Financial reporting sans time-sapping spreadsheets
Success story Allergy Therapeutics PLC
Allergy Therapeutics conducts group-wide monthly and annual reporting with reliable figures from all of its 19 markets, all while saving precious work time.
I spend a lot less time looking for inconsistencies in the data and finally have more confidence in the data being reported.
How Allergy Therapeutics uses LucaNet software:
- One tool for different requirements
- Replacement of Excel spreadsheets
- Reporting on a monthly and annual basis
Since the company’s founding in 1999, employees in the finance departments used to enter the requisite data into Excel spreadsheets. This was a manual process, where multiple joined links across various spreadsheets needed to always be taken into account. Assigning the accounts of all the companies always proved to be an inconsistent and complicated endeavour. Errors in formulas were often difficult to detect and the time-consuming task of updating the joined links was a constant hassle. What was the finance team looking for? Quite simply: a robust system that could deliver data quickly and reliably.
A software solution for reporting without errors and losses in time
In the end, Allergy Therapeutics opted for the LucaNet software, which won them over with its flexibility of use in addition to its versatile and secure presentation of company data. Functions on their wish list such as for budgeting and forecasting could be easily integrated. And in the future, the finance team will still be able to adapt and make additions to their cost centre structures on their own terms, without having to call in their own IT team or external consultants each step of the way.
LucaNet accompanied Allergy Therapeutics during the 6-month transition process to the new software. "The team was very helpful and flexible," notes Russell Picket, Group Financial Controller of Allergy Therapeutics about the step-by-step process that quickly paid itself off. Whereas loading data from all group accounts would have previously taken hours, monthly and annual reports with LucaNet can be set for execution in just a few clicks. It also eliminates the need to manually update each of the Excel joined links across files, saving Picket and his team hours. But most importantly of all: “LucaNet is a system that we can simply trust. At last, the reported results match the underlying data. We can drill down to data in detail and can easily derive our cash flow, balance sheet and profit and loss statement from our calculations,” summarizes Picket.
How LucaNet software benefits Allergy Therapeutics:
- Time savings and quality enhancements in reporting
- Greater transparency in reporting figures
- Increase in data consistency
less per month