Automates and manages consolidation, close, regulatory reporting, and disclosure for complex financial institutions, supporting insurance regulatory requirements and compliance.
Platforms that streamline the period-end financial close process, reducing time and errors in financial statement preparation.
More Financial Close Automation Systems
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Automated Journal Entry Posting Ability to automate and schedule journal entries to various ledgers. |
CCH Tagetik advertises automated journal entry posting functionality as part of its close automation modules. | |
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Account Reconciliation Automation Automatically matches and reconciles account balances across systems. |
Account reconciliation automation is a core capability in CCH Tagetik's platform. | |
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Intercompany Elimination Automates the process of eliminating intercompany transactions for consolidated reporting. |
Intercompany elimination is explicitly referenced for consolidated reporting in CCH Tagetik's insurance solutions. | |
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Trial Balance Automation Enables real-time automated generation and validation of trial balances. |
CCH Tagetik offers real-time trial balance automation as part of its close process. | |
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Sub-ledger to GL Reconciliation Automates and manages reconciliation between sub-ledgers and the general ledger. |
Sub-ledger to GL reconciliation is a highlighted feature of consolidation and close modules. | |
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Accrual Management Automates the accrual calculation and posting for period-end. |
Automated accrual management is a standard period-end process in Tagetik's platform. | |
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Suspense Account Monitoring Automatically monitors, tracks and resolves suspense account entries. |
Suspense account monitoring is supported for faster close and reconciliation cycles. | |
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Reconciliation Templates Provides customizable templates for different account types and reconciliations. |
Reconciliation templates are available to standardize and expedite reconciliation processes. | |
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Bulk Close Operations Ability to close multiple entities, books, or business units simultaneously. |
Bulk close operations for multiple entities are supported in Tagetik's consolidation platform. | |
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Soft Close Capability Allows interim closing of ledgers before final close for review purposes. |
Soft close capability is available for interim closings during the review process. | |
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Number of Supported Ledgers Maximum number of separate general ledgers supported in the platform. |
No information available | |
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Custom Workflow Support Ability to define and automate multi-step close workflows tailored to organizational needs. |
Custom workflow support is offered for financial close, ensuring customizable multi-step automations. | |
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Automated Adjustments System identifies and automatically posts adjustment entries as needed. |
Automated adjustments are a core functionality in the consolidation engine. | |
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Close Task Checklists Provides configurable, tracked checklists to ensure all close tasks are completed. |
Close task checklists are configurable in Tagetik to track and ensure task completion. | |
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Close Calendar Management Helps manage and visualize close timelines, milestones, and dependencies. |
Close calendar management is included to visualize timelines and manage close dependencies. |
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ERP Integration Direct connectors or APIs for major ERPs (e.g., SAP, Oracle, Microsoft Dynamics). |
Tagetik provides direct ERP integration with platforms like SAP, Oracle, and Microsoft Dynamics. | |
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Data Import Automation Scheduled or on-demand data imports from multiple source systems. |
Data import automation from multiple source systems is supported via connectors and scheduled jobs. | |
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Real-Time Data Sync Synchronizes financial data in real-time or near real-time. |
Near real-time data sync is available as Tagetik synchronizes with source systems. | |
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Data Validation Rules Customizable controls to validate data integrity during the close process. |
Customizable data validation rules are available during import and throughout the close process. | |
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Data Transformation Tools Features to map, clean, and transform data for compatibility with various systems. |
Data transformation tools are part of the ETL layer, ensuring compatibility with multiple systems. | |
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File Format Support Range of supported data file formats (Excel, CSV, XML, etc.). |
No information available | |
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Integration with Document Management Systems Direct integrations with platforms like SharePoint or Box for supporting documents. |
Integration with document management systems like SharePoint is indicated as available. | |
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API Access Availability of RESTful, SOAP or GraphQL APIs for integration and automation. |
API access is available via RESTful APIs for advanced integration. | |
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Bulk Data Processing Speed Rate at which the platform can process and import bulk data. |
No information available | |
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Audit Trail for Data Changes Tracks all changes made to imported or exported data. |
Audit trail for data changes is included for transparency and compliance. | |
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Manual Data Entry Support Ability for users to manually upload, enter, or amend data as needed. |
Manual data entry is supported in forms and templates within the system. | |
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Master Data Management Integration Supports connectivity to centralized master data systems. |
