The corona crisis is not yet over, but in many places a new corona reality has now become a part of daily life. What this means for companies and their integrated financial planning can be read in our interview with René Labahn, Manager for Finance, Restructuring, and Digitization at comes.
comes is an independent management consultancy specializing in the core issues of medium-sized businesses. With many years of experience in supporting companies in difficult situations, comes helps to overcome special challenges and to reposition companies for success.
The influence of the coronavirus on the economy
The coronavirus still has the world firmly in its grasp. Only slowly is everything getting back on track. Are you surprised by the impact of the corona pandemic on the economy?
René Labahn: Yes. There’s no doubt about that. Even the greatest critics of the “pre-mortem” thought experiment would probably not have foreseen the extent of Covid-19.
These days good advice seems to be in short supply. How do you help your customers through the corona crisis?
René Labahn: The greatest feat for many companies is to resume their normal business activities after the lifting of the lockdown. Questions pop up, such as:
- Do I have sufficient overdraft facilities?
- Are the support programs offered suitable for my company in terms of interest, repayment, securities, and liability for the executive bodies as well as with regard to the far-reaching reporting obligations?
We help to prepare for a myriad of options and provide operational support in controlling and accounting. Our approach is geared with a view to economic profit as part of business management, aligning the entire process at the customer from the planning to reporting stage in this direction.
We are together with the customer in the “engine room” of the finance department. LucaNet helps us to achieve transparency in the data very quickly.
Effects of the easing of restrictions in the corona crisis on integrated financial planning
Does the current easing of restrictions in the corona pandemic facilitate or hinder integrated financial planning?
René Labahn: It does both. On the one hand, companies can slowly start up business again and it makes financial planning more realistic, as meaningful actual figures are available and market forecasts are more likely to be possible. On the other hand, the scenarios now diverge more widely depending on the questions that arise:
- Is there going to be a second corona wave? Maybe even a third?
- And if so, when will they come?
- What impact will this have on integrated financial planning?
- Is there going to be another lockdown?
This is where we put the various scenario options provided by the LucaNet CPM software to use.
What advantages does the LucaNet software offer?
René Labahn: The advantage with LucaNet is that Excel can be combined make a perfect fit and the best of both worlds can be harnessed in this way. In addition, LucaNet offers a user-friendly interface in which a large number of plan versions and the most diverse forecasts and scenarios for finances can be created in the shortest possible time.
At the same time, it gives me as a user the certainty that everything will be calculated correctly and I can make comparisons in the system - without having to create separate reports.
Post-Covid-19: what it will mean for companies and their financial planning
Do you think Covid-19 will have a lasting impact on our economic thinking?
René Labahn: Yes! We will have to rethink supply chains and dependencies on suppliers and markets. In the future, we will certainly have to take precautions and also prepare for economic shocks such as lockdowns, and we will now finally bid farewell to the simple updating of our financial plans.
In your opinion, which companies will best get through the corona crisis?
René Labahn: Irrespective of the industry, companies that have already made progress in terms of digitization and have made the switch for their procedures and processes will be the ones to gain. LucaNet as a tool is an important component here in order to be able to react flexibly to new requirements in the financial sector.
Integrated financial planning made easy with LucaNet
Integrated financial planning with LucaNet not only helps in times of Covid-19. Our tool is the perfect solution for your financial plan:
- Integrated forecasting: By using a range of forecast wizards, you can develop detailed planned time-series at the press of a button.
- Automation: In addition to operational planning aspects, LucaNet automatically determines the resulting effects on the P&L, balance sheet, and liquidity.
- Transparency: The planned data from the budget, the rolling projections and the scenarios can be contrasted against each other and measured using flexible views.
You will find more information about integrated financial planning on our solutions page:
Why is liquidity planning so important for companies in times of the coronavirus, what mistakes should be avoided, and is Excel really the right software for the job?
Keeping your company prepared: Carsten Erpel, Director of Finance and Administration at 3B Scientific, gives an interview on why scenario planning is important in times of corona.