Switching between HGB and IFRS – it's child's play
ProjectIFRS conversion; efficient monthly reporting to high number of stakeholders; mapping parallel balance sheet and P&L structures
We were originally looking to introduce software that would allow us to produce our financial statements in accordance with IFRS as well as the HGB. But the huge range of reporting options LucaNet offers created so much added value for us that we now use the software for our monthly reporting, too. This saves us around ten working hours per month, which makes our lives much easier.
About the company
- Development and distribution of mobile games
- Berlin - Germany
Wooga develops colorful mobile games that are played by millions worldwide. But it's not just Wooga's customers that come from all over the world – their competitors are also based in a multitude of different countries. In order to compare its figures quickly and easily with the global competition, the enterprise turned to LucaNet. The software also saves Wooga 10 work hours per month on reporting.
"Telling gripping stories – that's what our enterprise does," says Nadine Piotrowski, Head of Accounting at Wooga. "Stories that play an unforgettable and positive role in the lives of the people who play them, creating moments that they can look forward to every day."
Berlin-based enterprise Wooga creates story-driven casual games – intuitive entertainment that helps users pass the time. The majority of Wooga's games are developed for smartphones and tablets, and its best-known success stories include June’s Journey, Pearl’s Peril and Tropicats. The first two are what is known as "hidden-object" games – a digital version of a hidden-object book. They take the gamer on a journey of discovery where they have to search a scene for hidden objects and keep stumbling on new things. The whole game is embedded in an thrilling story – like the 1920s murder case in June's Journey. June’s Journey also happens to be Ms. Piotrowski's favorite game, and she tells us that Wooga stands for "World of Gaming" – a name developed by the enterprise's first intern during his application test. "He's still with us," she laughs, "though he's since developed from a talented intern to a senior position in the enterprise."
The challenge: To generate comparisons with the international competition
The games market is unequivocally global. Its customers are based all around the world – as are Wooga's competitors: the producers and providers of the games they play. In view of this global competition, the enterprise needed to come up with a way of comparing financial figures. "That's how we found LucaNet," Nadine Piotrowski explains. "We need to file our accounts in accordance with the HGB (the German Commercial Code), while many of our competitors follow IFRS regulations. In order to enable us to compare our performance with theirs, we decided to introduce voluntary IFRS reporting."
Automatic IFRS conversion instead of tiresome manual work
Until LucaNet came along, this was no easy task. Wooga was working with Excel and the accounting program tse:nit. HGB-to-IFRS conversion entailed a mountain of work – and had to be repeated from scratch every month, always overshadowed by the risks associated with Excel's susceptibility to errors. "You know how it is," Ms. Piotrowski says. "In Excel, everything is done with formulas. Then one formula gets moved by accident, and suddenly everything goes wrong. The bigger the Excel file, the less I trust the data to be completely accurate." Thanks to LucaNet, that's not a problem anymore. Nadine Piotrowski's team still draws up its HGB financial statements in tse:nit, only now it subsequently analyzes them in LucaNet and launches an automated script that converts them to IFRS. Just the solution the enterprise was looking for.
And the reporting is just as impressive: 10 hours per month saved
But Wooga doesn't just use LucaNet as a conversion tool – it has also helped to make the enterprise's monthly reporting more efficient. The enterprise's reports are relatively extensive, and are sent out every month to a large number of stakeholders: investors, the Wooga board, the management team, and the various team leads. In total, about 200 people per month receive the information. "This process used to take us at least two working days to complete. With LucaNet, we can now get the whole thing done about 10 hours faster," Nadine Piotrowski emphasizes. "Things we previously had to do manually can now be drawn from a program. And once we've drawn it up, everything remains available in LucaNet for us to access whenever we want. All we need to do is apply a sensible filter to our organization groups, and the system shows us all the data we need. It's made our lives so much easier. And on top of that, I save even more time every month because the system makes it easier to process the large number of individual requests we always get."