Case Study: Nexthink achieves automated IFRS 15 revenue recognition with Wolters Kluwer CCH Tagetik

Nexthink implemented CCH Tagetik's software solution for Consolidation and Revenue Accounting for IFRS 15.

Nexthink, a market leader in Digital Employee Experience software with a global workforce of approximately 600, faced the challenge of reorganizing its revenue recognition to comply with the new international accounting standard IFRS 15. Their existing system could not meet these complex requirements, so they sought a new, cloud-based solution that could be tailored to their infrastructure and automate the associated processes as much as possible. They turned to Wolters Kluwer ELM Solutions and implemented its CCH Tagetik Revenue Accounting for IFRS 15 and CCH Tagetik Consolidation products.

Wolters Kluwer ELM Solutions delivered a platform that automated the capture of contract details by transferring data directly from Nexthink's CRM system. This created a "Single Version of the Truth," providing a uniform database for all reporting and planning. The solution successfully automated the key processes and calculations required by IFRS 15. As a result, Nexthink was able to achieve compliant reporting for the 2018 financial year and plans to expand the use of the CCH Tagetik platform for monthly revenue recognition and further system integrations.

Nexthink

Romain Leduc

Finance & Strategy Manager