Electronics producer reduced its consolidation and budgeting process by 50%
Success story Sourceability
With multiple revenue and operating streams, flexible reporting and budgeting is crucial for the finance team of a multi-faceted company like Sourceability. As Sourceability expands its global footprint, the team also needed an affordable solution that would simplify the financial processes of consolidation, planning, and reporting.
With LucaNet, Sourceability has achieved 50% time-savings in the end-to-end finance process all integrated into a one-source-of-truth platform.
2021 budgeting process ran quite well; it is definitely a lot more structured compared to before and improves transparency. During the year, several updates to the budget version were also performed smoothly, and the entire process improved and serves the team well.
How Sourceability uses LucaNet software:
- Automated intercompany reconciliation
- Integrated financial and budget planning
- Accurate and timely tracking of changes
Seamless data integration and transparency
Using LucaNet, there is now no need for the team to link multiple spreadsheets. Data is integrated inon a one-source-of-truth platform and automatically flows into user-defined reports. Changes in data and format are reflected almost instantaneously, allowing for on-the-spot review and adjustments. With the drill-down feature, the team can also efficiently trace reported numbers back to the source. This allowed Sourceability to deal more with reporting and review while enjoying new-found data transparency.
Efficient financial consolidation and planning
After a smooth implementation and training period with LucaNet’ s professional consultants, Sourceability was able to set up a full self-service consolidation and planning process for a lean team of only three users. Monthly consolidation and comparison reports can now be generated on-demand with just a few clicks. Budgeting and forecasting are also easily managed in-system with data entries across multiple departments.
With the time-savings and error-free information, the team will be able to focus on making meaningful financial analysis and impact on Sourceability and its business units.
time-savings in consolidation and budgeting processes