Streamlining financial reporting with CCH Tagetik
The Client
About
Millbrook Healthcare
Acquired in 2019 by Cairngorm Capital, Challenge Millbrook Healthcare Group is the leading UK provider of equipment, adaptation and fast growing technology-enabled care solutions.
Its services are aimed at supporting people living safely and independently in their own homes, creating better outcomes and reducing the need for more expensive forms of care. It currently employs 1200+ staff operating from 45 locations across the UK.
The Challenge
As a Group with a c.£150 million turnover, Millbrook has complex reporting requirements but no established financial management systems. The absence of a centralised system for consolidating financial data from multiple transactional systems and spreadsheets was creating difficulties in aggregating and reconciling group-level data.
The intercompany cockpit, a critical aspect of the Group’s reporting, was historically managed using just spreadsheets. This led to intermittent completion and late submissions during the reporting cycle, causing delays and hindering timely decision-making.
There was a clear objective to have a comprehensive Group dashboard solution that could pull together relevant financial information from various sources and provide depth, completeness and regular reporting. This would enable the management team to reference and
analyse data systematically.
Tagetik would introduce a more systemised approach to our financial reporting, ensuring the Group’s reporting process is more structured, accurate, and efficient.Systems Accountant, Millbrook
The Solution
With previous experience of using finance performance management system CCH® Tagetik and of working with Codestone, it was a natural choice for Millbrook to replicate this successful partnership.
Codestone implemented CCH Tagetik to streamline the company’s financial reporting processes and support better decision-making for its financial management. Tagetik’s capability in handling entities, scenarios and custom dimensions proved crucial in reporting on the company’s complex structure with approximately 150 business units across the group. This has resulted in more detailed and comprehensive reporting.
Moving from legacy systems to a new platform can cause challenges when some employees continue to rely on the old systems or workarounds. Millbrook is actively working on fully transitioning to Tagetik reporting and because it is so intuitive, staff are quickly gaining user proficiency, making it easier to handle reporting needs and allowing for continuous improvement in the overall process.
Managing and reporting on intercompany relationships is an area where Tagetik has facilitated better control and transparency, reducing errors and delays in the reporting cycle. In addition, Millbrook is confident that Tagetik will also streamline the auditing process by having all financial data in one platform.
Overall, deploying Tagetik has resulted in a more systemised, intuitive and efficient financial reporting process, resulting in enhanced financial management for the organisation. The ongoing journey with Tagetik and Codestone to fine-tune and develop the system will ensure that the platform optimises and continues to support the company’s evolving needs.
From set up, Codestone is now assisting us with any adjustments needed in the core system and we will continue our relationship as our transformation journey evolves.Systems Accountant, Millbrook
Discover the Benefits
Financial Rigour
Tagetik prevents manipulations and ensures that the financial position is based on accurate and agreed-upon data. It restricts users from deviating from certain parameters, making the outputs more reliable and credible.
Improved speed of reporting
Previously, the reporting cycle was slow and lengthy, with data retrieval from legacy systems causing delays. Millbrook’s aim is to cut down the reporting time from Working Day 20 to less than 10 days. This improvement in reporting speed will lead to more agility in responding to market changes.
Increased level of reporting
Although there are still a number of challenges in getting data from core and legacy systems, it is anticipated to improve over time as Tagetik provides a higher number of reports and outputs.
More regular reporting
Reports are generated when they are needed, eliminating the irregularity that previously existed.
From our previous roles, both the CFO and I were already familiar with Codestone and had confidence in their Tagetik credentials; it’s been great working with them again. They have been very supportive to us during a period of considerable strategic change, as the business consolidates to focus on providing the equipment, adaptation and technology solutions to support the NHS’ Home First and Healthcare at Home approach.Systems Accountant, Millbrook Healthcare