Flexible. Scalable. Consistent. The one stop solution for your financial reporting needs.
Updated March 26, 2021
Flexible. Scalable. Consistent. The one stop solution for your financial reporting needs.
Score 9 out of 10
Vetted Review
Verified User
Software Version
4.2.2
Modules Used
- CPM
Overall Satisfaction with Wolters Kluwer (CCH Tagetik)
CCH Tagetik is used for the drafting of the group's consolidated financial statement by the statutory financial statement office and the budgeting,planning and controlling department. It is also used by our accounting department for the publishing of the annual report for the single legal entities within the group. Minor implementations includes tools for financial planning, VAT, cash pooling processes management beside other controlling applications. Finally, CCH Tagetik is the feeding application for some compliance procedures such as ERM and L. 262. Recently we have covered "the last mile of finance" by implementing the Collaborative Office tool to manage the MS Word document. We have also started a new project of ESEF filing automation with the implementation of CoreFiling add-on for CDM.
- Data entry procedures. The integration with MS Office suite applications made data entry activities easy like filling an Excel spreadsheet, with the only difference that any detail is stored in a consistent database which can be easily analysed.
- Reporting utilities. For the same reason the reporting tool makes data report and analysis easy and faster than before.
- The consolidation processes can be easily controlled thanks to a work flow utility which shows the main steps of the process and the state of completion validated by any single user.
- Data quality and auditability. Data are stored in a solid a consistent DB structure which contains also all the details suitable for any system audit need.
- ETL tools can be easily customized, thus allowing a fast incorporation of new companies into the consolidation perimeter with a specific ETL routine.
- A specific feature of CCH Tagetik let you create multiple scenarios in which you can vary for the same period the consolidation perimeter. This is very useful if you are looking for implementing what-if analysis tool or you need to make restatements to your previous closing.
- Collaborative Office tool to manage and draft the MS Word document end extract the iXBRL file in line with ESMA reccomandations.
- The communication between users on the same platform could be improved by means of a private chat system. It seems that they have worked on it and included in the last version.
- Less time spent on data entry and report creation procedures.
- More time spent on data analysis.
- Less time for computing data.
- Incorporation of multiple compliance procedures (such as SOX and ERM) on the same platform, avoiding duplicated analysis.
- SAP and Hyperion
With reference to those products, CCH Tagetik showed to be more flexible and had minor impacts on user interface experience, allowing us to obtain the reporting package we were looking for.
Wolters Kluwer CCH® Tagetik Feature Ratings
Using Wolters Kluwer (CCH Tagetik)
96 - The majority of CCH Tagetik users is from administration and accounting department as well as management accounting department. They have a typical contributors role, while the staff who manage the system is really concentrated on a dozen people.
2 - 2 people are in charge of the internal support for the application. They are followed by a team of consultants who are responsible for massive and structural improvements.
- Data collection
- Data flow management
- Reporting routines
- Support to compliance routines (such as risk management) which are not directly involved in the financial reporting process.
- Financial document drafting (which could also include presentations).
- Non-financial information management.
Do you think Wolters Kluwer CCH® Tagetik delivers good value for the price?
Yes
Are you happy with Wolters Kluwer CCH® Tagetik's feature set?
Yes
Did Wolters Kluwer CCH® Tagetik live up to sales and marketing promises?
Yes
Did implementation of Wolters Kluwer CCH® Tagetik go as expected?
Yes
Would you buy Wolters Kluwer CCH® Tagetik again?
Yes
Evaluating Wolters Kluwer (CCH Tagetik) and Competitors
Yes - We replaced our old in-house developed system (which was based on MS Access). At that time we strongly needed a solution that could support our growing consolidation perimeter and our requests of automation in terms of data collecting, data management and reporting.
At a first glance, the look & feel of CCH Tagetik give us the impression of a dynamic application which could fit to our reporting needs with an intuitive Excel based interface.
I think we invested enough on our evaluation and selection process, coming to the solution which was (and still is) the most suitable at that moment.
Wolters Kluwer (CCH Tagetik) Implementation
- Professional services company
Ernst & Young
Yes - The implementation was concerning the consolidated annual report as well as consolidated management report activities. It was a classical implementation process with an AS-IS analysis followed by a TO-BE section. Then we started implementing the database for the annual report, then we expanded it with the dimensions of the management report. After that we make a test of the main consolidation routines on previous year's results and started to build the reporting set. At the end we make some training session to contributors then started the first consolidation cycle with CCH Tagetik.
Change management was a big part of the implementation and was well-handled - As any other change management circumstance, you need a strong internal sponsorship in order to build consensus around the project. Then during the implementation process you should think everytime at what you would like to receive from your CPM application instead of thinking about what the previous application was still doing for you.
- translating the new data model from the previous one (which was different and more bounded to system's limitations)
- bringing approval process inside the application instead of managing it by phone or by email
- thinking with an atomistic point of view (the fear of having too much little pieces of information is always behind the corner)
Wolters Kluwer (CCH Tagetik) Training
Wolters Kluwer (CCH Tagetik) Support
| Pros | Cons |
|---|---|
Quick Resolution Good followup Knowledgeable team Problems get solved No escalation required Support understands my problem Support cares about my success Quick Initial Response | None |
Not Sure
Some years ago one of our subsidiary was looking for an application to run its sub-consolidation routines, preserving at the same time the necessary privacy filter to deliver us the data only once it was ready to use. In that circumstance CCH Tagetik provided us a dedicated team of consultants that built an ad-hoc environment which was integrated with the main server application but which could be seen by the main consolidator only after a specific approval of the subsidiary. This solution was so performing that we decide to adopt it also for other branches. Beside that, also the construction of our intercompany cockpit was made with a specific commitment on us.
Using Wolters Kluwer (CCH Tagetik)
| Pros | Cons |
|---|---|
Like to use Relatively simple Easy to use Well integrated Consistent Quick to learn Convenient Feel confident using Familiar | None |
- the intercompany dashboard, which gives a complete outlook of all the intercompany reconciliations
- the Excel macro for the reporting generation
- merger and acquisition automatic recordings are sometimes difficult to configure.
Yes, but I don't use it