Customer Story
As Salus Group expanded from 8 to 15 subsidiaries across multiple currencies, Excel couldn't keep pace. Consolidated reports that once took three weeks now needed to reach management faster and with more detail. Learn how Salus Group solved this with Lucanet.
47 % faster
From 3 weeks to 8 days.
Group serves pharma, biopharma, medical device and medical equipment companies as a single point of contact across sales, distribution and a range of supporting services. Since Eva Mihelcic joined as Finance Director, the group has grown from 8 companies to 15, operating across multiple currencies.
A connector between Lucanet and the group's disclosure management software speeds up quarterly and annual report preparation further.
Eva Mihelcic
Finance Director, Salus Group
Salus Group grew from eight companies to 15, all operating across different currencies. "We're operating in a multi-currency environment, so that couldn't be done in Excel anymore," says Eva Mihelcic, Finance Director.
The impact reached beyond the finance team. Without detailed insight into subsidiary reporting, leadership lacked the data they needed to make informed calls. "We weren't in a good position to make really rational decisions because we didn't have enough insight; we didn't have enough detail on what the subsidiaries were reporting and how they were operating," Mihelcic explains. Producing a single consolidated report took weeks.
Lease accounting added another layer of complexity. One subsidiary manages approximately 40 retail shop rentals, with lease modifications happening every month. Handling this volume in Excel led to audit issues the team needed to resolve.
Lucanet now centralizes data from all of Salus Group's subsidiaries in one place, regardless of currency. "Since we implemented Lucanet, we can report more efficiently, more quickly, and we can deliver the consolidated reports to management by the eighth working day," says Mihelcic. That's down from three weeks.
A connector between Lucanet and the group's disclosure management software speeds up quarterly and annual report preparation further.
To address the retail lease challenge, Salus Group added Lucanet's lease accounting software to their stack. Monthly modifications across roughly 40 shops are now handled directly in the platform. "We get the general ledger postings, we get all the disclosures, and basically, we fully comply with IFRS 16 now," Mihelcic explains.
Lucanet gives headquarters daily visibility into subsidiary data. "Lucanet has given us insight into what the subsidiaries are actually doing," says Mihelcic. "We're in contact with our subsidiaries through Lucanet on a daily basis. We're asking questions, and they're giving explanations, so I think it's a mutual learning experience, and it has also brought us closer together."