Property and real estate broker gets consolidated financial statements done in half the time
Success story Engel & Völkers AG
The time-laden preparation of the consolidated financial statements always used to be a cause for headaches. That is why the company set its sights on LucaNet. And it paid off. The work needed to put together consolidated financial statements now only takes half as long.
How Engel & Völkers uses LucaNet software:
- Financial consolidation in accordance with the German Commercial Code (HGB) and IFRS
- Mapping of current plans
- Implementation of a derived profit and loss statement with the cost of sales method, a business management evaluation, and absorption costing
LucaNet has been of great benefit to us. The time-consuming compilation of information for consolidated financial statements and reporting is now a thing of the past. High-quality data is the result. In this way, the future of Engel & Völkers stands on a solid and transparent financial footing.
Making consolidated financial statements simple
Complicated administrative processes and the heavy time burden required to prepare the consolidated financial statements posed a problem for Engel & Völkers. “At Engel & Völkers, we have a total of 21 companies to include in the consolidation, ten of which operate abroad. It was therefore important for us to implement a standardized software system that could assist us in the consolidation process through its automation, thereby considerably simplifying the entire process. The user-friendliness of the tool provided by LucaNet is what distinguishes it the most. An intuitive user interface means that learning the ropes in the system is that much easier. Combining this starting position with the competent professionalism of our LucaNet consultant during implementation meant that we were able to return to our daily work quickly,” reports Valentina Schröder, Head of Accounting and Taxes at Engel & Völkers.
Real time savings during consolidation
With LucaNet, the process of preparing consolidated financial statements was significantly simplified. It once took ten full workdays to grapple with all the steps in consolidation. Today, only five are needed. “LucaNet’s outstanding results can be seen across many accounting areas. Data quality and consistency has increased enormously, as we do not have to enter the financial figures manually, for example. All the necessary information is available in a standardized system. And all users are kept up to speed simultaneously. This has made our process workflows more efficient.” Valentina Schröder explains, citing the advantages of LucaNet.
How LucaNet software benefits Engel & Völkers:
- Time savings for financial consolidation
- High data quality and speed of retrieval
- Uncomplicated administrative processes