Readily upgradeable – Expanding accounting with LucaNet
Case Study EUROIMMUN AG and EUROIMMUN Asia Pacific
Branch of industry: Medical technology
Headquarters: Lübeck (Germany)
Employees: around 1,500
Project: Introduction of a modern consolidation and planning software to make the accounting processes more efficient and more transparent; possibility of international application; rapid and easy implementation
Modules: LucaNet.Financial Consolidation, LucaNet.Planner, LucaNet.Importer
The great susceptibility to error of data from MS Excel was the deciding reason for EUROIMMUN AG to take up the search for a professional consolidation and planning software. LucaNet provides considerable improvements in all areas of accounting. Consolidation, planning, reporting and analysis can all be implemented in a single system, transparently and reliably – and that on the basis of a modern, upgradeable solution.
EUROIMMUN was founded in September 1987. Toda the company is numbered among the leading manufacturers of reagents for medical laboratory diagnostics. The development of the company has been marked by continuous growth, which has meant in turn that its presence in the international field has been able to be greatly expanded. In addition to its headquarters in Lübeck and additional branch offices in Dassow, Pegnitz and Rennersdorf, EUROIMMUN also maintains 12 foreign subsidiaries, in China, Brazil, the US, Italy, Turkey and elsewhere.
"After our company was converted into a joint-stock corporation in 2002, our auditors advised us to introduce a professional planning and consolidation software. The data from MS Excel were simply too prone to error to meet the requirements of reliable accounting. Not to mention the enormous time investment required for the compilation of the consolidated financial statements and the financial planning," explains Kirsten Schuster, responsible official for Group accounting at EUROIMMUN AG. "We decided on LucaNet because we were impressed by the user-friendly interface and the versatility of the system. Also, the numerous positive evaluations of other customers confirmed for us that we had selected the right software solution."
German-Chinese cooperation successful
What was also important was the upgrading capability of the system, in light of the fact that LucaNet was also to be implemented for planning and consolidation at the subsidiary company in China with headquarters in Beijing and Hangzhou. As an internationally established software company with its own representation in China, this concern was not a hurdle for LucaNet. This meant that the introduction across continents was able to be implemented successfully. In addition to the colleagues from China, the LucaNet consultant from Germany was also on hand. Working together, they supervised the introduction project and were available to answer any questions of a technical or professional nature.
Convincing versatility and speed
EUROIMMUN uses the software in a very wide variety of areas. The most important of these at the German parent company are the Group consolidation in accordance with DRS and IFRS with foreign currency conversion, the modelling of planning figures for controlling purposes and the performance of the direct liquidity planning.
With LucaNet, the company was able to speed up the consolidation process considerably. In particular, the integrated wizards for debt consolidation and expense and revenue consolidation, which are used in pairs, proved to be very useful here. An increase in efficiency was able to be accomplished in planning and reporting as well. The branch in Beijing required previously required seven days for planning and controlling; after the introduction of the system, only five days needed to be applied for these functions.
"Accurate and efficient – this is how working with LucaNet can be described. Both our headquarters in Germany and our branch in China are very satisfied with the planning and consolidation software. The implementation of the system has worked very well in Germany and China – thanks also to the very competent advice from the LucaNet consultants and Support employees," is the conclusion of Kirsten Schuster.
"LucaNet stands out with high data quality and exceptional efficiency. The financial software has led to optimisations in accounting, not only at our German headquarters but also at our Chinese branch office. All of the functions, e.g. the integrated consolidation and planning wizards, as well as the foreign currency conversion, are tailored to daily practice and thus facilitate the daily workflow."
Kirsten Schuster, Group Accounting Department
"The transfer of data with our colleagues in Germany functions considerably better since the introduction of LucaNet at our production site in China. Our cooperation in the area of accounting has become more flexible and efficient. We are very happy to have found such a professional and internationally usable software solution for consolidation, planning and reporting."
Cindy Deng, Department of Finances/Controlling
EUROIMMUN Asia Pacific
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