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How Acrelec Reduced Its Financial Close to D+3 with CCH Tagetik
Partenaires technologiques :
The Acrelec project began with the objective of meeting management consolidation needs, followed by statutory consolidation. At the time, the group had around twenty subsidiaries. Management reporting was done using Excel files, while statutory consolidation was outsourced.
What were the challenges for Acrelec’s financial consolidation?
Acrelec wanted to improve the reliability of its management consolidation, then prepare for the transition to statutory reporting. At the project’s launch, the group had around twenty subsidiaries. However, the tools could no longer keep up with this growth. Four key challenges emerged:
Choosing the solution
Acrelec was initially looking for a management consolidation solution. Then, the tool needed to evolve towards statutory consolidation. CCH Tagetik met both needs. The group selected it based on four criteria:
- Consolidation power
- Data management
- Ease of use
- Scalability
MeltOne complemented this choice with its support. According to Marina Pin, the team brought a strong ability to make proposals. In addition, it has strong expertise in both the business and the product. As a result, it guided Acrelec towards the outcome targeted from the outset.
How MeltOne deployed Tagetik consolidation at Acrelec
Brice Piquemal, EPM Manager at MeltOne, led the project. It targets a unified solution: statutory consolidation and management reporting:
- Common foundation: all stakeholders come together to design a unified solution.
- Detailed workshops: each function sets out its needs and challenges.
- Configuration: MeltOne teams handle the integration.
- Delivery and testing: Acrelec tests the solution and takes ownership of it.
- Statutory consolidation: MeltOne expands the scope once management reporting is in place.
This final stage covers several workstreams. First, the entry of flows produces a reconciled cash flow statement (CFS). Next, the notes to the accounts are added. For example, the tax note allows for the production of a consolidated tax proof based on local tax proofs. Finally, automated processes manage the transition from statutory accounts to consolidated accounts. They also justify all IFRS categories and natures that impact consolidated reporting.
“MeltOne, with its ability to make proposals, with support, mastery of the business and the product, was able to support us and make strong proposals, provide good choices and guide us towards the outcome we had in mind initially.”
Results: a monthly close at D+3
D+3 means the close is completed three days after month-end. Acrelec now manages its management consolidation via Tagetik. The tool also reconciles around thirty subsidiaries. The group is preparing to bring its statutory consolidation in-house.
Teams benefit from three key gains:
-
A reconciled P&L:
the management reporting P&L aligns with the consolidated P&L, with variances explained by nature. -
Enhanced consolidation:
The solution makes it possible to produce any type of balance sheet and analysis. -
Complete statements:
The consolidator has all the statements needed for their financial analyses.
The next steps are already mapped out. Acrelec wants to leverage this reliable foundation with IFRS 16. Likewise, the group is considering leveraging its database, likely with Power BI.
“The outcome at Acrelec Group in two words is very simple. They can currently reconcile a management reporting P&L with a consolidated P&L by justifying potential variances across different categories.”
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Frequently asked questions
For its consolidation power and ease of use. The tool also made it possible to evolve towards statutory consolidation.
MeltOne facilitated the workshops and configured the tool. Then, the team supported testing and the move to statutory consolidation.
Monthly close moves to D3. The group also reconciles around thirty subsidiaries in the tool.
The Acrelec group is preparing to bring statutory consolidation in-house. It is then considering IFRS 16 and Power BI.
They optimized their performance with MeltOne
