Tagetik: Experience & Business Simplexity
Simplify how people work together, manage business processes and deliver value
Why Disclosure Management & XBRL Reporting keep CFOs up at night
VP Advanced applications
Marco Mattei
TAGETIK HIGHLIGHTS
100% FOCUS ON PM AND FG
GLOBAL PRESENCE
SINCE 2001: DOUBLE DIGIT GROWTH
400+ WORLDWIDE CUSTOMERS IN ALL VERTICALS
STRATEGIC PARTNERSHIP WITH MICROSOFT
ANALYST VALIDATION:
Laser-focused on financial process excellence according to FORRESTER
Visionary Vendor according to GARTNER's Magic Quadrant for CPM Suites 2010
LARGE PARTNER NETWORK
What is the last mile of Finance?
The ‘Last Mile’ represents the final hurdle of financial reporting and regulatory disclosure, covering all of the tasks post-consolidation leading up to the delivery of internally or externally published results in whatever presentation format they are required. Whereas the earlier (pre-consolidation) phase of the financial reporting supply chain is concerned primarily with the flow of transactions (more usually balances) the post-consolidation phase is mostly about the flow of documents. But effortless document production sits uneasily with the corporate finance function because of the variety of stakeholders that need to be satisfied, the diversity of end-user tools deployed in document creation, as well as the lack of process support and poor integration.
Disclosure and Reporting has become “Top-of-Mind” for Finance
“In 2010 <there was> a rejuvenated focus in financial consolidation and close, financial disclosure, financial governance, <and the> last mile of finance.” Increasingly burdensome regulatory requirements, such as IFRS, fueled this trend.”
- Gartner Market Share Analysis: CPM Suites, Worldwide, 2010, May 13, 2011
Why?
Corporate reputation is on the line with each filing
Disclosure and compliance requirements continue to expand
Finance resources are diverted from strategic activities by disclosure
The cost of outsourcing XBRL increases with each year of filing
CFOs want more control, visibility, and accountability into disclosure
Disclosure and Reporting has become “Top-of-Mind” for Finance
• Multiple Stakeholders / Collaboration: This represents a serious challenge as information is passed from one functional area to another (corporate finance, investor relations, public relations, internal audit, external audit, complaicne, legal counsel, printers, ...):
• Versioning
• Process control/workflow (approval, rejections) and Audit Trail: Multiple people working simultaneously on the same document with however separate responsibility for different document sections
• Variety of final documents (10Q/10K, Annual report, Press Releases, Board Book, CSR Report, Management Reports, ...) all presenting the same data in different formats/layouts and with different comments
Disclosure and Reporting has become “Top
-of-Mind” for
Finance
• Lack of integration, lack of process support and heavily manual: In contrast to the well developed processes of the pre-consolidation phase, the «Last Mile» is seriously under-served with no workflow between stakeholders and no integration between source systems (ERP, Financial Consolidation and Datawarehouse) and outputs.
• Proliferation of spreedsheets
• Cumbersome process to collect the comments/inputs from the various stakeholders and consolidate them in one version only
• Long Time spent chasing that $1 due to rounding effects
• Very inefficient process: always start from scratch and retype/re-link all comments and tables
• Error and Delay prone
• No visibility on process status
• No control that required checks and authorizations have been issued
• Last Minute Changes: Difficulty in ensuring that changes in the underlying system are correctly reflected in the financial statements
Disclosure and Reporting has become “Top-of-Mind” for Finance
• Variety of end-user tools
Report Object
Financial Tables and schedules Financial Results and comparatives
XBRL Regulatory filings XBRL and iXBRL
Bar charts and pie charts Turnover, profit, volumes, segmental analysis, market share, ... Excel
Diagrams Internal processes,... Power Point
Photographs Products, Employes, Plants, Offices, ... Bit map or jpeg
Collaborative Disclosure Management
Collaborative Disclosure Management
Collaborative Disclosure Management
Collaborative Disclosure Management
TARGET
DOCUMENTS TO DISCLOSE
FORMAT
Internal Reporting
Board Books
Flash Reporting
Management Reporting
Regulatory Reporting
Reporting to Federal (State/local agencies)
SEC Filings (10K, 10Q, etc.)
Solvency II / Pillar 3
External Reporting
Investor Relations
Statutory Reporting
CSR Reports
Press Releases
Annual Report
Legal
Notes & Exhibits to Statutory Filings
Proxy Statements
Application architecture
CDM solution
10Q – 10K document creation: - Data Refresh - Commentary - Round./Bal.
- Excel Workook - Other unstructured Files. Legal Consolidation in HFM. BOFC, BOBPC, Cognos
Transactional Systems
Full CPM solution
- Legal Consolid.
- Financial Reporting
- 10Q-10K Reporting
Transactional Systems
Connection to External Source Data via ETL
Legal Consolidation in HFM. BOFC, BOBPC, Cognos
Unstructured
COLLECT
Consolidation Planning Reporting
TAGETIK 4.0 Collaborative Disclosure Management
When it comes to the quality of your company’s financial reporting, your credibility and reputation are on the line. It’s critical to win the RACE to integrity by making your disclosure process:
Repeatable Accountable Credible Efficient.
Collaborative Disclosure Management solution helps you win that RACE
• Ensure disclosure accuracy, quality and accountability by making it a parallel process.
• Allows contributors across the organization to collaborate on disclosure documents in real time, directly within Microsoft Office.
• Reduces the time, effort and cost of publishing annual reports, 10Ks/Qs, XBRL and board books.
TAGETIK
CDM
Helps Win the RACE to Disclosure Via:
• Link to different data sources
• Collection of supplementar details
• Supporting multiple document formats
• Ability to attach supporting documents
• Maintaining multiple versions
• Built-in financial intelligence
• Workflow and collaboration
• Validation rules
• Data Rounding
• Full audit trail of all changes
• Automated XBRL tagging and submission
TAGETIK CDM some examples:
TAGETIK CDM some examples:
TAGETIK CDM some examples:
TAGETIK CDM some examples:
TAGETIK CDM some examples:
TAGETIK CDM some examples:
TAGETIK CDM some examples:
