Properly dosed Financial Data

Accounting processes on course for expansion

Success story EUROIMMUN AG

The transformation into a stock corporation and the high error rate of the data from Excel were decisive factors for EUROIMMUN to start looking for a professional consolidation and planning software. With LucaNet, they found a modern, expandable solution.

How EUROIMMUN uses LucaNet software:

  • Group consolidation
  • Direct liquidity planning
  • Planning and consolidation for subsidiary in China
kirsten schuster euroimmun
LucaNet shines with high quality data and being particularly efficient. Both at our German headquarters and our Chinese subsidiary, the financial software has led to optimizations in accounting.

Kirsten Schuster
Department Group Accounting

About the company

EUROIMMUN was founded in September 1987. Today, the company is one of the leading manufacturers of reagents for medical laboratory diagnostics. In addition to the headquarters in Lübeck, EUROIMMUN has 16 foreign subsidiaries, e.g. in China, Brazil, the USA, Italy, and Turkey.

Use cases

logo euroimmun

Industry :

Production / Industry

Core Business :

Production of reagents for medical laboratory diagnostics

Headquarter city :

Lübeck (Germany)

Employees :

3,200

Website :

EUROIMMUN homepage

The challenge

Establishment of a reliable accounting

"After our company became a stock corporation in 2002, the auditors advised us to implement a professional planning and consolidation software. The data from Excel was simply too error-prone to meet the requirements for secure accounting. Not to mention the enormous amount of time required to prepare the consolidated financial statements and the financial planning," says Kirsten Schuster, who is responsible for group accounting at EUROIMMUN. "We chose LucaNet because we were impressed by the user-friendly interface and the versatility of the system. The numerous positive reviews from other customers further confirmed us in having chosen the right software solution."

Being able to expand the system was also important, since LucaNet was also to be implemented at the subsidiary in China, based in Beijing and Hangzhou, for planning and consolidation.

euroimmun medical laboratory

The solution

Fully integrated consolidation

EUROIMMUN uses the software in a wide variety of areas. The most important of these at the German parent company are group consolidation in accordance with DRS and IFRS with currency translation, the presentation of planning data for controlling purposes, and the performance of direct liquidity planning.

With LucaNet, the company was able to significantly accelerate the consolidation process. In particular, the integrated wizards for elimination of intercompany debt and elimination of intercompany income and expense, which are used in pairs, prove to be very useful here. The efficiency in planning and reporting was also improved. Before the system was implemented, the Beijing office required seven days for planning and controlling whereas now only five days are now needed for these tasks.

"Accurate and efficient - that's how we can describe working with LucaNet. Both our German headquarters and our Chinese subsidiary are very satisfied with the software for planning and consolidation. The implementation of the system worked very well, both in Germany and in China - also thanks to the very competent advice of the LucaNet consultants and support staff," summarizes Kirsten Schuster.

How LucaNet software benefits EUROIMMUN:

  • High data quality
  • Time saving for consolidation, planning, and reporting
  • Better cooperation between sites