Simple reconciliation – Reliable and transparent consolidation with integrated assistants
Case Study VANGUARD AG
Headquarters: Berlin (Germany)
Employees: approx. 1,300
Project: Introduction of software for consistent and transparent planning; display of various clients; straightforward data import from financial accounting
Modules: LucaNet.Financial Consolidation, LucaNet.Planner, LucaNet.Importer
At VANGUARD Group, the use of LucaNet is saving resources and enabling rapid and clear production of consolidated financial statements. Previously, very long system run times, frequent system errors and a lack of support for inter-company reconciliations resulted in significant expenses.
As an innovative technology partner, VANGUARD provides support to hospitals in their efforts to sustainably improve quality and efficiency. The company develops strategies for increasing the long-term cost-effectiveness of medical service providers and implements quality-assured processes to enable optimal use of resources.
VANGUARD became aware of LucaNet through a recommendation by the manufacturer of its financial accounting software, Sage. The company was won over by the flexibility and user-friendliness of the software, highlighted during a presentation, as the software decisively outperformed the competition. Since 2007, VANGUARD has been using LucaNet for planning, controlling and consolidation. "Our old software blocked all clients during the consolidation process. In addition, the system run time could take as long as eight hours. In contrast, LucaNet is rapid and transparent", says graduate business administrator Carsten Schlurmann, of the Group Accounting department at VANGUARD Group.
LucaNet rapidly and clearly identifies relevant financial information
The VANGUARD group worked with Excel before introducing consolidation software. In addition to a high error rate, the lack of clarity and transparency were the major problems. The software solution of its financial accounting provider was also unsatisfactory for performing consolidation: problems arose, such as the very long system run time and lack of inter-company reconciliation, which led to the necessity of performing significant follow-up work. Ultimately a new consolidation tool had to be found.
Above all, the new software needed to be rapid and user-friendly. After a short implementation period, the clear display of foreign currency conversions and the consolidation support provided by the integrated assistants turned out to be fundamental requirements of the VANGUARD AG Group Accounting department.
The company uses the software in a very wide range of areas. The most important aspects are group consolidation, including foreign currency conversion, display of cost centres and payers for controlling purposes and display of the financial, asset and revenue situation in accordance with both the German Commercial Code (HGB) and IFRS.
"LucaNet won us over thanks to its flexibility, system speed and user-friendly concept. We are also very satisfied with the value for money and service provided by LucaNet. Support is rapid, straightforward and very proficient."
Carsten Schlurmann, Group Accounting Department
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