What are your key financial challenges?
We are a collection of about 45 businesses in some high-return, high-niche markets, and it is quite demanding from a finance point of view to control and understand the performance of each of those businesses.
We need to respond to our partners very rapidly, having good quality data that you can turn into meaningful, insightful information to drive decisions, make changes and ultimately boost returns.
Why CCH Tagetik?
We chose the CCH Tagetik system because it met all of our demanding functional and non-functional requirements. During the demo phase the system had the best look, feel and user experience and we were really impressed that the CCH Tagetik team listened very carefully and responded to our needs.
How was implementation?
We set an aggressive timetable of 13 weeks for implementation, to get it deployed across 45 different businesses. We successfully deployed this in the timeframe and were fully compliant with IFRS 16 for our half-year reporting: a great result.
What have you achieved with CCH Tagetik?
At a group level the CCH Tagetik Lease Accounting system gives us a global view on the complex accounting reporting of all our businesses. It also enables all our 45 operating companies to be compliant in a consistent and standardised way. Finally, a single platform for all of our operating businesses means greater knowledge sharing and efficiency across all our operations. The best tool for an IFRS 16 solution is one that has robust controls and workflows with validations. At Halma, the three challenges of implementing the new standard were adding new processes without adding complexity, ensuring standardisation across all of our 45 businesses and ensuring accountability for our local operations.
The CCH Tagetik IFRS 16 Implementation solution was fantastic for Halma. The team were great, we deployed it on time, and I would certainly recommend it.