Finders keepers: edding chooses the smart solution for consolidated financial statements
Success story edding AG
As the parent company of an international group, edding AG is in charge of its subsidiaries, including for controlling and accounting. Certainty in planning and quick reporting while also taking currency translation differences into account are guaranteed for the master marker makers – with LucaNet.
The design and easy operation of the software appealed to us straight away. Alongside exchanging experiences with reference customers, parallel reproduction of financial statements compliant with the German Commercial Code and IFRS and also the possibility to create planning scenarios in the software certainly tipped the scales in favor of LucaNet.
How edding uses LucaNet software:
- Elimination of intercompany debt, elimination of intercompany income and expense
- Planning and reporting for all group companies in Germany and abroad
- Annual financial statements in accordance with HGB (German Commercial Code) and IFRS
Time delays and quality loss with Excel
Up until 2006, the finance department at edding still relied on Excel spreadsheets for the preparation of financial statements, planning, and consolidation. Those in charge of finance and accounting were looking for a software solution that not only would free them from the rampant proliferation of spreadsheets, but also ensure time savings and quality gains. Simplified financial planning and consolidation as well as guaranteed IFRS reconciliation were the outcomes they desired. And it all had to be clear, simple, and reliable.
A solution with the full picture and security to boot
During their search for software for the preparation of financial statements, edding enlisted the help of a business consulting firm. Company requirements and needs were analyzed and the following independent recommendation was made: LucaNet was the right solution for the company. And no wonder. The software meets all the defined criteria for consolidation, IFRS reconciliation, and financial planning. Straightforward and easy operation as well as a connection to the preexisting SAP system and individually definable wizards to reporting packages for the international subsidiaries sealed the deal. And all this with just a click.
Even preparing the first annual financial statements with the LucaNet software had the finance team at edding in awe: “The time savings and quality gains we achieved compared with previous statements are a tremendous advantage for us. Being able to integrate all parts of the consolidated financial statements while also taking currency translation differences into account was the next big step for that professional touch.”
How LucaNet software benefits edding:
- An integrated software solution as opposed to MS Excel
- Time savings and quality gains when preparing the group consolidated financial statements
- Easy operation and quicker overview of data