Master data management integration is present for insurance clients with large entity structures. |
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Segregation of Duties Ability to enforce separation of roles for critical processes. |
Role- and process-based segregation of duties is built into Tagetik with workflow and access controls. | |
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SOX Compliance Features Built-in controls and checklists for Sarbanes-Oxley compliance. |
SOX compliance features and audit-related controls are provided for North American clients. | |
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Audit Trail Comprehensive logging of user activity and changes to financial data. |
Comprehensive audit trails for user activity and data changes are part of the compliance toolkit. | |
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Policy Enforcement Ability to enforce close process policies and escalation rules automatically. |
Policy enforcement is supported for close process steps and escalation. | |
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Attestation Processes Enables formal certification/attestation of reconciliations and close tasks. |
Attestation processes for reconciliations and close task sign-off are included. | |
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Approval Workflows Configurable approval flows for journal entries and reconciliations. |
Approval workflows for journals and reconciliations are customizable in Tagetik. | |
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User Access Controls Granular controls over user roles and access to data/features. |
User access controls offer granular permissions settings. | |
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Automated Controls Testing Features for periodic test and verification of key controls. |
Automated controls testing is enabled for key controls as part of compliance process. | |
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Compliance Reporting Pre-built and customizable reports for regulatory compliance. |
Compliance reporting is available, especially for insurance and regulatory frameworks. | |
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Change Management Tracking Tracks all changes to process configurations, rules, and templates. |
Change management tracking for process configurations is reported as part of audit trail capabilities. | |
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Retention Policy Management Automates application of document/data retention policies. |
Document/data retention policy management is integrated for compliance. | |
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Sensitive Data Masking Automatically hides or redacts sensitive financial information. |
Sensitive data masking is mentioned as a security feature. |
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Workflow Engine Configurable process flows with automated assignment and hand-offs. |
Workflow engine for configurable and automated processes is a Tagetik capability. | |
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Task Automation Automates repetitive tasks like reconciliations, reminders, and calculations. |
Task automation for repetitive tasks is a central offering for close automation. | |
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Exception Handling Automates identification and escalation of exceptions or breaks. |
Exception handling and escalation are configurable for process breaks. | |
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Automated Notifications Sends alerts and updates based on process events or deadlines. |
Automated notifications for deadlines and process events are included. | |
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Parallel Processing Support Allows tasks to be completed in parallel, speeding up the close. |
Parallel processing for multiple entity closes is available. | |
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Scheduling Tools Configurable schedules for automated run of close activities. |
Scheduling tools are provided for automated running of close processes. | |
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Business Rule Automation Ability to define and apply custom business logic for process flows. |
Business rule automation is a core differentiator, allowing for custom process logic. | |
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Role-based Task Assignment Automated assignment of tasks to users based on roles, workload, or rules. |
Role-based task assignment is inherent to workflow management tools in Tagetik. | |
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Performance Monitoring Real-time tracking of process progress and blockers. |
Performance monitoring of process status and blockers is offered in dashboards and reports. | |
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BPMN Support Compatibility with BPMN standard for documenting business processes. |
No information available |
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Standard Financial Reports Pre-built templates for key financial close and reconciliation reports. |
Standard financial reports are included with pre-built templates. | |
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Custom Report Builder User-friendly interface to create custom reports and visualizations. |
A custom report builder with drag-and-drop interfaces is available. | |
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KPI Dashboards Live dashboards tracking close metrics (cycle time, open items, bottlenecks, etc). |
KPI dashboards provide live monitoring of close metrics. | |
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Drill-down Capabilities Ability to move from summary data into details and source transactions. |
Drill-down capabilities from summary to transactional detail are present. | |
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Variance Analysis Tools Automated tools to identify and analyze variances in financial results. |
Variance analysis tools are included for automated variance identification and analysis. | |
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Export Options Range of export formats and direct integration to BI tools. |
Export options include Excel, CSV, XML, and integration to BI tools. | |
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Real-time Close Progress Tracking Live display of process completion, overdue tasks, and status indicators. |
Real-time close progress tracking is visible through interface dashboards. | |
