BlackLine's cloud-based financial operations management platform unifyies data and processes, automating repetitive tasks and enhancing accountability. BlackLine solutions for financial close, accounts receivable, and intercompany accounting support large enterprises and midsize companies.
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Wolters Kluwer CCH® Tagetik
Score 8.5 out of 10
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Tagetik is a corporate performance management solution that unifies budgeting, financial planning, consolidation and management reporting. Tagetik is offered as SaaS, on a private cloud, or on-premise, and can migrate between deployments as needed.
We use Wolters Kluwer CCH® Tagetikfor budgeting, reporting, and consolidation already for a couple of years. And to speed up our (monthly / quarterly) close, we recently implemented the transaction matching and account reconciliation modules from Wolters Kluwer CCH® Tagetik. …
BlackLine is well-suited for us when it comes to the bank reconciliations, as our systems feed right into BlackLine, and the various match sets reconcile the data effortlessly. BlackLine would work to its fullest extent if all departments utilized it, so you can take advantage of all the various products that are available.
Scenarios where CCH Tagetik is suitable is when a company have large amounts of data and want to transform, consolidate, store and produce reporting in different year, period etc with complex calculations and allocation. Tagetik is the tool for you in this case and it's very flexible in terms of creating your own business rule, calculation and reporting options with a user friendly interface. I have not thought about scenarios where it is not appropriate to use tagetik yet as the tool covers small and large business financial needs
Segregation of duties - allows for a formal way to ensure that there is a separate preparer/approver for a given task or reconciliation.
Provides visibility - having account reconciliation data in one place has automated processes that were once very manual, and involved multiple team members aggregating data.
Streamlines communication and status of close - having all tasks in one place, in the same format gives us the visibility needed to manage our close process, and know the status of items that are still pending and open for action. This was previously a game of telephone between staff, managers, and leaders, and now has been automated via tasks.
Automation/Optimization - BlackLine provides a lot of opportunity to automate certain reconciliations based on thresholds, rules, and templates. This allows the team to use that time for researching actual issues, and keeping our balance sheet reconciliations clean.
Processes are clearly described in CCH Tagetik ; users can easily find where they are and which action they have to make
Interaction with Excel is really fluid ; the Excel add-in is easy to deploy and to updgrade, in the hand of users. It is reliable provided the internet connection is fast.
Managing hierachies is obvious in CCH Tagetik. Hierarchies are fundamental for a good reporting ; CCH Tagetik has obviously a deep experience of this feature.
SaaS : our experience with CCH Tagetik is of only 1 year, but it technically performs well, the system is reponsive, no shut-down, and updates (every quarter) do not disturb production.
AIH seems to be able to manage very large quantity of data, and to provide advanced analysis functionalities. We did not have time to explore them.
On the home page I can see Team Assignments usually first time not My assignments.
JV posting is slow.
Many error emails about failed JV with the same context.
We receive emails about task certification. Can we receive the list of reconciliations monthly?
Posted/prepared JVs cannot be deleted from the to-do list (there is only one extraordinary case, where we had a BL issue and the JV was booked but without a Document ID).
BlackLine has made our finance team more effective and accurate. Our current ERP system is unable to do any sort of financial activities currently being done with our BlackLine licenses. Prior to BlackLine everything was done manually through Excel and stored in binders. There was no option for a paperless process. We are now 100% paperless in our close process, freeing up time, space and saving money on office supplies.
Because in my oppinion Wolters Kluwer CCH Tagetik is one of the most usable tools for consolidation, planning (controlling) and reporting. Its usability is quite easy and innovative. I like the data entry method for the customers with its workflow and tasks, quite easy way to implement a co pilot. And i like the reporting tool, with a lot of customization opportunities.
BlackLine could use a little work in getting around the system. The interface is not without its issues including lots of scrolling up and down and a lack of using the entire screen. Importing of the initial setup data could be better defined and reimporting data to add additional fields could pose an issue of overwriting data in a negative way.
