Group Reporting Implementation with Tiego

  • Ahead of a demo, we research your organization and can already discuss any industry-specific experiences we have had and solutions we have made in TGA at a first meeting.

  • The result of a workshop is that you will gain a unique insight into the system and get to know Tiego's consultants, and we at Tiego will get to know you and your team before a potential implementation.

  • The workshop and potential implementation follow three different "blocks".
    BLOCK 1: REGISTER OCH REPORTS
    BLOCK 2: INPUT DATA
    BLOCK 3: CONSOLIDATION

DEMO

We at Tiego want to simplify an implementation and at the same time understand the difficulties and challenges of your organization. As an introduction, we would like to conduct a demonstration on data in our demo database, which we can often do within 24 hours upon request. It may also be the case that you have a request for a quote before a demo, and we are happy to answer that - please see examples of quote requests and responses by clicking on this link.

Ahead of a demo, we research your organization and can already discuss any industry-specific experiences we have had and solutions we have made in TGA at a first meeting. Read more about such experiences and solutions by clicking on one of the links below:

Our goal with a demo is to create trust for a cost-free workshop where we upload your data after a confidentiality agreement has been signed.

WORKSHOP

Tiego offers a free workshop with the goal of making as much progress as possible within a week's time. Read more below about what Tiego needs and what is expected of you as a customer in the collaboration during the week the work is ongoing.

We call it "magic" what happens in a workshop when we (usually) manage to import on transaction level, specify what is needed, and can deliver reconciled cash flow analysis for all companies in all periods and also drill-down to transaction level.

Checklist of what needs to be sent to Tiego before a workshop (no later than seven days before the half-day we have together):

• Data for the companies: In descending order: 1. SIE4 files, 2. General ledger exports, 3. Balance sheets per month, 4. Income statements and balance sheets covering OB, the year and UB, 5. Report package

• Company structure

• Consolidation for the latest completed fiscal year

• Basis for acquisition analysis • Basis for reconciliation of internal transactions

• Examples of management reports • Anything else that may facilitate Tiego's work with the workshop.

Two to three days before the workshop, we will hold a preliminary meeting where our request is that you log into the database and provide feedback on the mapping of local chart of accounts to the group's equivalent, as well as read the introductory sections of the documentation on web.tiego.se. We have chosen to use a comparison to karate and its grading system with different colored belts to show the most time-efficient way to acquire knowledge in TGA. Click on this link to read more about it. We usually say that Tiego spends 90% of the time preparing, but as a participant, you need to spend 10%, or about 3-4 hours in addition to the preliminary meeting and the workshop itself.

The result of a workshop is that you will gain a unique insight into the system and get to know Tiego's consultants, and we at Tiego will get to know you and your team before a potential implementation. We want you to feel like you are "on the starting line" and already have a good understanding of how much is left until the system can be implemented, and you could potentially replace your current solution for group reporting without paying anything.

STRUCTURE

The workshop and potential implementation follow three different "blocks" where we almost always start with 1. Registration and Reports, then move on to 2. Input, and end with 3. Consolidation. There is a lot of experience accumulated over the years from various solutions at different customers, and it is often very rewarding to build on both familiar and new solutions with customers.​

BLOCK 1: REGISTER OCH REPORTS
A demo is conducted on Tiego's standard chart of accounts which is based on BAS 2020 supplemented with accounts needed for group reporting. Already during the demo, we discuss which dimensionality you desire, where we always at least include department as a dimension (except if you have a counterparty in the account string). We briefly show that everything is prepared for reporting of note information to produce both local and group annual reports. Export to a simple management report is also shown using our own "retrieve functionality" that can retrieve all information in the system.

BLOCK 2: INPUT DATA
During the week Tiego has available before the workshop, the majority of the time is spent on importing, mapping to the group chart of accounts, and making specifications. Mapping of Swedish local charts of accounts is usually very simple as almost all companies in Sweden follow the BAS chart of accounts, but it can be time-consuming for foreign companies. However, Tiego has worked on mapping many countries' charts of accounts for many years and has a lot of experience among its consultants, and previous mappings are available. Communication with the customer also takes place to ensure that everything is as correct as possible, but we are clear that even if all accounts are mapped, it is necessary to come back during an implementation and carefully review everything together with local accountants.

If we have received transaction information, it is often possible to make significant progress or complete the specifications for correct indirect cash flow. It is not uncommon for us to find that local accounting needs to be adjusted to match, and this is done smoothly with a voucher in the system (a booking on the TB matrix - read more about the system's structure by clicking on this link). We are proud to have a system that has a complete audit trail where it is easy and clear to follow which changes have been made to reports.

If we have received balance sheets or report packages, it is more challenging to reach reconciled cash flow analyses, but then we can often highlight any issues to be addressed in a possible next step in the process. If the companies have internal transactions on their own accounts or if it is otherwise specified against which counterparties balances are, we will load this to illustrate what reconciliation reports look like and how the entire process of interactive reconciliation between companies can work.

Regarding note information, it usually is not a focus, but it is possible to follow up on how the reporting and compilation process works. 

BLOCK 3: CONSOLIDATION
In a demo, we usually exemplify acquisition analyses and how it is recorded on the PPA matrix (read more about the system's structure through this link). Shares in subsidiary companies must be specified in "Block 2" with the counterparty code in order to be reconciled with the information in PPA. If there is a transaction between different currencies, the amount in PPA (which is entered in the local currency) needs to be locked to the value recorded in the parent company. In this way, the exchange rate difference that arises when eliminating shares in subsidiary companies is handled automatically and becomes easy to follow.

All exchange rate differences are otherwise handled automatically and on a monthly basis. All accounts are converted to the average and balance sheet exchange rates for the month. By converting all accounts to the correct currency and specifying all changes for automatic indirect cash flow analysis, the cash flow analysis needed for the annual report's notes can be easily obtained using the system's "retrieve functionality".

In a workshop, all values recorded on shares in subsidiary companies are usually eliminated, even though it is common for acquisition analyses to need to be revisited later in the process. However, we want shares in subsidiary companies to sum to zero in the consolidated balance sheet at the workshop.

If there has been a write-down of shares in subsidiary companies, it is eliminated in the SHA matrix stored in connection with the parent company, with a reference to the subsidiary company, which is needed in case the subsidiary company is sold in the future, and all equity related to the subsidiary company must be transferred to the current year's result for correct consolidated results.

As it is common for a potential customer to have made an acquisition and it is one of the reasons why they wish to start consolidated reporting in a database, we usually spend some time on this process in TGA. Read more about the acquisition process by clicking on this link.

If there have been mergers, minorities, share capital, or internal profits in stock, we usually take the time to discuss this at the workshop, but in normal cases, it is not something we focus on in the preparatory work. Finally, we summarize the workshop by promoting the documentation of consolidation in the standardized way that almost all Tiego customers do. The documentation file contains a consolidated overview with accumulated values for all companies "on the line" for: income statement, balance sheet, equity flow, cash flow, and reconciliation specification of balance sheet items and acquisition analyses.

In an implementation, we continue the work started during the workshop and identify any possible differences regarding the opening balance for the current year as quickly as possible.