From chaotic Excel spreadsheets to simple reporting at a click of the mouse
Success story TP Group Plc
As TP Group grew in scale and capability through new acquisitions, so reporting in Excel became ever more complex – creating difficulties in managing the volume of data and different accounting systems across the organisation. Therefore, the need for automation arose and LucaNet software was selected to solve this problem.
Without LucaNet we would not have been able to report in time. We love LucaNet.
How TP Group uses LucaNet software:
- Single point of truth
- Replacement of Excel spreadsheets
- Reporting with different ERP and accounting systems, chart of accounts, and GAAP
About the company
TP Group is a global professional services and technology partner with a unique end-to-end approach.
Use cases:
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Industry :
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Services and support
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Core Business :
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Delivers Technical expertise for successful delivery of large, complex, and critical programmes; Designs, develops, manufactures, and supports life support systems for submarine programmes
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Headquarter city :
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Wincanton (United Kingdom)
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Employees :
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Over 300
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Website :
The challenge
Coping with reporting for a fast-growing organisation
At TP Group, consolidation was traditionally done via Excel spreadsheets but, when the Group
increased in size and capability due to a number of acquisitions, MS Excel proved a difficult tool for
the managing data across the growing company. The acquisitions had different ERP and/or
accounting systems, chart of accounts, and GAAPs. Therefore, an automated consolidation process
was needed.
Otherwise, important tasks like mapping data, currency conversion, or GAAP conversion would not have been able to be achieved in time for the consolidation management accounts.
The solution
One software for automated reporting from multiple source systems
TP Group sought an intuitive and adaptable tool, opting for LucaNet, which won them over with its ease of use in addition to its versatile usage options. They now use LucaNet for all of their financial reporting and as their single point of truth for all financial data. The Group's monthly management and Board reporting, as well as the annual financial statements, now get done in a timely manner. With the help of LucaNet, TP Group was able to streamline their finance processes, even with the new acquisitions, and to consolidate, budget, and report on time. The automated intercompany matrix, which can be shared with different stakeholders, saves time, and enables reconciliation before the automated elimination entries. Now, real-time consolidation is possible as the data received can be made available for reporting purposes within one working day. TP Group appreciates the various set-up and usage options of the software. They have fully integrated the set-up of many different reporting structures and reports into their workflow, for example, on a legal entity structure as well as a divisional structure, and benefit from the option to create different versions and scenarios of a budget for their full-year budgeting and quarterly forecasting.
The TP Group is especially happy with the various setup and usage options of the software. They have fully integrated the setup of many different reporting structures and reports into their workflow. For example on a legal entity structure as well as a divisional structure, and benefit from the option to create different versions and scenarios of a budget for their full-year budgeting and quarterly forecasting.
more focus and time for other important tasks
