Listed company RIB Software AG uses LucaNet
RIB Software AG
ProjectIntroducing a software to speed up accounting and reporting as part of a stock market flotation; Greater quality, speed and transparency in the preparation of consolidated financial statements; Consolidation in accordance with IFRS and HGB
LucaNet delivers comprehensive solutions for our complex requirements. As a listed company, we need a tool that gives us reliable support when we consolidate in accordance with the IFRS and HGB accounting standards. The LucaNet software is the ideal solution for us in terms of quality, transparency and speed.
About the company
- Software development for the construction industry
- Stuttgart - Germany
- 700 (worldwide)
Companies that take the plunge onto the stock market face stringent, highly complex requirements in terms of their accounting and reporting. Being listed in the Prime or General standard segment, for instance, means having to apply IFRS. With its combinable software solutions, LucaNet has provided RIB Software AG with the best possible support.
RIB Software AG was set up back in 1961 with the aim of positioning itself as an innovative pioneer in the construction industry and driving the sector forward with new technologies. Nowadays, RIB designs, develops and sells a licence- and cloud-based big data 5D BIM corporate solution for construction companies. The Stuttgart-based company has been listed in the Prime Standard segment on the Frankfurt Stock Exchange since 2011. Through its more than 30 subsidiaries, it serves 100,000 customers all over the world, including construction firms, project developers, owners, investors and governments. With increasing growth necessitating fresh sources of capital, the company decided to float on the stock market, with lasting consequences for its consolidation process.
"Our plan to go public meant that our existing MS Excel solution could no longer provide the necessary quality, speed and transparency when it came to consolidation", explained Jürgen Zaiser, Head of Controlling & Group Accounting at RIB Software AG. "With high-quality, easy-to-use software and excellent value for money, LucaNet was a simple and unanimous choice."
"It took about eight weeks to go from the kick-off project to using the LucaNet software for the first time – that was really exceptional", says Jürgen Zaiser, describing the launch process.
A direct interface with the financial accounting system ARRIBA finanzen enabled data to be integrated successfully, specifically transaction figures and balances for each ledger account as well as cost centres, cost units, the fixed assets analysis, the nature of expense method/cost of sales method conversion and the IC drill down. The trial balances were also imported via MS Excel.
RIB Software AG has been impressed with the versatility of the LucaNet solution. The tool is certified for accounting applications, has a clear, intuitive and multilingual user interface, and can be flexibly expanded and adapted to suit the individuals and companies using it. Its ability to generate several parallel structures and views, e.g. in accordance with the different accounting standards under the German Commercial Code (HGB) and IFRS as well as the nature of expense and cost of sales methods creates transparency at all levels. Consolidated financial statements can be prepared much more efficiently and, more importantly, with fewer errors thanks to the automated currency conversion function and the automatic creation of transition and consolidation postings.
"LucaNet brings our company some major benefits: there are only a few types of data that we still have to update manually”, says Jürgen Zaiser, explaining the features of the software. “Many of the data are imported via the interfaces that are created. Combined with the daily backups of sensitive information in a database, that helps to ensure a reliable pool of data. LucaNet also allows us to map our group structure very clearly. All group companies can access the software via our central server in Stuttgart, while we can also write comments and descriptions for all the key inputs."
LucaNet.Group Report for about 30 companies
The LucaNet.Group Report module that RIB is using provides a standardised, web-based framework for collecting data from the subsidiaries and enables reliable, efficient intercompany reconciliation. The company implemented its initial report layout together with its personal LucaNet consultant, who has worked extremely well and always handled technical questions very competently according to RIB.
RIB Software AG uses LucaNet.Group Report to map the actual data for its balance sheet, profit and loss statement, and fixed assets and provision analysis as well as its liability analysis broken down by maturities and various other disclosures. At the same time as they are being collected in this module, data are also checked for consistency against customisable validation rules, significantly increasing the quality of the company's data.
RIB performs its IC reconciliation using the pair combinations reconciliation procedure, which involves totalling up the fields for each partner combination – irrespective of whether they are service providers or recipients – and displaying any difference, as well as a method based on the balances in reporting and group currency.
Reliable P&L planning
The company prepares its planning centrally from its headquarters in Stuttgart, focusing on planning the profit and loss statement, the balance sheet and the cash flow. RIB Software AG uses the planning forms that come with LucaNet.Planner, which make it easier to draw up planning and scenarios. The level of detail to be used in the planning process can be selected at any time, while the planning can be performed down to account, cost centre or cost unit level.
"Another major benefit is how easy it is to consolidate planning values", Jürgen Zaiser explains. "As the LucaNet system has a very coherent structure, we're looking to introduce it into other areas of our business. For instance, we're going to enable the subsidiaries to enter their planning values locally in future."