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Report Scheduling Automated, periodic report generation and distribution. |
Report scheduling for periodic report distribution is available. | |
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User-defined KPIs Flexible creation and monitoring of custom close-related metrics. |
User-defined KPIs for custom monitoring are supported. | |
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Benchmarking & Trend Analysis Uses historical data to benchmark closes and spot long-term trends. |
Benchmarking and trend analysis tools are included, leveraging historical close data. |
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Role-based Dashboards Personalized views for different user types (controllers, accountants, reviewers, etc.) |
Role-based dashboards are available for different user personas. | |
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In-app Collaboration Features like commenting, notes, and attachments within the close process. |
In-app collaboration tools like comments and attachments are available. | |
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Mobile Access Responsive web/mobile app interfaces for completing close tasks remotely. |
Mobile access is provided via responsive web interfaces and mobile apps. | |
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User Training Modules Integrated tutorials, training content, and help guides. |
User training modules and online help are incorporated into the platform. | |
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Multi-language Support Availability in multiple languages for global teams. |
Multi-language support is offered for global organizations. | |
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Multi-currency Support Compatible with multiple currencies, conversion rates, and reporting requirements. |
Multi-currency support is available as required for insurance and global finance. | |
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Personalized Task Lists Each user sees their own prioritized and assigned tasks. |
Personalized task lists are presented for each user in the system. | |
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Bulk Actions Perform multiple actions (close, approve, assign) at once to speed work. |
Bulk actions like approving or closing multiple tasks are supported. | |
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Accessibility Compliance Meets standards like WCAG 2.1 for accessible digital experiences. |
Accessibility compliance is indicated in product marketing (e.g. WCAG 2.1 support). | |
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Integrated Chat/Message System Instant messaging for contextual collaboration within the platform. |
Integrated chat and messaging functionality is promoted for team collaboration. |
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Data Encryption Encrypts data in transit and at rest using industry-standard protocols. |
Data encryption at rest and in transit available per security documentation. | |
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Multi-factor Authentication Enhances platform access security via MFA/2FA options. |
Multi-factor authentication is supported for login security. | |
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Regular Security Audits Platform undergoes periodic third-party or internal security testing. |
Regular security audits (SOC 1/2, ISO 27001) are part of CCH Tagetik controls. | |
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Disaster Recovery SLA The committed time within which systems are restored after a disaster. |
No information available | |
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Data Backup Frequency How often the platform conducts full backups. |
No information available | |
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User Session Management Automatic log-off and session control features. |
User session management, including timeout controls, is available. | |
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Security Certifications Possession of industry recognized certifications (e.g., ISO 27001, SOC 2). |
Security certifications including ISO 27001 and SOC 1/2 compliance are held by CCH Tagetik. | |
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Granular Permission Settings Detailed controls for access to objects, fields, and actions. |
Granular permission settings for roles, modules, and actions are supported. | |
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Audit Log Retention Length of time audit logs are retained and accessible. |
No information available | |
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Single Sign-On Integration Supports SSO via SAML, OAuth, or Active Directory. |
Single sign-on (SSO) integration with SAML/OAuth is supported. |
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Concurrent User Capacity Maximum simultaneous users supported without loss of performance. |
No information available | |
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Supported Entities/Business Units Maximum organizational units/entities handled within a single deployment. |
No information available | |
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Close Cycle Time Reduction Typical reduction in close time when using the platform. |
No information available | |
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Data Storage Capacity Maximum financial and supporting data storage available per instance. |
No information available | |
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Load Balancing Support System remains performant during peak workloads through automated load balancing. |
Load balancing during peak times is supported as part of the cloud infrastructure. | |
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Performance Monitoring Tools Built-in analytics for tracking system response and throughput. |
Performance monitoring tools are included to track system health. | |
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Batch Processing Throughput Maximum number of records processed per hour in batch operations. |
No information available | |
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API Rate Limits Maximum number of API calls per time unit. |
No information available | |
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Geographic Distribution Support for distributed teams and operations across multiple regions. |
Geographic distribution and support for global operations is a major feature. | |
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Flexible Deployment Models Options for SaaS, on-premises, or hybrid deployments. |
