many corporations still use email-based reporting packages, in which subsidiaries enter data into Excel templates and send them back. This approach makes it difficult to track progress, identify errors at an early stage and implement corrections efficiently. The lack of workflow control means that no one can see at a glance which units have not yet submitted their data.

Voting-related issues

Intercompany differences, meaning discrepancies between reported receivables and payables within a group of companies, are one of the most common time-wasters. Without a central system that automatically highlights these differences and manages reconciliation workflows, clarification can take days.

How does CCH Tagetik support intercompany reconciliation?

CCH Tagetik supports intercompany reconciliation through an integrated matching module that automatically reconciles intercompany transactions from both sides, makes discrepancies immediately visible and manages structured reconciliation workflows between the companies involved.

In practice, it works as follows: each subsidiary reports its intra-group receivables, payables, revenue and expenses directly in CCH Tagetik. The system automatically compares the entries with the offsetting entries from the partner company. If the figures do not match, a discrepancy is flagged and the relevant user is assigned a task to resolve it, without the need for back-and-forth emails.

This approach has several advantages over manual reconciliations:

Discrepancies are identified in real time, not just after all companies have delivered their data.
The voting status is clearly visible to all those involved.
Comments and corrections are recorded directly within the system, which enhances audit compliance.
Approved discrepancies may be recorded along with the reasons for them, which is transparent during examinations.

Especially for corporate groups with many subsidiaries and a high volume of intercompany transactions, this module is a crucial lever for a faster Closing process with Tagetik.

What requirements must companies meet to ensure a successful CCH-Tagetik implementation?

For a successful implementation of CCH Tagetik in the area of group financial statements, companies should have defined clear requirements for the chart of accounts and consolidation logic, know the quality of their master data, and provide internal resources for the project. A clean database and defined processes are more important than the technical infrastructure alone.

Specifically, the following preparation is recommended:

Requirements analysis: Which types of financial statements (IFRS, HGB, management reporting) should the solution cover? How many companies are to be integrated? Which consolidation steps should be automated?
Master data quality: Standardised charts of accounts, well-maintained organisational structures and consistent intercompany relationships are a fundamental prerequisite for effective consolidation.
System environment: The existing ERP systems and their interfaces should be documented so that the data interfaces to CCH Tagetik can be planned efficiently.
In-house project capacity: Subject-matter experts from Group Accounting and IT should be available for the project.
Process documentation A documented current process helps to identify areas for optimisation and to configure the new solution in a targeted manner.

Companies that already meet these requirements experience a significantly smoother implementation and faster results after go-live.

How long does it take to implement CCH Tagetik for the consolidated financial statements?

The implementation of CCH Tagetik for group consolidation typically takes between three and nine months, depending on the complexity of the group structure, the number of companies to be integrated and the scope of the desired functions. Simpler environments with clear requirements can go live more quickly.

A typical implementation project goes through the following phases:

Needs analysis and design: Gathering of functional requirements, definition of the consolidation logic and planning of the data interfaces.
Configuration and customisation: Setting up the chart of accounts, consolidation rules, currency conversion and intercompany matching in the system.
Data integration: Integration of the ERP systems and setup of the automated data interfaces.
Testing and validation: Parallel running with historical data to test the results of the new solution against existing financial statements.
Training and go-live: User training and productive use of the solution for the first real closing.

Agile project approaches with iterative sprints have proven successful because users are involved in the configuration at an early stage and adjustments can be implemented quickly. The duration increases primarily when master data has to be cleaned up before the project starts or the functional requirements are not yet fully defined.

How Gramke Consulting accelerates group financial reporting with CCH Tagetik

Gramke Consulting supports companies as a certified CCH Tagetik partner from the initial requirements analysis to productive operation and beyond. The team combines many years of experience in group accounting according to IFRS and HGB with deep technical expertise in system configuration, data integration and process automation. Reference customers include Talanx AG.

The range of services for the consolidated financial statements specifically includes:

Analysis and design of the consolidation solution based on your specific requirements
Configuration and implementation of CCH Tagetik, including chart of accounts, consolidation rules and intercompany matching
Integration of existing ERP systems via standardised interfaces and RESTful APIs
Support with monthly, quarterly and annual financial statements, including after go-live
Training and coaching for internal teams so that your group accounting department can further develop the solution independently
Quality assurance and ongoing optimisation of reporting and forecasting

Whether you are implementing CCH Tagetik from scratch, optimising an existing implementation or need support during critical closing phases, Gramke Consulting delivers structured, technically sound solutions with measurable results. Book a consultation now and together take the next step towards accelerating your group financial statement.