Simple financial consolidation for a complex group
Success story Doppelmayr Seilbahnen GmbH
Doppelmayr is a complex group with multiple subgroups. Nevertheless, it wants to produce its consolidated financial statements coherently, transparently and efficiently – an aim that proved impossible with its old consolidation tool, which burned through the group’s time and resources. LucaNet helped Doppelmayr turn things around.
How Doppelmayr uses LucaNet software:
- Consolidated financial statements
- Closing in accordance with various accounting standards
- Automatic currency conversion
With LucaNet, we've significantly simplified our consolidation process. Complex relationships between companies can be represented at the press of a button in a manner that saves on time and costs. This is essential to our ability to concentrate fully on our core business.
To cut the time spent on consolidated financial statements
Doppelmayr has production sites and sales and service branches in more than 40 different countries. The software system it had previously used for its group consolidation was unable to cope with all these subsidiaries and investment interests, as Michael Köb, who is in charge of group accounting and international taxes at Doppelmayr, explained: “Maintenance was no longer being provided for the software system we were using before, and it could no longer handle our requirements. It was obvious that we needed a new consolidation tool to deal with the increase in workload. We knew that we wanted software that could map a complex group with multiple subgroups and make our process for generating consolidated financial statements more efficient.”
Global access to centralised data
One factor that makes life much easier for Doppelmayr is the LucaNet software’s intuitive interface. Even employees with minimal IT skills quickly get used to operating it and can carry out consolidation without any additional help once they have received the initial training. “What makes LucaNet special is its reliability when used in an international context,” Michael Köb explained.
LucaNet makes it possible to incorporate international subsidiaries and investments in flexible ways. As a result, every branch can access the current financial data. It also comes with another benefit: As well as drawing up financial statements according to various accounting standards, such as IFRS, it offers automatic currency translation and multiple language settings for its user interface. All these advantages have helped Doppelmayr achieve its goal, as Michael Köb explained: “In just a short time, our group data had become coherent and transparent.”
How LucaNet software benefits Doppelmayr:
- Faster consolidated financial statements
- Ease of use, even for those with limited IT skills
- Ability to incorporate subsidiaries in flexible ways