Simply ready to use – LucaNet software finds success in the US
Case Study Nuron Biotech Inc.
Headquarters: Exton, Pennsylvania (USA)
Employees: ca. 40
Project: Quickly implement an internationally capable software for consolidation, planning, budgeting and reporting with built-in currency conversion
Modules: LucaNet.Financial Consolidation, LucaNet.Planner, LucaNet.Importer
As an international company headquartered in the US, Nuron Biotech sought to optimise its increasingly complex consolidation and planning processes. LucaNet has proven to be the perfect solution to meet the needs of this global pharmaceutical player. Financial data is easily imported into the system via flexible interfaces for use in financial reporting and detailed planning.
Nuron Biotech develops and sells unique biologics and vaccines to prevent and treat neurodegenerative and infectious diseases. Its goal is to create products that fill the medical supply gaps around the world. Nuron Biotech has locations worldwide. Its Meningitec product, a vaccine that prevents bacterial meningitis and blood poisoning in infants and adults, is available on the European, Latin American and Asia-Pacific markets.
Optimising complex financial processes
To further expand its market reach, the group has established several new subsidiaries that operate in various currencies. Therefore, it needed a way to represent a large amount of financial data consistently and be able to transparently aggregate it for reporting purposes. Previous budgeting and reporting processes were highly time-consuming and error-prone. A professional software system was needed in order to quickly optimise these processes.
"For four years, we were using only Excel. There were constantly inconsistencies in the numbers that we had to filter out when putting together our annual financial statements. It was a very tedious process," explains Christopher Kelly, Controller at Nuron Biotech.
System implementation in the US
Nuron Biotech made its decision for LucaNet in just two weeks. The key factors were the user-friendliness of the system, its extraordinary flexibility and the many functions for conducting efficient analyses.
The software was implemented on site in Pennsylvania and successfully completed within one week. The competent advice given by the LucaNet consultant was particularly well received, says Kelly. The software was easy to link to the Microsoft Dynamics Great Plains legacy system, with transaction figures and balances imported for each ledger account. Thanks to its intuitive design, only minimal training was required and the staff were quickly able to return to their daily routines.
Flexibility for an international environment
LucaNet fulfils all the requirements for an internationally capable software solution. "System-supported currency conversion was especially important so we could run reports not just in the functional currency of our headquarters but also in the local currency of the subsidiaries. The flexibility of the real-time data model is also highly beneficial. If a particular value changes, the entire data model is automatically updated across every structure," explains Kelly regarding the functions of the software. "The ability to drill down to the individual document level is very helpful in ensuring transparency for every accounting entry. This lets us quickly identify and correct any errors that creep in."
New standards for consolidation and planning
With regard to consolidation, the built-in debt, expense and revenue consolidation wizard and intercompany profit and loss elimination wizard help Nuron Biotech automate its processes. The pharmaceutical company follows US GAAP rules for consolidation; it must also meet the special requirements for a foreign subgroup. In the areas of planning and reporting, the software has set new standards. "LucaNet has become a key part of our integrated business planning process. Complex planning calculations can be easily imported from MS Excel via the LucaNet.Excel-Add-In. This let us create efficient comprehensive budget and liquidity plans and scenarios as well as forecasts. These serve as a reliable basis for decision-making," says Kelly.
"Simple, accurate and efficient – that's what working with the LucaNet software is like. The biggest benefit for us is the flexibility of the system in consolidation, planning and reporting – even across international borders. Discrepancies and inconsistencies in figures can be quickly identified and corrected using the system, which has greatly improved our reporting quality."
Christopher Kelly, Controller
Nuron Biotech Inc.
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