Simply self-explanatory – User-friendly financial software for accounting processes
Case Study InnoTec TSS AG
Industry: Holding company specialising in the structural engineering industry
Headquarters: Düsseldorf (Germany)
Employees: approximately 570
Project: Implement a self-explanatory software solution for consolidation, planning, reporting and analysis; check balances all the way down to the individual document level; improve data transparency and reliability
Modules: LucaNet.Financial Consolidation, LucaNet.Planner
InnoTec TSS AG's old Excel-based reporting and consolidation tools were no longer meeting the company's needs. The data that the company was using for preparing consolidated statements was overly prone to errors and too complicated. Thanks to LucaNet software, InnoTec has completely reorganised controlling and consolidation. LucaNet brings transparency and clarity.
InnoTec TSS AG is a holding company specialising in construction. The group of companies is a national leader in external door panels, an international leader in form liners for exposed concrete surfaces, and a global partner for elastomeric spring systems for civil engineering applications.
The company places very high standards of performance on its subsidiaries, and service partners are also expected to meet these exacting requirements. As a result, when it was time to replace MS Excel for consolidation and planning, the company needed a software solution that would meet all these strict standards.
Consolidation and planning reorganised
"Our requirements for the software were clearly defined. It had to be transparent, reliable and self-explanatory. That's what we expected from the software. LucaNet combines all these features in one logically organised system", says Antje Hansal, in charge of Group accounting at InnoTec TSS AG.
The software was quickly and easily linked to the source systems NAV and Axapta. Another key requirement for the software is that it must allow old Excel files to be easily imported and exported, and existing Excel reports to be used.
Positive results in many areas
Ever since the new software was implemented, data quality has improved because data can now also be used for controlling purposes, and the individual financial statements of the individual companies can be used.
Transparency and reliability have also improved dramatically. This is primarily because the system allows balances to be checked all the way down to the individual document level. Already processed periods can also be closed, thereby preventing further changes.
"We are successfully using the software for presenting the consolidated financial statement, displaying metrics and all analyses, as well as for preparing parallel HGB- and IFRS-compliant balance sheets. Thanks to the software's planning forms and wizards, not to mention LucaNet's integration with Excel, we also improved the transparency of our planning data", says, Antje Hansal, describing the advantages of the software. "The software is also outstanding for our consolidation projects. We regularly perform multi-level consolidations that must take into account minority shareholdings and currency differences. Since we started using LucaNet, this consolidation process has been quick, easy and clear."
"We've been successful with LucaNet for many years and thanks to so many easy-to-use features as well as Excel integration, we have already improved many processes, such as reporting, reconciliation reports, postings, etc., in a short amount of time. As a publicly listed company with nine subsidiaries, we believe this software is practically unrivalled on the market, thanks to its excellent value for money, flexibility and user-friendliness."
Antje Hansal, Head of Financial Accounting/Controlling
InnoTec TSS AG
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