Preparing the enterprise's first consolidated financial statements – quickly and transparently


Case Study OSKA Textilvertriebs GmbH

 

Core business: Manufacturing and distribution of textiles
Headquarters: Garching (Germany)
Employees: around 300 worldwide

Project:

  • Introduction of software for preparing the enterprise's first consolidated financial statements
  • Realisation of a multi-stage consolidation process
  • Connections to Sage and Quickbooks


Modules:

LucaNet.Financial Consolidation

LucaNet.Planner

LucaNet.Importer

Textiles enterprises often have to deal with strong international competition. Ensuring cost awareness in production while maintaining high quality standards is the key to success in this sector. In order to allow it cope with these market conditions and the growth of its own enterprise, fashion label OSKA decided to introduce professional accounting software. This tool allowed it to complete its first consolidated financial statements successfully.

The OSKA brand stands for up-market women's fashion characterised by quality and personality. OSKA was born in 1997 with the foundation of OSKA Textilvertriebs GmbH. The label's German headquarters are in the small village of Dirnismaning, close to the suburb of Garching, just north of Munich. Individuality is the brand's key selling point, so everything is focused on the needs and desires of its customers. The owner-managed enterprise is now represented by subsidiaries all over the world, with a multi-channel distribution network that encompasses 70 OSKA brand shops, hundreds of independent fashion retailers and a range of online shops. As such, the data for its first consolidated financial statements needed to be prepared reliably and efficiently.

Recommendation for LucaNet

"We stumbled across a recommendation for LucaNet's software solutions. Since we needed to submit our first consolidated financial statements by 31 December 2013, we urgently needed to find a professional software tool that would provide the optimum support for this process," remembers Ingo Behn, Head of Finance at OSKA Textilvertriebs GmbH. "We were quickly impressed by the transparency, clarity and simple interface offered by LucaNet – and we're still very satisfied with our decision today."

Optimum interface connection

OSKA's data was imported from two different source systems: Sage and Quickbooks. The interfaces with each of the ERP systems were set up professionally. As a result, the transaction figures, cost centres and fixed assets analysis were transferred easily via the connection to Sage, while balances and other cost centres were imported from Quickbooks.

Legal consolidation at OSKA

"LucaNet enabled us to tick all the right boxes in preparing our first consolidated financial statements. Our enterprise consolidates on a quarterly basis in accordance with the German Commercial Code (HGB), a process that encompasses 39 companies – 23 of which are reported in foreign currencies. We have subgroups in Germany, the USA, the Netherlands, Canada, Australia and the UK, plus several foreign subsidiaries that are represented in LucaNet. One of the benefits of the tool was that it allowed us to view all the indicators and the current statuses of the companies pretty much at the press of a button. The fact that everything is in one format meant that we could compare financial data at any time, while the debt consolidation and expense and revenue consolidation wizards and the posting wizard for minority consolidation and elimination of intercompany profit and loss enabled us to complete all our consolidation steps quickly and – most importantly – without any errors," Behn explains.

Planning for the future

The enterprise now wants to bring its controlling processes to a more professional level by establishing a suitable planning structure. With LucaNet's help, it hopes to carry out extensive budget planning and draw up transparent forecasts for the future. The comprehensive planning wizards come in handy for this task, offering OSKA a quick and flexible way of developing planning timelines.

Outstanding support service

Ingo Behn is keen to stress the consistent excellence of the support provided by OSKA's personal LucaNet consultant and the Technical and Functional Support team at LucaNet throughout the collaboration. "They responded perfectly to our requirements with regard to extensive training and deadlines. As a result, we were fully prepared and able to make productive use of the software within a short space of time."

"In LucaNet, we found both the right partner and the right product for us. We are very satisfied, especially with the consultation provided and the powerful consolidation functions of the software, which enabled us to complete the mammoth task of submitting our consolidated financial statements successfully. We now look to the future with the utmost trust in our system, knowing that our software is based on innovative technology, and that the LucaNet factory of ideas is working steadily on optimisation for the tool."

 

Ingo Behn, Head of Finance

OSKA Textilvertriebs GmbH

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