Unified and secure consolidation in a fraction of the time
Success story Correvio International Sàrl
When their previous system was no longer able to satisfy their consolidation needs, Correvio International Sàrl went on the lookout for a clever alternative. After scrutinizing the market, the company came upon the advantages of LucaNet and successfully implemented the FPM software.
How Correvio uses LucaNet softwre
- Consolidation in accordance with US GAAP
- Central planning including three-year plan, twelve-month forecast, and quarterly reforecast
- P&L, cash flow, and the balance sheet
About the company
Correvio International is a pharmaceutical company active around the globe that distributes products in the interventional cardiology sector in around 50 different countries.
Use cases
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Industry:
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Production/Industry
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Core Business:
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Pharmaceutical industry
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Headquarter city:
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Geneva (Switzerland)
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Employees:
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55
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Website:
The challenge
The cash flow, balance sheet, and P&L were an impossible task with Excel
Fancy working with Excel on a day-to-day basis? Fancy using Excel to evaluate complex data – both reliably and free from errors? The lesson is clear for Correvio International Sàrl: “It’s just not possible!” Excel used to entail a time-consuming consolidation process and a lot of effort for integrated planning – including for the profit and loss statement, cash flow, and the balance sheet. After searching far and wide, the company was able to find the perfect software alternative in LucaNet, which quickly remedied the situation.
The solution
Consolidation that is on time, with more time for the essentials
Coming in on budget, LucaNet was implemented at Correvio International Sàrl quickly, easily, and on time. The data import from Excel and Navision as well as the import of the balances on account and cost basis ran just as smoothly. Thanks to LucaNet’s intuitive operation, those responsible were able to quickly take the helm and steer operations in a secure manner. Positive effects were felt in all areas of the company. Enormous time savings meant that there was finally time for essential topics of daily business. Without LucaNet, Correvio used to invest ten person days for planning and controlling. With LucaNet, now only three days are required.
Further advantages for Correvio include very high data quality and consistency, guaranteed data transparency, as well as the calculation of various, traceable scenarios with regard to cash flow, the balance sheet, and P&L. And all this with just a click. LucaNet precisely documents any modifications and value adjustments.
Thanks to the drill down, each posting can be traced in detail back down to individual posting document level. Errors can be quickly detected and corrected. “Everything has become easier. We use LucaNet for consolidation in accordance with US GAAP and central planning including a complex three-year plan," says Michael Grau, Group CFO at Correvio International Sàrl and adds: “For this, as well as for the monthly rolling twelve-month forecast and quarterly reforecast, the software meets all our requirements.”
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