Happy CFO: Simple consolidation and reporting for 15 companies
Success story Urban Sports Club GmbH
Urban Sports Club was looking for the key to successful consolidation and reporting in times of growth and internationalization. And found it in LucaNet.
Urban Sports Club uses LucaNet software for:
- Financial consolidation
- Reporting for 15 national subsidiaries
I have already consolidated in other systems. But if you work with LucaNet once, you never want to work with another system again.
Pushed to the limits with Excel
"Honestly, before LucaNet, there were only Excel spreadsheets." That's how Ina Wetzel describes the situation when she started as CFO at Urban Sports Club. 15 companies were reported via Excel spreadsheets at that time. The whole process was frustrating and impractical. "And the problem with Excel spreadsheets is that they have to be painstakingly merged. If there is an error in the formulas, the pages can no longer be opened. We had - simply put - reporting that was not meaningful. That was a big pain point for us."
Reliable financial data at the press of a button
Ina Wetzel already knew LucaNet and was sure: This software provides the solutions to the problems that their team was having. She emphasizes: “I have already consolidated in other systems. But if you work with LucaNet once, you never want to work with another system again. Why? It is a technically brilliant solution. Many steps are taken off your hands. A lot of checks are integrated, making reconciliation processes afterwards unnecessary."
With LucaNet, the finance department at Urban Sports Club has a clear overview of the liquidity of the individual national subsidiaries and are able to take control by intervening on time, when necessary. And secondly, the data from the companies is quickly aggregated and consolidated so that reports that are valid and for which Ina Wetzel, as CFO, can vouch can be presented to investors and management.
LucaNet as a financial data hub
In the future, Urban Sports Club is planning to use LucaNet for more than just reporting and consolidated financial statements. The software is supposed to form a financial data hub, which is made available to all national subsidiaries. With the aim of ensuring that all subsidiaries always have a transparent overview over their financial data. This also makes controllers happy. They now only need to use one tool for both cost center reporting and forecasting.
How LucaNet benefits Urban Sports Club:
- Interfaces with many source systems
- Less stress in the consolidation process
- Valid reporting for investors