Secure and transparent consolidation made simple
Success story Vanguard AG
VANGUARD stands for high-quality products and modern processes. The high-quality standards that the Berlin-based company sets for itself also apply to its financial software: Planning, budgeting, consolidated financial statements, and data integration must be reliable, always of high quality, flexible, and, on top of that, save resources.
LucaNet won us over thanks to its flexibility, system speed, and user-friendly concept. We are also very satisfied with the value for money and service provided by LucaNet. Support is rapid, straightforward, and very proficient.
How VANGUARD uses LucaNet software:
- Group consolidation incl. foreign currency translation
- Mapping of cost centers and cost units for controlling
- Presentation of the financial position, asset, and profit situation in accordance with HGB and IFRS
Too much time, too many errors, and unnecessary costs
Before the LucaNet software was implemented, Excel held sway when it came consolidation for the VANGUARD Group – crippling the processes in return. Long system run times, frequent system errors, and a lack of support for intercompany reconciliations resulted in significant extra effort for rectifications and high costs. A new tool was needed. It should also be fast, user-friendly and able to be quickly implemented, as well as making foreign currency translations clear while supporting consolidation with integrated wizards. Big demands that LucaNet met.
Fast and transparent consolidation
The recommendation from LucaNet came from the financial accounting manufacturer Sage. Due to its flexibility and user-friendliness, the software won over VANGUARD and was also able to prevail over offers from the competition. “Our old software blocked all clients during the consolidation process. This was unacceptable. The system run time could take as long as eight hours. In contrast, LucaNet is rapid and transparent,” says graduate business administrator Carsten Schlurmann, of the Group Accounting department at the VANGUARD Group.
After choosing LucaNet, the software was quickly integrated. Since then, it has reliably accompanied VANGUARD in all desired areas. Planning is consistent and traceable. The different clients can be mapped in a clear fashion. The most important points could also be guaranteed: group consolidation including foreign currency accounting, the mapping of cost centers and cost units for controlling purposes, but also the presentation of the financial position, asset, and profit situation, both in accordance with the German Commercial Code (HGB) and IFRS. And without any loss of time.
How LucaNet software benefits VANGUARD:
- Resource optimization
- Fast and clear consolidated financial statements
- Mapping of multiple clients