For years, legacy financial tools served as the backbone of group consolidation and planning. But today, finance teams across Europe are reconsidering their options. The reasons are clear: outdated architecture, limited integration capabilities, manual workarounds, and increasing pressure to deliver more strategic insight with fewer resources.
In a world where finance leaders are expected to be not only stewards of compliance but also value creators, legacy tools simply don’t keep up.
Why now?
The role of finance is expanding fast. Finance leaders are no longer tasked with just reporting numbers. They are expected to steer strategy, guide investment, manage risk, and deliver value across the business. At the same time, regulatory demands are increasing, data volumes are growing, and expectations regarding ESG, transparency, and agility are rising.
Amid this shift, outdated tools are becoming a liability. They limit flexibility, introduce errors, and slow down the teams that are meant to drive business performance. As CFOs, controllers, FP&A leaders, and business partners are asked to do more with less, many are realizing their current systems can’t keep up. The pressure to modernize is on the need to remain relevant and ready for what’s next.
The challenge with legacy tools
1. Rigid systems that can’t adapt
Legacy tools were designed in a different era. At the time, IT departments owned the tech stack, and financial consolidation was a periodic, compliance-focused task. But today, finance needs agility. Whether it is adjusting cost center plans mid-cycle or integrating a new acquisition quickly, rigid systems hinder teams.
These tools often rely on hard-coded workflows and require extensive developer support for changes. The result? Long turnaround times, high maintenance costs, and a finance team that spends more time troubleshooting than analysing.
2. Integration headaches
Modern finance runs on interconnected systems. Data from ERP, BI, and operational platforms need to flow seamlessly into consolidation and planning tools. Legacy systems often fall short – relying on manual uploads or costly, custom-built connectors. The result is poor data accuracy, eroded trust in the numbers, and delayed insights. Without automation, closing the books takes longer, and generating forecasts becomes a slow, error-prone process.
3. Manual workarounds and reliance on Excel
Many legacy tools leave critical gaps that finance teams fill with spreadsheets. Whether it is intercompany reconciliations, cash flow statements, or audit trail documentation, these workarounds are time-consuming and prone to error. More importantly, they prevent finance from delivering timely, actionable insights to the business. The more time teams spend validating data, the less time they have for analysis and strategic planning.
4. Complex architecture and growing cost
Older platforms often require significant custom development to meet new requirements. Think multi-entity reporting, new accounting standards, or updated regulatory formats. For example, building custom IDL connectors or adapting legacy software to new reporting mandates can cost six figures. This complexity also increases the risk of errors and delays, especially during audits or reporting periods, as well as the total cost of ownership.
What modern finance teams actually need
CFOs, controllers, and FP&A leaders are expected to deliver more and more: faster close cycles, better scenario planning, clear auditability, and actionable insights that support the business in real-time.
To do that, they need a platform that is:
- Built for finance, not IT
- Seamlessly integrated
- Fast, accurate, and auditable
- Scalable and future-ready
Finance leaders need solutions that grow with them. And their tools must be intuitive enough for users to own and operate effectively.
Finance software should offer built-in financial logic, version control, and automation that align with real-world processes and empower teams to consolidate and report with confidence. These tools also need to connect seamlessly with ERP, CRM, HR, and other business systems. Integration is no longer optional; it is foundational. Without it, teams are stuck uploading files manually and reconciling mismatched numbers.
To move quickly, finance needs the ability to consolidate, plan, and report with confidence. That means automated eliminations, drill-down capabilities, and audit-ready workflows. And as the finance function evolves with ESG requirements, AI-enabled forecasting, and greater operational responsibility, teams need platforms that keep pace with change and unlock new opportunities.
How Lucanet delivers
Lucanet offers a purpose-built platform that combines financial consolidation, planning, and reporting in one intuitive solution. It’s designed for future-ready finance professionals and is trusted by over 6,000 enterprises worldwide.
- All-in-one platform
- Instead of juggling multiple tools (and spreadsheets), Lucanet delivers consolidation, planning, forecasting, and reporting in one place to reduce complexity, eliminate duplication, and give finance teams a unified view of performance.
- Seamless integrations
- With 300+ out-of-the-box connectors, Lucanet integrates with ERPs, CRMs, and BI tools. This means real-time data flows and fewer manual processes, saving time and reducing risk.
- One-click consolidation
- Lucanet automates the heavy lifting: currency conversion, eliminations, equity consolidation, and audit trail management. With a single click, teams can generate fully auditable, compliant reports that meet IFRS, GAAP, and local standards.
- Built-in planning and scenario modeling
- Lucanet’s dynamic planning capabilities allow finance teams to model different scenarios, create rolling forecasts, and update plans at any level from group-wide to cost unit. With integrated P&L, balance sheet, and cash flow planning, you get a full financial picture every time.
- Designed for control and transparency
- From audit trails to version control, Lucanet gives finance teams complete visibility and traceability. Every adjustment is logged, every number traceable to its source. Audits become easier, and insights become more reliable. Everyone wins.
- Fast to implement, easy to use
- Unlike legacy tools that require months of setup and developer input, Lucanet is fast to deploy and intuitive to use. Finance teams can get started quickly, with minimal IT involvement, and scale as needed.
The switch is simpler than you think
For many finance teams, the idea of switching platforms can feel daunting. But with the right partner and the right platform, it doesn’t have to be.
Lucanet works with you to plan and execute a smooth transition with minimal disruption and maximum support. Many customers see value from day one with faster close cycles, fewer errors, and more time for strategic tasks.
Bloch, an international apparel manufacturer, switched from Excel-based consolidation to Lucanet and saw immediate results: faster intercompany reconciliation, tailored reporting, and improved data accuracy across entities.
Coram, a leading European manufacturer of sanitary facilities, also made the switch from a legacy consolidation tool to Lucanet. Speed and flexibility were crucial to their finance team, especially for monthly reporting to their management board and shareholders. According to Group Controller Jimmy Joosten, the transition was smooth, and the benefits were immediate: faster reporting, quicker analyses, and templates tailored to their specific processes, with no IT expertise needed. Coram now considers Lucanet a central part of their financial operations.
Don’t let legacy tools limit your finance function
Finance has evolved. Your tools should, too. Whether you are frustrated by Excel workarounds, limited integration, or systems that can't keep pace with your business, it might be time to move on.
See for yourself how Lucanet can support your next move.
Discover how modern finance teams are unlocking more value with Lucanet.