Flexible deployment models (cloud/SaaS, private cloud, hybrid) are offered. |
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Regulatory Reporting Templates Pre-built templates for statutory, regulatory and NAIC (US) or Solvency II (EU) disclosures. |
Regulatory reporting templates for insurance (NAIC, Solvency II, IFRS) are included. | |
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Policy-to-Ledger Reconciliation Automated tools to reconcile policy systems with accounting ledgers. |
Policy-to-ledger reconciliation is supported as part of insurance vertical solution. | |
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Claims Reserve Calculations Supports actuarial reserve calculations and integration with actuarial systems. |
Claims reserve calculation and interfacing with actuarial systems is included. | |
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Investment Accounting Integration Automated feeds from investment management systems to GL/reconciliation. |
Investment accounting integration is available for insurance-specific use cases. | |
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Multi-GAAP Support Handles US GAAP, IFRS 17, and other insurance accounting standards. |
Multi-GAAP support for US GAAP, IFRS 17, and other local standards. | |
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Reinsurance Agreement Tracking Automated reconciliation for ceded/premium for reinsurance contracts. |
Reinsurance agreement tracking is supported for insurance customers. | |
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Premium Receivable Reconciliation Reconciles policy premium receivables automatically. |
Premium receivable reconciliation is included. | |
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Claims Payments Tracking Reconciles actual claims payments against reserves and accounting entries. |
Claims payments tracking and reconciliation are available in the insurance solution. | |
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Product/Line of Business Segmentation Allows close data and reporting by product or line of business. |
Product/line of business segmentation for close and reporting is supported. | |
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Regulatory Filing Automation System automates the population and e-filing of regulatory reports. |
Regulatory filing automation, including NAIC and Solvency II XBRL/e-filing, is available. |
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Implementation Time Typical time frame required to deploy and go live. |
No information available | |
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Onboarding Assistance Dedicated onboarding and migration support. |
Onboarding assistance with dedicated migration support is a key part of Tagetik's implementation methodology. | |
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24/7 Customer Support Support availability around the clock (live chat, call, or ticket). |
24/7 customer support is available through Wolters Kluwer support services. | |
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Knowledge Base Comprehensive self-serve documentation and troubleshooting guides. |
A comprehensive knowledge base and help center is offered. | |
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Dedicated Account Manager Provides an assigned point of contact for ongoing support and escalation. |
Dedicated account managers are assigned to customers. | |
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SLAs for Issue Resolution Guaranteed maximum times for critical and non-critical issue resolution. |
No information available | |
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User Community Forums Active community or user groups for peer support. |
User community forums are available for Tagetik users. | |
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Training and Certification Programs Structured courses and certifications for users and admins. |
Training and certification programs are offered online and in-person. | |
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Partner Network Ecosystem of third-party implementers and solution partners. |
Broad partner network for implementation and support delivery is developed. | |
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Upgrade/Release Frequency How often platform releases major product enhancements. |
No information available |
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Transparent Pricing Model Clear, published or easy-to-understand pricing (vs. custom quotes only). |
Transparent pricing models are available, although some pricing is via quote. | |
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Modular Pricing Option to pay only for needed modules or features. |
Modular pricing is available so customers can buy only needed modules. | |
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Free Trial Availability Ability to try the software at no initial cost for a limited period. |
Not as far as we are aware.* No evidence of a free trial found on the website; generally requires demo/request for proposal. | |
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Per User Licensing Licensing and cost scales with number of users. |
Per-user licensing options are available based on implementation model. | |
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Transactional Pricing Option Option for pricing based on volume of transactions processed. |
Transactional pricing is available for some high-volume environments. | |
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Implementation Fees One-off fees for initial setup or configuration. |
No information available | |
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Ongoing Maintenance Costs Annual/monthly fees for support, updates, and hosting. |
No information available | |
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Discounts for Multi-year Commitments Reduced pricing available for longer contracts. |
Discounts for multi-year contracts are common practice for enterprise software including Tagetik. | |
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Flexible Contract Terms Monthly/annual options; early termination and upgrade/downgrade policies. |
Flexible contract terms, including annual/monthly or multi-year, are available. | |
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Cost Predictability All-in costs clearly outlined with minimal hidden fees. |
Cost predictability is a Tagetik value message, with efforts to clarify costs upfront. |
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