Wooga compares its figures at the push of a button while saving time in reporting
Success story Wooga GmbH
Wooga develops colorful mobile games that are played by millions worldwide. Meanwhile, these customers aren’t the only ones who span the globe – Wooga's competitors do, too. In order to compare its figures quickly and easily with the global competition, the company turned to LucaNet.
How Wooga uses LucaNet software:
- Financial consolidation in accordance with German GAAP (HGB) and IFRS
- Monthly reporting for stakeholders
- Mapping of parallel structures (balance sheet and P&L)
We were originally looking for software that would allow us to produce our financial statements in accordance with IFRS, as well. But the huge range of reporting options LucaNet offers created so much added value for us that we now use the software for our monthly reporting, too.
To generate comparisons with the international competition
The games market is unequivocally global. Its customers are based all around the world – as are Wooga's competitors: the producers and providers of the games they play. In view of this global competition, the enterprise needed to come up with a way of comparing financial figures. "That's how we found LucaNet," explain Nadine Piotrowski, Head of Accounting at Wooga. "We need to file our accounts in accordance with the HGB (the German Commercial Code), while many of our competitors follow IFRS regulations. In order to enable us to compare our performance with theirs, we decided to introduce voluntary IFRS reporting."
Automatic IFRS conversion instead of tiresome manual work
Until LucaNet came along, this was no easy task. Wooga was working with Excel and the accounting program tse:nit. HGB-to-IFRS conversion entailed a mountain of work – and had to be repeated from scratch every month, always overshadowed by the risks associated with Excel's susceptibility to errors. "You know how it is," Ms. Piotrowski says. "In Excel, everything is done with formulas. Then one formula gets moved by accident, and suddenly everything goes wrong. The bigger the Excel file, the less I trust the data to be completely accurate." Thanks to LucaNet, that's not a problem anymore. Nadine Piotrowski's team still draws up its HGB financial statements in tse:nit, only now it subsequently analyses them in LucaNet and launches an automated script that converts them to IFRS. Just the solution the enterprise was looking for.
And the reporting is just as impressive: 10 hours per month saved
But Wooga doesn't just use LucaNet as a conversion tool – it has also helped to make the enterprise's monthly reporting more efficient. The enterprise's reports are relatively extensive and are sent out every month to a large number of stakeholders: investors, the Wooga board, the management team and the various team leads. In total, about 200 people per month receive the information. "This process used to take us at least two working days to complete. With LucaNet, we can now get the whole thing done about 10 hours faster," Nadine Piotrowski emphasises. "Things we previously had to do manually can now be drawn from a program. And once we've drawn it up, everything remains available in LucaNet for us to access whenever we want. All we need to do is apply a sensible filter to our organisation groups, and the system shows us all the data we need. It's made our lives so much easier. And on top of that, I save even more time every month because the system makes it easier to process the large number of individual requests we always get."
How LucaNet benefits Wooga:
- Consolidated financial statements in line with various accounting standards facilitates comparison with global competitors
- Time saved: Push-button reports
- Reliable numbers