From Manual to Momentum: Cherry SE Cuts Close-to-Disclose From Weeks to Days

Brief Overview

• Shortened disclosure process from several weeks to just a few days
• Elimination of manual checking and editing cycles between language versions
• One centralized source of truth for all reporting content
• Built-in support for regulatory requirements including XBRL tagging
• From setup to solid reporting in 60 days

Due to growing regulatory requirements, Cherry SE had to redesign its disclosure process to become more efficient, audit-proof and suit its multilingual needs. Manual coordination, media gaps, and repeated verification cycles considerably lengthened the reporting process.

With the introduction of an integrated disclosure management solution in combination with the existing consolidation system, Cherry SE was able to standardize, automate, and significantly accelerate these processes.

Consolidation Worked—Disclosure Didn’t

Cherry SE is an internationally active, publicly traded technology company, with headquarters in Munich and around 400 employees. As a company listed on the Frankfurt Stock Exchange, the company is subject to strict requirements in terms of transparency, consistency, and timely publication of financial reporting.

The Group consolidates twelve companies in several countries – including Germany, China, Sweden, France, Taiwan and the USA – and operates in four currencies (euro, US dollar, renminbi and Swedish krona). Cherry SE has long relied on IDL Konsis from insightsoftware for accurate and reliable consolidation.

The challenge was not consolidation itself, but the disclosure process that followed. Growing regulatory complexity demanded a new approach. The previous processes for preparing the annual reports required extensive manual effort: Data had to be exported from the consolidation system via Excel links, to be incorporated into a separate reporting system and then passed on to external service providers for translation and layout processes.

Every linguistic, data or design adjustment triggered new rounds of review and approval. Maintaining consistency between the German and English versions in particular involved considerable effort and increased the risk of errors.

“Our biggest drain on time was the manual review of the finished reports,” recalls Kristina Schuster, Group Accounting Specialist at Cherry SE. “After each layout or translation step, we had to check all numbers again to ensure that the final PDF contained the same values as the original Word document.”

The key challenges included:

• Simultaneous creation and maintenance of multiple language versions with multiple manual control cycles.
• Error Susceptibility due to manual data transfers, transposed data, and contradictory file versions.
• Increasing regulatory pressure, including requirements for XBRL tagging and electronic submissions.
• High effort and costs for layout, formatting, and translation processes.

With reporting deadlines getting tighter, Cherry SE needed a disclosure management solution that would standardize processes, reduce the risk of errors, and centrally control multiple language versions.

From Kickoff to Go-Live in 60 Days

The disclosure management solution was introduced within a compact project period of two months. The decision to implement at the end of the year enabled production readiness in time for the preparation of the following annual report. A clearly structured project plan and close coordination between Cherry SE and insightsoftware ensured on-schedule implementation.

A Practical, No-Drama Rollout

The implementation strategy followed a pragmatic approach. First, the foundational system structures were established, together with the technical experts from insightsoftware. Then, the previous year’s annual report was transferred to the new environment as the template foundation. This enabled the accounting team to continue working with familiar reporting components, ensuring a smooth transition.

Productive From Day One

Key to success was the complete embedding of the disclosure management solution within the Microsoft Office suite. Seamless integration into Microsoft Word and Excel eliminated the need for additional training. Finance team members could continue using their familiar working environment and were immediately productive with the new disclosure management solution. Regulatory preparation right from the start.

Parallel to the system implementation, all relevant XBRL taxonomies and automated validation rules were configured. This ensured that digital financial reporting requirements were met from the start.

“We had an extremely tight deadline,” explains Kristina Schuster. “The implementation team was flexible, available at all times and supported us right through to publication.”

The Solution: Integrated Disclosure and Consolidation

Cherry SE opted for a disclosure management solution that is closely integrated with the existing consolidation process. It provides a central platform where all report elements – including figures, tables, text modules and language versions can be accessed and managed.

The solution links disclosure management directly with the consolidation system. Report components are no longer transferred manually but are system-referenced and maintained within a standardized environment.

Formatting, text maintenance, updates, and multilingual content are managed centrally within the solution. Changes are made in one location and are immediately available across all relevant parts of the report.

Through technical integration, Word and Excel-based reporting components connect directly to the underlying consolidation data. The entire disclosure process is executed within a consistent system-landscape.

The Impact

The improvements were immediately visible and aligned with regulatory priorities:

Results in Disclosure Management

Thanks to the integrated disclosure management solution, Cherry SE now generates reports from a centralized platform. Numbers, tables, text modules, and language versions automatically remain synchronized, regardless of format or language. Manual transfers and recurring adjustment cycles are no longer necessary.

Adjustments that previously required one or two days can now be implemented in just a few minutes. This has significantly reduced the review effort, especially when making changes to the layout or translation.

Consolidation, Simplified and Accelerated

The close integration of disclosure management and consolidation also impacts the consolidated financial statements. Twelve companies deliver their data directly to the

consolidation system via SAP ByDesign. Foreign currencies are automatically converted using the current ECB exchange rates.

The cash flow statement, fixed asset schedule, and statement of changes in equity can be created efficiently using preconfigured reports. The consolidated financial statements are now available within one to two days – including all supporting schedules.

Built-In Compliance and Audit Security

Validation rules, checksums, and clearly defined process steps ensure a high level of traceability in reporting. The solution also supports structured XBRL tagging and electronic submissions in accordance with regulatory requirements.

Efficiency Across Consolidation

At Cherry SE, twelve companies now deliver their financial data directly from SAP Business One to the consolidation system – in some cases across different time zones. Foreign currencies are automatically converted based on current ECB exchange rates, while the cash flow statement, fixed asset schedule, and statement of changes in equity are efficiently created using preconfigured reports.

The consolidated financial statements are thus available within one to two days – including all accompanying reports.

Looking Ahead

Cherry SE plans to further deepen the integration between consolidation and disclosure management and to automate recurring process steps to a greater extent. The company is also evaluating the use of additional insightsoftware solutions, such as tax reporting.

“We would recommend the combination of consolidation and disclosure management at any time. The systems integrate seamlessly and have noticeably modernized our entire reporting process.” – Kristina Schuster, Cherry SE

With IDL Konsis, Cherry SE has created an integrated platform that combines consolidation, disclosure and reporting in a unified platform. The result: reliable data, more efficient processes, reduced error susceptibility and an accounting team that can focus, on strategic finance-related work instead of formatting processes.

“Today, the finance team focuses on value-adding analyses instead of manual data coordination,” summarizes Kristina Schuster. “The integrated platform has taken us from operational chaos to strategic reporting excellence.”