Budgeting, Planning & Consolidation

The processes of planning, budgeting, forecasting, cash flow planning, management consolidation, statutory consolidation and financial reporting form the core of any Performance Management system. Since Tagetik 3.0 unites all of these processes in a single system, companies can manage their business performance without the painstaking task of integrating multiple products and technologies. This simplifies application management, improves control processes and provides the necessary transparency and traceability with regards to compliance.

Tagetik 3.0 helps you integrate and manage highly complex budgeting processes at various organizational levels:

• Business units (operational budget)
• Entities (corporate budget) 
• Group (consolidated budget)

By consolidating all budgeting activities across your organization into a single process, you can easily compare your budget estimates to actual performance. Built-in features support detailed variance analysis as well as sophisticated data reconciliation.

To tightly unite the processes of statutory consolidation and financial reporting, you can easily enter statistical data, comments and other detailed information in the application. These notes and narrative documents guarantee that your information is completely reliable and traceable so that you can disclose this information without second thoughts.

Tagetik 3.0 unifies the processes of planning, budgeting, forecasting and consolidation to help companies effectively manage their business performance:

Translate strategic plans into operational activities

Tagetik 3.0 allows you to translate your strategy into specific goals and measures. As a result, you can closely monitor emerging trends and quickly analyze their potential financial impacts. The software supports a top-down planning approach starting from group to operative goals in order to align the entire organization in executing the planned strategy.

Develop different planning and forecasting models

Tagetik 3.0 has powerful features to flexibly model budgeting and forecasting processes using sophisticated driver-based approaches. As a result, you can quickly create customized corporate, sales, personnel, investment, or other types of budgets to reflect your unique business and industry requirements. You can manage these processes from the top down or bottom up and easily define rules that allocate entire budgets down to detailed levels.

Manage different budget versions and run what-if analysis

Tagetik 3.0 can easily store multiple versions of budgets and forecasts to facilitate comparisons at a later stage. In addition, you can centrally manage sophisticated what-if analysis for remote users. Through this snapshot functionality, each user can create simulations and review their potential financial impacts.

Build capital budgets and forecast cash flow

Tagetik 3.0 offers built-in functionality for modeling the process of financial budgeting by defining management rules for collection, payments, taxes, interest rates, or even currencies. When you change one budget item, you can immediately see the potential effects on cash flow, income and expenses. As a result, you can easily create more accurate financial budgets and forecasts.

Manage statutory consolidation, management consolidation and intercompany reconciliations in a single environment

Tagetik 3.0 completely manages all processes needed to consolidate data for both financial and management reporting. Users can effectively monitor and control highly complex consolidation processes involving multiple users and business entities. The software can simultaneously support consolidations based on different accounting standards (e.g. IFRS and US GAAP). In addition, it can reconcile intercompany bookings down to individual transactions for complete transparency.

Ensure consistent numbers in statutory, management and financial reporting

Tagetik 3.0 unifies all financial data in a single database that manages multiple accounting standards and reporting requirements with complete traceability. As a result, you can quickly generate a single version of your data that can be shared both inside and outside your organization.

Manage processes

Tagetik 3.0 allows you to manage collaborative processes for collecting budget data. This makes it easy to later trace who entered or modified which information when and where. Built-in features ranging from approval and rejection processes to e-mail and logging make it easier to monitor this process across different organizational levels. In addition, you can define the necessary steps and operational workflow controls to match the roles and responsibilities of each individual user.