Simply pioneering – Financial software for fast and easy consolidation
Case Study Green City Energy AG
Industry: Utility, energy service provider
Headquarters: Munich (Germany)
Number of employees: roughly 80
Project: Rollout of reliable financial software able to quickly and easily prepare all company data for consolidated accounting; implementation of consolidation wizards with extensive functionality; realisation of back-checking functions
Module: LucaNet.Financial Consolidation
Alternative energy provider Green City Energy was looking for professional accounting software able to quickly and reliably prepare consolidated accounting data. Intensive market research led the company to go with a software solution provided by LucaNet AG, due among other things to the tremendous transparency, efficiency and dependability the system affords for consolidated financial statement preparation.
Green City Energy is the first alternative energy service provider to offer planning, execution and financing of solar, hydropower, wind turbine and bioenergy projects. The company closely collaborates with local stakeholders to realise renewable energy power plants and bundles energy projects to offer investors attractive ecological investment opportunities and develop integrated climate protection concepts for municipalities jointly with partners. These activities are designed to achieve a sustainable, resource-independent energy supply at a regional level.
As a large stock corporation, Green City Energy AG is legally required to prepare consolidated financial statements. The company had formerly used MS Excel to prepare its financial statements, but this system became error prone and increasingly unfeasible as the consolidation area grew in scope. Management realised the time had come to roll out professional consolidation software.
"Once we had seen LucaNet present its software we very quickly decided to move ahead with the project. LucaNet's pioneering concept is really fascinating, as the system is easy to operate and eliminates potential for errors, through a number of back-checking functions, for example. The individual consolidation types follow a logical pattern; so consolidation can be done quickly, and nearly automatically," relates Ms. Rambow, who works in the Consolidated Accounting department at Green City Energy.
Multi-level consolidation with sub-groups
Green City Energy applies HGB (German GAAP) accounting standards for consolidation. Consolidation is performed on multiple levels, with foreign subgroups to be accounted for. "We use LucaNet consolidation wizards for consolidated accounting of liabilities, expenses and revenue. These rapidly yield reliable results, which provide a strong basis for subsequent controlling," explains Rambow.
Multidimensional data model
In addition to the last consolidated financial statements, the software can be used to show data from the cash flow statement and fixed assets analysis. One major advantage of the system is that the underlying data model employed is multidimensional and updated on a real-time basis. Thus when a value changes, the entire data model is immediately updated across all structures. Thus any change at the individual company level is directly visible at the Group level, on the P&L statement. balance sheet and all other statements including cash flow. This saves a tremendous amount of time while affording maximum transparency and dependability throughout the entire consolidation process.
Green City Energy is highly satisfied as well with are with LucaNet's user and technical support. "Our LucaNet consultant is extremely polite, helpful and easy to interact with. He is great at explaining the full range of usage options to us, providing practical examples. We feel like we're in very good hands in terms of technical support," says Rambow, summing up the successful partnership with LucaNet.
"We give LucaNet top marks for consolidation; their program is so easy to use. This allowed us within a very short period of time to start performing error-free consolidated accounting entirely on our own. The consolidation wizard accelerates the entire process considerably."
Ms. Rambow, Consolidated Accounting
Green City Energy AG
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