Improved consolidation process thanks to LucaNet
- Implementation of consolidation software
- Simple connection to SAP
- Accounting in accordance with Liechtenstein's PGR act
- Target-group-specific data preparation for reporting
- Expandable, flexible tool
LucaNet has helped us to achieve greater levels of professionalism and data quality in our overall consolidation process. The connection to SAP went without a hitch, the interface is easy to operate and we can make postings directly in the LucaNet software itself. We can also perform calculations and analysis in real-time, which enables us to work much more efficiently.
About the company
- Development, production and sales of plug connectors for the professional entertainment industry
- Schaan - Liechtenstein
- 1.000 (worldwide)
Liechtenstein-based manufacturer Neutrik AG produces plug connectors for event technology, the media and industrial use. In order to bring its data quality and the overall process used to prepare its consolidated financial statements up to a more professional level, the enterprise decided to introduce LucaNet software for accounting tasks.
Neutrik has over 40 years of experience in manufacturing innovative electrical and electronic connection products and systems. The enterprise was founded as a two-man operation in 1975, with a business concept that aimed to develop innovative products for quickly connecting interfaces between mechanical and electronic systems. Today, Neutrik is one of the world's leading providers in the design, manufacturing and marketing of audio, coaxial, power and circular plug connectors. The Neutrik Group has an impressive global presence, with subsidiaries in North America, Great Britain, Germany, Switzerland, France, Japan, Hong Kong and China. The enterprise's headquarters are located in Schaan, in the Principality of Liechtenstein.
Professional consolidation software
"First and foremost, we wanted to switch from Excel-based consolidation to professional consolidation software. We wanted to move away from working with large, complicated MS Excel spreadsheets – they were difficult to follow, susceptible to errors and made consolidation a highly time-consuming process," reports Markus Konzett, Director of Finance and Controlling at Neutrik. Since the Liechtenstein-based enterprise has been using SAP as its main ERP system since 2005, the new tool needed to be able to connect to the existing SAP infrastructure. On top of this, it was also important for the new software to allow faster, more flexible consolidation, so that the consolidated data could be made available within a shorter period of time.
The many reasons for choosing LucaNet
"We read about LucaNet software in independent studies and spoke to a number of reference enterprises in southern Germany who were already using it. We experienced the outstanding performance of LucaNet for ourselves in the initial presentation, and were very impressed. We were especially taken with the simple, intuitive operation and the excellent cost-performance ratio of the combinable modules. We also had the backing of our auditing company, EY, who were already familiar with LucaNet," says Konzett.
Importing Neutrik's transaction figures and balances per ledger account, its cost centres and its cost categories was a quick process. The data was imported via the interface with SAP, and also in the form of reporting packages and via MS Excel in the form of balance lists. One particular benefit for the Liechtenstein-based enterprise was the drill down at the single posting level. This allows users to view the corresponding posting documents for each transaction figure from the source system with just one click.
Consolidating in real-time
Neutrik currently runs its consolidation processes in accordance with Liechtenstein's Persons and Companies Act (PGR), which is based on the German Commercial Code (HGB) and follows a "true and fair" approach. Preparations are currently underway for the changeover to following Swiss GAAP FER. The full consolidation includes eight companies, while six companies are consolidated in foreign currencies and there is also a subgroup in Germany. The most important consolidation steps at Neutrik AG include debt, expense and revenue consolidation. LucaNet offers suitable consolidation wizards for these process steps, which allow paired elimination of all internal records at the press of a button.
Efficient annual and half-year reporting
LucaNet enables simple, flexible preparation of the data required for reporting. For instance, if data that only refers to the subgroups or specific individual companies is required, the user can easily filter this information out. The relevant figures can then be presented transparently in pre-defined reports and analyses for the various target groups.
Expandable for the future
"LucaNet fits in seamlessly with the specific needs of our business. It doesn't have too many functions for a medium-sized enterprise such as ourselves, yet it remains flexible enough for us to integrate further functions without any problem at a later date. The successive expandability offered by LucaNet is unique, especially for group reporting,“ says Markus Konzett.