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MONETA Money Bank a.s.
We were looking for a unified but flexible tool for IFRS data accounting and group consolidation and CCH Tagetik proved to be the most suitable solution for our needs, considerably simplifying our processes on both a consolidated and individual level.
MONETA lacked a unified platform for consolidation, while the preparation of IFRS financial statements and group consolidation was fully Excel based. Moreover, MONETA had no ESMA solution.
The main objectives of the project included implementing a unified platform with automation of IFRS adjustments and group consolidation for monthly financial reporting. Also, prioritized was strengthening the control environment and better data quality through elimination of manual activities, with the aim of reducing the closing process by at least one business day.
The CCH Tagetik solution
CCH Tagetik proved to be the best solution for MONETA’s needs. It has provided automation of IFRS conversion adjustments for monthly financial reporting, group consolidation and automatic generation of financial statements for both consolidated and single entity level. Overall, there is a better controlled environment and improved data quality.
MONETA implemented CCH Tagetik iXBRL, powered by CoreFiling to comply with the ESMA requirements and prepare the iXBRL version of the annual report. Using CCH Tagetik Collaborative Office. The CCH Tagetik Consolidation module subsequently proved to be the best fit for MONETA’s automation project for IFRS reporting and group consolidation.
With its experience of both technical and business aspects of finance, Inulta cooperated on the implementation in both the disclosure management and consolidation modules. With a tight timeline, the modules were setup and tested in parallel. According to MONETA: “The number of issues encountered during the testing was below our expectation and in addition, those were usually fixed immediately.”
Main advantages MONETA Money Bank a.s. gains with CCH Tagetik
Automation of IFRS conversion adjustments for monthly financial reporting |
It has provided automation of IFRS conversion adjustments for monthly financial reporting, group consolidation and automatic generation of financial statements for both consolidated and single entity level |
Group consolidation and automatic generation of financial statements on both consolidated and single entity level |
The CCH Tagetik Consolidation module subsequently proved to be the best fit for MONETA’s automation project for IFRS reporting and group consolidation. |
Better control environment and quality |
Automation of IFRS conversion adjustments brought overall a better controlled environment and improved data quality. |
On time and on budget implementation at a fixed price |
A complex, comprehensive consolidation and reporting solution in just 15 weeks |