Easy consolidation in times of growth
Success story Stonewood Wealth Management
New acquisitions led the CFO of Stonewood Wealth Management to start looking for a professional consolidation and planning software. With LucaNet, the company can conduct group-wide monthly and annual reporting with reliable figures for the first time – and save time in comparison to any alternative process.
Thanks to LucaNet, we now have an overview of everything at the same time. When the CEO calls and asks for a group position on something, LucaNet can give those answers at the click of a button.
How Stonewood Wealth Management uses LucaNet software:
- ONE tool for different requirements
- replacement of Excel spreadsheets
- reporting on a monthly and annual basis
About the enterprise
Stonewood is a dynamic international Wealth Manager providing a full range of Wealth Management solutions for investors, providing uncomplicated, transparent, and low-cost global investment portfolios tailored to their customers risk and return profile.
Use cases:
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Industry :
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Services and support
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Core Business :
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Wealth Management solutions for investors
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Headquarter city :
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St Peter Port (Guernsey)
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Locations :
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Guernsey (St Peter Port), South Africa (Johannesburg), United Kingdom (Weybridge)
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Employees :
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100
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Website :
The challenge
Production of reliable consolidated monthly statements at group level
At Stonewood Wealth Management, no consolidated financial statements or management accounts exist, until Nicholas Matthews joined the company as CFO in September 2020. He then started researching providers for software solutions to consolidate new acquisitions. It was obvious to him that an easy-to-use, flexible system was urgently needed for monthly and annual consolidation, and to handle group management accounts for balance sheet, profit & loss, and cash flow statements.
The solution
Software solution for reliable financial data available at the push of a button
Nicholas Matthews spent a lot of time carefully comparing possible software solutions to meet the company’s requirements. In the end, he opted for LucaNet software. What won him over was a wide range of offered functions, including consolidation and reporting, and more than 20 years of experience with over 3,500 customers.
Now, the team uses LucaNet software for consolidation according to the UK GAAP, for monthly and annual reports, management accounts at group level, and monthly forecast for profit & loss, balance sheet, and cash flow statements. During the transition to LucaNet, existing data was mainly imported via a standard interface from the source system Xero as well as Excel tables. The team is still using the source system Xero and is fully satisfied with how easily data can be loaded directly from Xero to LucaNet. This means, the team can save a lot of time – now they prepare their monthly reporting in only three days.
Another major advantage of LucaNet software is that it has a transparent overview of all of Stonewood’s financial data in one system. This enables Nicholas Matthews to respond to any inquiry of his CEO at the click of a button and with a reliable financial data.
Although they had never previously prepared consolidated accounts, the CFO estimates the group consolidation process would take about 10 days, whereas it now takes 3 days once the subsidiaries have completed their month end processes.
per month
