Why using spreadsheets cannot be the solution for consolidation
Success story ABL-TECHNIC
Just as demanding as their own customers, the finance team at ABL-TECHNIC was itself looking for software for reporting and consolidation processes. LucaNet meets all expectations with its individual and flexible solutions and was immediately able to provide improvements in data.
LucaNet is intelligent and straightforward. It has increased the quality of our data and has accelerated our reporting processes. Further advantages include more precise account mapping, IC reconciliation on an account basis, and the centralized data warehouse. The complex data collection process with the determination of differences has been simplified.
How ABL-TECHNIC uses LucaNet software:
- Monthly reporting
- Data collection for 20 companies
- Account mapping, reconciliation on account basis and centralized data warehouse
About the company
ABL-TECHNIC is a market leader in the field of industrial paint stripping, and has won over customers such as Daimler, Bosch, Renault, Siemens, Stihl, and Kärcher with its innovative technologies and maximum process quality.
Use cases
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Industry :
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Production / Industry
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Core Business :
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Paint stripping
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Headquarter city :
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Leutkirch/Allgäu (Germany)
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Employees :
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330
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Website :
The challenge
Monthly reporting at the group level not feasible with Excel
Excel was the go-to tool for consolidation, planning, and reporting for ABL-TECHNIC. Data from 23 plants in 14 countries and 20 companies were combined manually and in a convoluted process. For fear of errors that could creep into the figures, the data were also strenuously controlled. An impossible state of affairs when it comes to fast and efficient group reporting. A change of investor also brought with it heightened reporting requirements. Once compiled as consolidated quarterly reports, monthly reports for individual companies, regions and for the entire group needed to be prepared. Add to that the different languages, source systems currencies ... “We urgently needed a professional software solution,” explains Florian Birkenmaier, responsible for controlling at ABL-TECHNIC.
The solution
Real convenience for consolidation and reporting to the German tax authority
The LucaNet software was implemented within three months, relieved ABL-TECHNIC of time-consuming Excel tables, and created the basis for accelerated reporting processes with a unified data warehouse. All data from the various source systems could be mapped in a unified group structure, and plan and forecast models and uncomplicated plan/actual comparisons were also made possible. Due to the new reporting requirements, LucaNet also created adjusted balance sheet, P&L, and cash flow structures.
Learn more about our software for financial consolidation and download our brochure.
Even the entire consolidation process based on paired, account-related, and monthly IC reconciliation is only a few clicks away. “And all this with such complex data, proportionate consolidation, and minority interests," comments Florian Birkenmaier. But that's not all. LucaNet also made the electronic reporting to German tax authority much more convenient: The basis for data collection is the core taxonomy used. The system records balance sheet tax effects and adjustments just for the E-Bilanz. This includes, among other things, the breakdown of sales revenues according to the various types of sales tax. The corresponding adjustment postings for the taxonomy make the underlying posting journal transparent at all times. True convenience in data for ABL-TECHNIC!
