To stay competitive on the global market, companies are under constant pressure to lower their costs and streamline their processes, especially consolidating financial statements. With this in mind, Weidmann made the decision to implement software from LucaNet.
Enterprises operating at an international level rely on preparing their consolidated financial statements efficiently and publishing their financial figures quickly. Yet complex group structures and ever-stricter reporting requirements put them in a hugely challenging position. This is why the Thai Union Group relies on LucaNet to design its complex consolidation process – so that it can achieve a fast close.
At VANGUARD Group, the use of LucaNet is saving resources and enabling rapid and clear production of consolidated financial statements. Previously, very long system run times, frequent system errors and a lack of support for inter-company reconciliations resulted in significant expenses.
As an innovative technology partner, VANGUARD provides support to hospitals in their efforts to sustainably improve quality and efficiency. The company develops strategies for increasing the long-term cost-effectiveness of medical service providers and implements quality-assured processes to enable optimal use of resources.
Today’s modern finance department faces many challenges – time-consuming processes, fragile, two-dimensional financial systems that create errors, mismatched data and a lack of transparency. Financial data from different sources and ERP systems needs to be collected and validated in order to ensure consistency throughout all financial statements and the management reporting process. Direct marketing service provider Data-Mail Inc. wanted to simplify the complexity of its business. To this end, they were looking for a financial consolidation and reporting software solution that would guide them through the entire process quickly, transparently and with absolute dependability.
As an internationally active group, Metabo is reliant on transparent group accounting. Since the implementation of LucaNet, the enterprise has been benefiting from very high transparency in its consolidation. Differences that arise can be resolved rapidly and straightforwardly. Metabo – this globally recognized brand stands for reliability and competency in manufacturing power tools. The roots of the enterprise date back to 1923. In the Swabian town of Nürtingen, Albrecht Schnizler built the first ever hand drill in his parent’s bakery. Today, the medium-sized enterprise’s range includes machinery and accessories, particularly focused on the core target groups of the metal trade and industry, as well as the building and renovation trades. Production no longer only takes place at the headquarters in Baden-Württemberg, but also in Shanghai. With 23 distribution companies and more than 100 importers, Metabo is successfully represented at an international level.
“One set of numbers” – this was the objective the Heinz Group pursued in their search to find a professional software for consolidation, planning, and reporting. The worldwide implementation of LucaNet in the company and affiliated companies has had very positive effects. The traditional glass manufacturer now relies on a unified system that provides more accuracy, efficiency, and transparency when presenting financial data.
The work that Correvio International Sàrl had previously done using MS Excel proved to be no longer sustainable. A search was made for a high-performance standard software in the consolidation and planning area. The decision for LucaNet has had very positive effects in the company: The consolidation is now simple to carry out and plannings and reports lend themselves to transparent modeling.
For its first set of consolidated financial statements, Rocket Internet consolidated around 200 companies. What would have been impossible with Excel worked reliably with LucaNet. “To become the world’s largest Internet platform outside of the United States and China” – that’s the mission of Rocket Internet. And the company is currently on the right track. Rocket Internet identifies and builds on tried-and-tested business models and transfers them to new, as-yet untapped markets. Well-known examples of their success include brands such as Delivery Hero, Westwing, Home24, and HelloFresh.