Simply better – quality and time gained for a consolidated financial statement
Case Study edding AG
Industry: paper, office and stationary goods
Headquarters: Ahrensburg (Germany)
Employees: about 600
Project: introduction of a professional software to improve the quality of drawing up financial statements; minimize time consumption; replace MS Excel
Modules: LucaNet.Financial Consolidation, LucaNet.Planner, LucaNet.Importer
edding had explored the market for a consolidation and planning software already in 2006. The existing Excel spreadsheets at the company needed to be replaced by an integrated software solution to improve the quality of drawing up a financial statement.Simultaneously, the automation implemented to the greatest possible extent should save time.
There are companies whose name is like a synonym which stands for a product. This is the case with edding AG. Actually, for over 50 years it has been the most recognized brand in Germany and a producer of felt- and fibre-tip pens.
The external corporate consulting was commissioned to select the suitable software solution for consolidation and planning. First, it had to analyse the corporate structures and express an impartial recommendation. Within the framework of a workshop for corporate consulting, the requirements regarding the software for consolidation, transition to IFRS and financial planning were quickly specified. The clarity and easy operation were emphasised as especially important by the employees in charge. A connection to the existing SAP system and individually definable converter to reporting packages were further crucial prerequisites for the desired software solution.
After comparing the above-mentioned requirements and even those exceeding them with the software products on the market, the suitable solution was quickly found with LucaNet. "The argument in favour of LucaNet was the import through which very neat structures were available in SAP R/3, this facilitated a direct replacement of the consolidation assistants in the area of liabilities, expenses and revenue consolidation", says Yvonne Neumann, former Project Manager in charge at LucaNet AG. Furthermore, the existing reporting package could be further used for the foreign companies, after very slight modifications.
In order to enable a comparison with the financial statement still compiled in MS Excel, 2006 annual financial statement was imported in the software. After this had been successfully implemented, 2007 half-year report was created for the first time by LucaNet. "Apart from saving time and improving quality, when compared to the previous financial statements, the integration of all integral parts of a consolidated financial statement, taking into account the foreign currency differences has been an important step towards increased professionalism", says Hilde Mellin, Head of Finances and Accounting at edding AG.
"The design and easy operation of the software directly appealed to us. Apart from exchanging experiences with reference customers of LucaNet AG, the parallel reproduction of a financial statement compliant with the German Commercial Code and IFRS, and also the possibility to create planning scenarios in the software, have tipped the scales for LucaNet."
Hilde Mellin, Head of the Finance and Accounting Departments
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