How Goodtech AS Integrated and Streamlined Their Legal Consolidation and Management Reporting with CCH® Tagetik

Client

Goodtech AS is a Norwegian, publicly listed company known for its innovative solutions in automation, robotization, and digitalization. Their services cater to sectors like food, pharmaceuticals, healthcare, energy, and general industry, aiming to streamline production and enhance competitiveness.

Initial situation / Problem

As a fast-growing company, managing a dynamic portfolio with increasing complexity became a challenge for Goodtech AS, who previously relied primarily on Excel for consolidation and reporting, supported by other tools. It soon became clear that, to scale its reporting and disclosure capabilities, Goodtech AS needed a tool to meet specific requirements:

Facilitate the consolidation of group financial statements
Handle multiple currencies
Match and eliminate intercompany transactions
Enable reporting for several structures (Legal, Business, Segments)
Enable an efficient dataflow
Handle M&A activities, PPA adjustments, and excess values
Handle different accounting standards (NGAAP, IFRS)
Integrate IFRS Notes and ESEF reporting

Solution

To future-proof its reporting capabilities, Goodtech AS, in collaboration with the Pacioli Network, implemented CCH® Tagetik as the cornerstone of its financial reporting landscape:

Illustration 1 Goodtech AS's reporting landscape powered by CCH® Tagetik

With this new solution, Goodtech AS has streamlined its financial reporting process around CCH® Tagetik in five key steps: Data Provision, Consolidation, Reporting, Disclosure, and ESEF Reporting.

1. Data provision

Data is integrated into CCH® Tagetik from multiple sources. General ledger data is extracted via API from the company’s central Azure Data Lake, while IFRS 16-related data is imported via ETL from its ShareControl solution. Additional data, particularly for closing documents, is entered directly into CCH® Tagetik using data entry forms.

2. Consolidation

Once the data is provided and based on Goodtech AS’s parametrization, CCH® Tagetik automatically executes a range of tasks, including:

Carry forward opening balances
IFRS adjustments
- IFRS 16 adjustments based on imported data
- IFRS 5 adjustments using CCH® Tagetik inbuilt “held-for-sale” module
- Other automatic and manual IFRS adjustments
IC (intercompany) matching and elimination
Equity elimination, including purchase price allocations and handling of excess values from acquisitions
FX (foreign exchange) conversion and calculation of reserves
Calculation of equity from non-controlling interests

This consolidation process incorporates various management reporting dimensions—such as local accounts, projects, business units, and work orders—automatically synchronized with Goodtech AS’s ERP systems.

3. Reporting

Building on the previous steps, CCH® Tagetik generates financial and management reports, including the Annual Report, Quarterly Report, and detailed Monthly Management Reports. These reports can be accessed via the integrated Excel add-in or directly in the browser, leveraging extensive drill-down functionalities..

4. Disclosure

Once reports are finalized, data tables are seamlessly integrated into financial report documents using CCH® Tagetik’s Word add-in. Here, financial data is enriched with narratives to meet reporting requirements for the Annual and Quarterly Reports..

5. ESEF reporting

In the final step, Goodtech AS utilizes CCH® Tagetik’s ESEF tagging module to prepare an XHTML file using iXBRL, ready for direct upload to the national database..

Result

The implementation of CCH® Tagetik has enabled Goodtech AS to streamline its financial and management reporting with a small, efficient team—remarkable for a publicly listed company. By automating key steps in the reporting process, CCH® Tagetik has helped Goodtech AS manage the complexity of its dynamic portfolio while providing a scalable solution to adapt to future growth. This automation has saved countless hours previously spent on preparation and data retrieval, freeing up resources for performance analysis and improvement initiatives.

Client feedback

Dag Kjørsvik 
Head of Group Accounting  
Goodtech AS 

“The Pacioli Network team has provided excellent support throughout the implementation process. CCH® Tagetik is a flexible system that can be tailored to meet the specific needs of the client. Since transitioning from our previous solution to a comprehensive, modern consolidation system, we have achieved significant time savings in the reporting process, and the quality of our reports has been enhanced to meet the requirements of a listed company”