Optimally processing the data in the accounting division with LucaNet
Case Study BGH Edelstahlwerke GmbH
Industry: Metal industry, steel industry
Headquarters: Freital (Germany)
Employees: about 2,050
Project: Introduction of an intuitive software for transparent consolidation; direct interface to Navision; actual data available on a daily basis; diverse ad-hoc evaluation options
Modules: LucaNet.Financial Consolidation, LucaNet.Planner, LucaNet.Importer
In order to supplement the previous Excel-based work, medium-sized, long-standing enterprise BGH Edelstahlwerke GmbH has introduced LucaNet software for consolidation, planning, reporting and analysis. The tool enables person-independent, software-based and transparent consolidation. The actual data is available on a daily basis and can be systematically analysed in the course of ad-hoc evaluations.
The name BGH is inseparably linked with the term steel. This important material accompanies us throughout our entire day in its different forms – whether it's at the breakfast table in the morning, while we enjoy fresh toast from a steel toaster, the journey to work in our car, on the train, bus or bicycle and the spring core of our bed. BGH Edelstahlwerke GmbH, which is situated in Freital, Saxony, produces stainless steel and special alloys, which meet the most demanding requirements. It looks back on a history spanning over 500 years. At one time, the enterprise's task was actually forging. However, nowadays BGH uses numerous other innovative processes to produce a wide spectrum of products and tools. The accounting division is also pursuing a successful course for the future after implementing LucaNet and their intelligent software solutions for planning, consolidation, reporting and analysis.
LucaNet – an industry-neutral software
"We came across LucaNet through a recommendation by an experienced employee, who already knew of the software from his work at a manufacturer of electronic sensor solutions. There they had already been successfully working with the LucaNet tool for reporting, consolidation and planning for several years," explained Gunnar Kohlschein, spokesperson for management at BGH Edelstahlwerke. "We were previously working with Excel-based consolidation at BGH. Due to the error rate connected with that and the great effort for consolidation, which we had to contend with time and again, it quickly became clear that a professional software remedy had to be found. The individual presentation of the software, which was held by LucaNet in our company, was ultimately able to satisfy all of the required internal decision makers."
Direct interface to NAV 7
The connection to the source system was delivered with no problems and the interface provided by LucaNet to Navision functioned very efficiently. As part of the data import, BGH transferred the transaction figures and balances of each ledger account, the cost centres, cost units, fixed assets analysis, the nature of expense method/cost of sales method conversion and the IC drill down to LucaNet.
No more individual Excel solutions
Due to the excellent expert advice and competent training by the LucaNet consultant, productive work could quickly be started with the new system. The introduction of LucaNet software had a very positive effect on the processes in the enterprise in many respects. More transparency, data security and data consistency – LucaNet was able to bring about all of this. A crucial factor in this has proved to be that it's no longer necessary to refer back to countless individual Excel sheets, but instead, all data is consistently available in one database. Furthermore, the high requirements of BGH for more transparency, improved documentation possibilities and the optimised availability of data could be fully met.
Consolidating in a time-saving manner
BGH Edelstahlwerke GmbH uses LucaNet software to prepare its consolidated financial statements, depict indicators, cash flow statements and all analysis, such as fixed assets, provision, credit and equity analysis. Consolidation is performed in accordance with the HGB accounting standards (German Commercial Code). The work is facilitated by the consolidation wizards which are used at BGH for paired debt and expense and revenue consolidation. Gunnar Kohlschein summed up his satisfaction by stating, "consolidation now takes place quickly and transparently with LucaNet; the time we save by using LucaNet amounts to about three days."
"The benefits of the LucaNet solution are obvious: the software works perfectly, it's simple to operate for the most diverse of applications, quick to implement and the advice by LucaNet employees is always competent."
Gunnar Kohlschein, spokesperson for management
BGH Edelstahlwerke GmbH
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