DIMOCO Europe GmbH
Simply well combined – Automation of group accounting, controlling and reporting
ProjectIntroduction of an accounting software solution that offers automation and combines the areas of group accounting, controlling/budgeting and reporting; user-friendly interface, diverse technical options for data import and export
We deeply value our work with LucaNet. The software features a user-friendly interface, while the consistent menu navigation appears throughout all the applications, providing extraordinary clarity. It also offers diverse data import and export options. Evaluations in table and graph form can be generated with just a few mouse clicks. Now that the processes have been optimised, consolidation is complete is a single day.
About the company
- Brunn am Gebirge/Lower Austria - Austria
DIMOCO, the mobile payment and mobile messaging provider, relies on software solutions from LucaNet. And this trust pays off: consolidation can now be performed successfully within a single day. Within the consolidation and planning software the data can be prepared rapidly, efficiently and transparently. The reporting activities of DIMOCO have also been significantly optimised thanks to the wide range of evaluation options.
DIMOCO is a provider of mobile payment and mobile messaging products, and supports companies in settlement processes for digital content via mobile phone billing and for processing mobile transactions. Since being established in 2000, the company has grown into one of Europe's leading providers. Currently the mobile payment infrastructure serves one billion mobile phone customers in 32 countries as well as mobile phone customers around the world via SMS.
Professional accounting support
As DIMOCO grew as a company, the desire arose to be able to report consolidated figures more rapidly and more frequently. This demand has been met by introducing a professional software product for the financial area.
"The previous practice of using MS Excel to produce the consolidated financial statements had reached its limits", reports Christina Tretter, Senior Vice President Finance and Controlling at DIMOCO. "Based on our previous experience with the software, we made our decision in favour of LucaNet very quickly. A second provider was requested to tender, in order to provide a basis for comparison. In terms of both functionality and price, LucaNet was by far the superior choice. The presentation and consulting service provided before expiry of the licence agreement were also very satisfactory."
Excellent system introduction
Implementation was completed in a short time. The data from the companies were imported via the Excel integration functionality and via an interface to the precursor system, BMD. The import of balances for each ledger account also proceeded with success. Plans are in place to also import the cost centres since the planning level of the software is also to be populated with information in the future. This information will then be used to generate comparisons of budget and actual figures at the cost centre level.
Consolidation in accordance with IFRS
LucaNet has significantly accelerated the process of producing the consolidated financial statement. At DIMOCO consolidation is performed in accordance with the IFRS accounting standard. A particularity of DIMOCO is that the core business and group as a whole are considered separately. To enable separate evaluation of these areas, two consolidation areas were created in the software. To perform automated consolidation the company uses both the capital consolidation functionality as well as the assistant for debt consolidation, which are jointly used for the loans and individually used for cost centre allocations. The consolidation assistant is further used in the area of transfer pricing for expense and revenue consolidation.
Advantages of sophisticated reporting
At DIMOCO reporting serves to provide the management board and owners with transparent communication regarding the company's financial situation. Thanks to the flexibility of the LucaNet software, interactive reports can now be prepared more quickly. Answers to special, additional questions regarding individual matters can be researched significantly faster using LucaNet. "Using the LucaNet formulas through the Excel-Add-In delivers huge advantages for automation of the reporting process. Instead of manually transferring numbers, they now come directly from the database, which means they are always up-to-date", says Christina Tretter on working with LucaNet.