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
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
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Industry :
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Production / Industry
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Core Business :
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Production of reagents for medical laboratory diagnostics
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Headquarter city :
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Lübeck (Germany)
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Employees :
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3,200
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Website :
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.
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.
