Financial Consolidation And Close

Financial consolidation and close as part of corporate performance management is mandatory for many companies under the IFRS 10 International Accounting Standard. Delivering the correct structure of consolidated financial statements, however, can still be a real challenge, especially across multiple entities, currencies, and reporting standards.

That’s why we implement CCH® Tagetik: a reliable technological solution that ensures the accuracy and consistency of financial consolidation from a single trusted source of information, with Expert AI built directly into the process rather than added on top.

Key features of the software solution

Process Monitoring

Manage data entry flow by defining accounts, forms, and calculation logic for every step across the process, or match different data models to different entities. This stage can also be extended with AI Automapping, which intelligently matches incoming files, across languages, sources, and dimensions, to your existing structure, and learns from every manual adjustment, where available.

Shave Days Off Close

Instantly validate, reconcile, and run calculations in minutes, not hours, using an in-memory driven consolidation engine. This can be complemented with AI Anomaly Detection, which flags outliers and explains why before they move downstream, and AI Transaction Matching, which automates intercompany and AR reconciliation.

Fast, Accurate Reports

Even with multiple books, currencies, and contributors, a single source of truth is represented across statutory and management reports. Ask AI can add natural-language, conversational access to dashboards, visualizations, and Excel reports in 10+ languages, as an option on top of standard reporting.

Audit & Control

Easy audits and complete control of sensitive data, with audit logs of journal entries, metadata, adjustments, narrative, calculations, and more. Finance always sees who made changes and when. Where enabled, this can be paired with a Diagnostic Hub that centralizes validation and error resolution with natural-language diagnostics and drill-down straight to the source form.

AI Capabilities for Faster, More Accurate Consolidation and Close

CCH Tagetik‘s Expert AI is designed to work alongside finance judgment, not replace it. The capabilities below are available within the platform and can be added to your close and consolidation process. Which ones apply, and how, depends on your specific environment and licensing, something we’re happy to walk through with you directly.

• AI Automapping — matches incoming data files to your CCH Tagetik structure across languages and sources, for faster, governed data collection.
• AI Anomaly Detection — flags deviations in actuals, budgets, and variances, and explains the drivers behind them, down to the lowest-level element.
• AI Diagnostic Checks — centralizes validation and error resolution in a single hub, with natural-language diagnostics and drill-down to the source.
• AI Transaction Matching — automates intercompany and AR reconciliation using fuzzy, rule-based, and ML-driven matching that improves with use.
• Ask AI — conversational, multi-language access to dashboards, navigation, and Excel reporting.
• Intelligent Disclosure — live collaboration in Microsoft 365, with data, charts, and tables dynamically linked to the report, and Microsoft Copilot support for drafting narrative disclosure.

Leaders of the industry

CCH® Tagetik by Wolters Kluwer has been named a Leader in the Gartner® Magic Quadrant™ for Financial Close and Consolidation Solutions for the third year running, and continues to rank highly in the BARC Financial Consolidation & Group Accounting Survey.

At CRMT, we partner with best-of-breed solutions on the market. But you don’t have to take our word for it: the solutions we implement consistently rank highest in research completed by independent analyst firms.

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Consolidation Insights & Resources

• CHECKLIST: Software Evaluation Checklist for Financial Consolidation
• WHITEPAPER: 5 Paybacks of Automated Financial Close and Consolidation
• WHITE PAPER: 4 Hidden Costs of Legacy Close and Consolidation: Why Your Current Process is Draining Your Business
• BLOG: Emerging Trends in Financial Consolidation: Is Your “Engine Room” Future-Proof?
• BLOG: The Integrated Tax Lifecycle
• DEMO: CCH® Tagetik for SAP HANA Drill-Through demo
• DATASHEET: CCH® Tagetik Financial Close & Consolidation

Technologies

Wolters Kluwer

CCH® Tagetik by Wolters Kluwer continues to set the standard for excellence, and it was once again recognised as a Leader in the 2025 Gartner® Magic Quadrant™ for Financial Close and Consolidation Solutions.