Surprisingly, this platform is a powerhouse ERP system. However, given time, when more and more organization is able to identify how powerful this tool can be, CCH Tagetik is able to stand as a competitive advantage to many of the Financial industry of today. Although, it needs time to understand the logic behind how CCH Tagetik is formed and setup, once it is known to the user, it is an easy day to day operations with minimal maintenance.
We never experienced an outage with BlackLine. The only time the system was unavailable was during planned outages for updates and upgrades usually Friday evening after 6pm pst until Saturday morning at 6am pst.
CCH Tagetik has alwyas been there in case we need help. In almost 20 years of commercial relationship, I have no evidence of times in which they were not available to answer a question or to solve an issue linked to their products, timely and efficiently.
As you can see, speed depends on the applications but also on the hardware that runs them. As far as CCH Tagetik improved, we saw the benefit of a cloud-based solution which could solve many speed performance issues.
Since implementing Blackline, our support team has had quite a bit of turnover, and as such, it has taken longer than normal to get meaningful resolutions to our issues. The people we have worked with have all been great and responsive. However, the turnover has definitely had an impact on our experience.
I got very quick respons. After very little mail iterations, they decided to have online meeting to look together with me to the issue. They tried to solve it during the meeting. I had the impression that the customer care person really knew the system and was able to ask help from other colleagues when needed
Trainings are available for all topics on the BlackLine U portal. These were incredibly helpful when first starting with BlackLine to get the hang of it. Trainings are useful for any module. I have personally used this to teach myself how to use the tasks and variance modules, which are now fully utilized by my organization. The support team is also very helpful in training our team on anything additional we have needed.
Online training is the only form of training we could deploy during the pandemic. This service has been nonethless delivered with the same standards and the same results of the traditional training procedures.
You will have to meet up with your final users, approver, internal auditor and accounting policy holder. Everyone has to agree. When you have a well written process, workflow, policy, approval requirement, and control, your implementation process will be much easier
we did it in a coaching model. This allowed us to have 2 key advantages: we got to know the system very well and managed to save on the implementation cost. This worked well, was maybe a bit slower since we had to do this in our spare time. Nevertheless I strongly recommand
I have not used any of the other products, but we did evaluate them during our discovery phase. BlackLine was the "Cadillac" of the product offerings. You could get a similar product, and maybe even at a lower cost, but we wanted the best of the best, and that's what BlackLine is. We wanted a product that we could grow into, rather than a product we would outgrow over time as our organization grows. We have only touched the surface with BlackLine so far, and we've already reaped the benefits.
I found the Excel piece of IBM Cognos TM1 to be easier to use than CCH Tagetik. It was much easier to customize the data being pulled and the feel of the reports because of that. Other than that, CCH Tagetik has been more user friendly than IBM Cognos TM1. Navigating within the application is much easier. IBM Cognos TM1 had a lot of issues with certain modules that could not be open concurrently; this would often lead to phantom data being entered in the system. I have not had these issues with CCH Tagetik.
After implementing BlackLine our company acquired another large company with multiple operations. We were able to use the COVID shutdown to bring them on board with BlackLine with little effort in the setup and training of the users.
A good and performing scalability both on a geographical and a legal entity scale. The link with MS Office suite allows an easy deployment of the application, especially for contributors.
Talent retention by creating roles with value-add work and reducing the mundane.
Promotion opportunities for those that have embraced BlackLine and have taken on more complex and more rewarding work as a result of the automation achieved.
Time savings which allowed teams to take on new projects without increasing headcount and without employee burnout.
Gave us a tool that can absolutely grow with us to help multi phase implementations.
A significant time savings in terms of the amount of time we used to spend running reports vs. the time we spend now. Unbelievable improvement.
Gives us the option to use CCH Tagetik to solve business problems that perhaps we didn't have when we implemented CCH Tagetik. It gives us options without the possibility of implementing a whole other software package.
