LucaNet sets new market standard
LucaNet, provider of software and consulting services for Financial Corporate Performance Management, has released a new version of its software for consolidation, planning, reporting and analysis. With LucaNet 10, the enterprise is launching an automated system that optimizes all financial controlling processes and provides finance managers with all the information they need to make their decisions, more quickly and accurately than ever before. The release will introduce an array of new features to increase the efficiency of financial processes.
To ensure the lasting success of an enterprise, its accounting department needs to process and analyze the available data as efficiently as possible. Staff need fast, prompt and transparent access to all the relevant financial figures at a glance. Yet there is one problem that plagues enterprises across every sector, regardless of their size: the data is inconsistent, so processes such as reporting and the generation of financial statements need to be carried out manually. This is a slow, arduous process. As a result, those responsible for processing the data are left with little time for what really matters: the analysis and interpretation of the figures that forms the basis upon which many of the enterprise’s important strategic decisions are made. With the new version of its software, LucaNet has brought out a product that fully automates all the processes involved in financial controlling, thus optimizing procedures in the fields of consolidation, planning, reporting and analysis.
“Clean data is the cornerstone of a reliable financial planning and analysis that can also weather times of crisis,” says Dominik Duchon of the LucaNet Executive Board. “Homespun Excel solutions are nice enough, but they’ll reach their limits sooner or later. What takes users in Excel days or even weeks to achieve – collecting and processing data from a variety of sources for reporting – our software can do in seconds, thanks to the ready-made interfaces it has with all the source systems. The data is compressed and processed automatically using a framework of rules, and potential triggers for errors are identified at an early stage in order to ensure that only validated data is included in the reports. This makes the generation of financial statements a much faster process, as no time is wasted searching for inconsistent entries.”
In addition to the high degree of automation it provides for data procurement, validation and further processing, LucaNet 10 also stands out due to its intuitive operation, the full administrative options it offers specialist users and the way it combines internal and external reporting. LucaNet has also taken the opportunity of the new release to plug a huge gap left by other systems currently on the market: rather than having to choose between a low-risk, easy-to-implement, standard software suite or a solution that is much more complex but also customizable, LucaNet 10 allows users to have both.
“Profit and loss statements, balance sheets and cash flow statements follow the same principles the world over. As such, it is possible for accounting teams to have software they can use straight away. But when an enterprise has individual requirements with regard to particular specialist aspects of the process, things start to look a little different. Data from different pots needs to be tapped and combined before it can be processed. Up until now, this was difficult to execute and standardize. By using apps we now have managed to strike the perfect balance between efficiency and customizability by combining these two options. This allows the seamless integration of additional, customer-specific options into the software, allowing users to transparently display completely individual records relating to their enterprise’s business – without losing out on the benefits of a standard software solution,” Duchon explains.
From the idea to Singapore and the USA
LucaNet was founded in 1999 by Rolf-Jürgen Moll and Oliver Schmitz. After originally planning to run the enterprise as a business consultancy, the lack of systems available for consolidation, planning, reporting and analyses gave Moll and Schmitz the idea of developing their own, fully integrated software. Their vision of providing financial managers with a product that could be used to make all their decisions quickly and based on solid data became an international enterprise engaged in nine sites around the world, including Shanghai, Philadelphia, Paris and Singapore. The enterprise’s headquarters are in Berlin.
The 1,700 customers that benefit from LucaNet’s flexible, powerful software modules and in-depth specialist advice include Jenoptik, Leica, Lorenz Snack World, RWL Water, Ricola, Rocket Internet and Toshiba.