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Knowing that we are in a highly regulated market and a market that is indeed very fraud sensitive because we're dealing with a lot of money and cash, we do need to include a lot of internal controls, we need to be able to rely on systems that allow us to fulfill all regulatory requirements in an efficient and objective way, and specifically in our case what really caused a revolution was the acquisition of the company by private equity funds.

Key pain points: there was no process in place, no monthly reporting, no management reporting, there's no understanding of the business by finance, so in fact there was a totally mismatch between the current or the actual activities of the finance department and the expectations people had from finance.

When we were looking at the different systems, what really impressed us from CCH Tagetik, was as well the fact that it was very intuitive, it was very user-friendly, having a team that was not at all experienced in having a process as management reporting, intercompany reconciliation and things like that, that was very important for us.

Also the fact that we could easily maintain it afterward, that we didn't have to call consultants in every other month to include new features or to adjust the scope to our business needs, that was a very important factor, but we were also impressed by the technical possibilities of the system, for instance the use of the financial statement version is something the FST's were very impressed about.

We do have a lot of legal entities which need all to be included, we do have a lot of intercompany reconciliations which have to be monitored and put in a certain workflow … having the possibility of having one version of truth, really having one system that was combining as well the management reporting as the statutory reporting for sure, because the management reporting is really something we use day to day, it's really a tool to support the business and to let it grow, while the statutory reporting consists at least of a minimum requirement that has to be done and if it can be integrated and if you are talking about the same figures, you do not lose time in comparing figures and explaining where the differences are coming from, but you can really spend your time on evaluating the content of the reports.

The efficiency impressed me: the fact that it was people learned to work with it, so quickly, they immediately got around in the system, they could easily assist our consultants, we were not at all depending on them, we could easily find the things ourselves, the fact that it's intuitive, it looks and feels like Excel, it's very much something people are easily getting used to.

The second aspect that impressed me was the logic behind it, the fact that we could work with scenarios and the consolidation process as such which allows us to shorten the reporting deadlines from day one.

The benefits from having CCH Tagetik as a system for reporting and consolidation are, first of all, in enabling us to work in a more cost-efficient way, in eliminating non-value-added activities by not having to compare different data sources, by not having floating around Excel files which have to be checked and compared.

We really have one single version of the truth, one database, that's a cost-efficient way of working, it has helped us to reduce headcount in the department, also it has helped us to reduce the reporting deadlines so we could lower them by 50% so we save a big amount of time, but for me the most important one is really the added value of having a data warehouse or a source where you can find as well operational as financial data, that gives me the opportunity to really focus on the content, to see how the business is evolving and how we can forecast this, rather than focusing on the process before the results of the report.

The benefits for me as a CFO is really having a system available which is reliable, available at all times, and which contains all relevant information, as well as the financial ones, as the operational ones, as well the past, as the futures so we have budget included and not only the P&L; reporting but also allowing us to look at cash, at cash forecast and including in fact some forward-looking KPIs and some analytics in one big system.

Yes, I would for sure, recommend CCH Tagetik to someone else.

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