Fast reporting while growing
As a listed company on ASX, preparation and reporting standards must be held. However, Bionomics was generating reports using only Excel, resulting in hours of manual labour. Over the course of the company's growth, Bionomics has acquired 3 firms with its most recent acquisition of Prestwick Chemical from France. The pain of a manual process became stronger as the company grew, and the need for a transformation in their financial process increased in importance. It was time for Bionomics to adopt a comprehensive solution that could drastic improve their processes.
Consolidation time spent cut from a week to a day
Bionomics started its digital transformation journey with LucaNet to automate their financial consolidation and reporting process. After a smooth implementation and set up period with LucaNet's professional consultants, Bionomics was ready axe out unnecessary manual work from their financial processes. With LucaNet's intelligent automation, Bionomics was able to reduce their consolidation time spent from a week down to just a day. In additional, by connecting their various data sources to a single platform, Bionomics can obtain a comprehensive view of the performance of their subsidiaries, and make fast business decisions whenever required. Both statutory reporting and management reporting became a breeze for the finance team.
After enjoying the benefits of automation with LucaNet, Bionomics proceeded to utilise LucaNet for budgeting and forecasting processes as well. Within a few clicks, Bionomics was able to obtain and do a side by side comparison of their actuals, budgeted and forecast numbers. This further enhanced their strategy decision making process. Now, the team in Bionomics can make meaningful comparisons all within a single platform.
How LucaNet software benefits Bionomics:
- Smooth and fast implementation
- Cut consolidation time
- Enhance budgeting and forecasting process with automation