Simply brilliant – Customised analyses improve the reporting process
Case Study Norevo GmbH
Industry: food and beverage, trade
Headquarters: Hamburg (Germany)
Employees: about 100
Project: Implement a flexible software solution for consolidation, planning, reporting and analysis; fast and tailored analysis of figures; efficient data validation and improved data security
Modules: LucaNet.Financial Consolidation, LucaNet.Planner, LucaNet.Importer
Easy to navigate and flexible in use – that's how Norevo GmbH pictured the ideal financial software solution. LucaNet packages both of these features into one intelligent system. Whether the goal is to build a uniform reporting structure or improve data quality and transparency – the consolidation and reporting tool from LucaNet does it all.
Norevo is an internationally established supplier and developer of natural raw materials such as honey, gum arabic, liquorice extract and agar-agar as well as specialised products for the food and beverage, pharmaceuticals and cosmetics industries. Norevo specialises in processing and supplying a range of natural ingredients that the company manufactures and sells worldwide. Based in Germany, the company also subsidiaries in Hungary, Mexico, Argentina as well as China and Hong Kong.
Because of Norevo's international structure, consolidating financial figures in MS Excel and reconciling balances between affiliated companies proved to be very cumbersome and time-consuming. "We needed a software solution that would be flexible and allow for tailored analyses. To be successful, the software would also have to be easy to learn, meaning that it would have a user-friendly menu structure", says Grit Kabisch, Division Manager Financial Accounting at Norevo GmbH, commenting on the selection process.
Seamless integration with the source system
The implementation of the LucaNet consolidation and reporting tool went very smoothly. At the Germany headquarters, data was imported directly from the ERP system Navision, and data for the foreign subsidiaries was imported via reporting packages. Transaction figures for each ledger account, data on cost centres, cost units, fixed asset reports as well as quantities were imported quickly and easily. Key users were trained in just two days. The necessary evaluations were then installed so that day-to-day business could resume.
Improved data validity
"Implementing LucaNet really paid off. With this system, we can quickly and easy prepare data, knowing that quality won't suffer at the same time. Increased data security is another key advantage because the original raw data from each company is protected so new postings cannot be added retroactively. Also, when additional information is imported, the system checks the data. This makes us feel secure and increases our confidence when we have to prepare presentations", says Grit Kabisch, who uses LucaNet.
Ad-hoc analyses for reporting
Reporting is extremely important for Norevo. As a result, the company is benefiting from LucaNet's versatile range of practical features in this area. Norevo is actively using the tool for forecasts, budgeting, sales controlling and consolidation. This has simplified the entire reporting process considerably. "Double data validation is not necessary with LucaNet, we can analyse key financial indicators faster and we have created a uniform report structure. The data can also be easily linked to follow-up reports and is available in a clear format for quick further processing", says Grit Kabisch, summarising the new reporting process.
The unique added value of the software is that the system comes with predefined standard reports for professional presentation of reports. Every standard report is interactive and can be used for more in-depth analyses all the way down to the individual document level. In addition, it is also possible to create custom reports with the relevant indicators, almost at the press of a button.
"What's impressive about LucaNet? The software is intuitive to use. The consolidated financial statement can be transparently prepared in only a few steps. The wide range of reporting methods also allow us to perform a comprehensive analysis of figures. Thanks to all these features, choosing this brilliant consolidation, planning and reporting tool was an easy decision."
Grit Kabisch, Division Manager Financial Accounting
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