How financial consolidation works at a company with worldwide 50 entities
Success story FläktGroup
At FläktGroup, consolidation involves around 50 entities dispersed around the globe. This turned maintaining data quality into a daily challenge. LucaNet was able to solve that problem – with the added bonus of considerable time savings.
We profit enormously from the group-wide cooperation that LucaNet has made possible for us. All of our finance teams around the world are now working on the same system with the same numbers – no one is keeping their own offline records anymore.
How FläktGroup uses LucaNet software:
- Worldwide consolidation involving over 50 entities
- Annual financial statements in line with IFRS
- Modern replacement for outdated software
About the company
FläktGroup are the European market leader for energy-efficient indoor air technology solutions, generating around 600 million euros in revenue with 15 plants worldwide as well as sales companies and distributors in over 50 countries.
Use cases
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Industry :
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Production / Industry
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Core Business :
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Indoor air technology
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Headquarter city :
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Hereford (United Kingdom)
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Employees :
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3,600
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Website :
The challenge
Lack of data reliability in global reporting due to outdated software
The indoor air specialist’s finance team had been working with outdated software for more than ten years and, on top of that, were experiencing a lack of support from the supplier. That’s why FläktGroup were looking for a solution that would guarantee data reliability while making all figures accessible to every international manager and liberating them from error-prone Excel tables. They wanted a tool that would make work easier, save time and function on a global scale.
The solution
One software solution for all numbers and all currencies
The company's finance director at the time chose LucaNet as their new software solution. It didn’t take long for the benefits to become tangible. Data immediately became easier to follow – in all currencies and for every team member across the globe. From cash flow statements and the analysis of fixed assets, reserves, stocks and loans to the derivation of balance sheets, P&L, reporting and ad hoc financial reports – the group now have everything allocated through LucaNet and benefit from flexible variation in views as well as having gained an additional three working days per month on average.
Learn more about our financial consolidation software in our brochure.
Daniel Jennings, Group Financial Accountant at FläktGroup, cites one of the biggest improvements from LucaNet as being that the consolidation process is now easy to follow and accessible to all of the company’s financial managers worldwide. Every controller can access his or her own financial data directly. No more "shadow reporting" – everyone is working on the same system. "Further major added value for us includes automatic generation of currency differences and the ability to see current consolidation status on the system right away whenever changes are made."
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