Why It’s Time to Replace Your Spreadsheets

Why It’s Time to Replace Your Spreadsheets

Excel is one of the greatest desktop tools. As a personal productivity tool for analysing numbers on a static dataset, it’s hard to beat. But the Group Finance Department needs collaborative, multi-stakeholder processes for consolidation, reconciliation and regulatory reporting. And that’s where the power of Excel falls very short.

Save Time and Ensure Error-Free IFRS & UK GAAP Reporting

Save Time and Ensure Error-Free IFRS & UK GAAP Reporting

Regulatory reporting should be a pretty straightforward task. But transforming data from the general ledger into the primary statements can be a maze of spreadsheets that are often understood by only a few individuals. This time-consuming data jungle gives rise to potential mistakes and errors in classification with no clear audit trail.

Intercompany Reconciliation Without the Hassle

Intercompany Reconciliation Without the Hassle

On an annual basis, the Finance Department faces the challenge of the Intercompany Reconciliation process. For most companies, this is a task that takes far too long as controllers grapple with collecting the data and managing a myriad of error-prone spreadsheet reports. In turn this means that the end-of-year financial consolidation process is severely impacted, and the books are closed far later then they should be.

Improving the Intercompany Reconciliation Process

Improving the Intercompany Reconciliation Process

More and more companies operate globally. Overseas subsidiaries open up new markets to satisfy the needs of local customers. These subsidiaries of course have to be consolidated and integrated into the consolidated financial statements of the parent. One of the biggest hurdles in this process – and a mammoth task for corporate accounting departments – is obtaining the data from their disparate financial statements.

Make Efficiencies in Your Year-End Process and Close The Books Faster

Make Efficiencies in Your Year-End Process and Close The Books Faster

How long do you need for the preparation of your quarterly, annual, and consolidated financial statements? Integrating all of your Group systems and individual spreadsheets for consolidation and then validating the data for your year-end reporting is often a daunting task that can take many weeks.

3 Essential Steps to Building An Automated Financial Consolidation Process

3 Essential Steps to Building An Automated Financial Consolidation Process

Closing the books and consolidating financial reports is an annual challenge for the finance team. But the fact is that many companies still rely on time-consuming and inefficient spreadsheet-based processes for financial consolidation. So, what are the essential steps to take towards building a high-value automated financial consolidation system?

LucaNet achieves strong results in many important KPIs in The BARC Planning Survey 2017

LucaNet achieves strong results in many important KPIs in The BARC Planning Survey 2017

The Planning Survey 17 has just been published by BARC and LucaNet have attained a very strong result overall, with ‘Performance satisfaction’, ‘Predefined data connections’ and ‘Ease of use’ KPIs in particular being singled as ‘Top-ranked’. 

The result helps to consolidate LucaNet’s position as a leading vendor for BI in accountancy, where companies can benefit from using LucaNet as a planning and BI tool by achieving increased transparency of planning, improved integration of planning with reporting/analysis and better quality of planning results.

A further accolade identified was that customers are often willing to recommend the product to other companies. All the LucaNet customers responding to the survey said they would probably or definitely recommend the product to others.

“This is a fantastic result for LucaNet” commented Gavin Allen, MD of LucaNet UK & Ireland. He continued “This influential survey really has endorsed the LucaNet offering. We have always had extremely good customer relationships and this survey underlines the importance of being able to deliver first-class service and software to our clients”. 

Read more about the BARC Planning Survey 2017 here.

LucaNet on G-Cloud 9

LucaNet on G-Cloud 9

LucaNet UK are now on the G-Cloud 9. The UK Government’s Digital Marketplace procurement framework has added LucaNet to its list of sourcing solutions for specialist Cloud-related projects. 

“LucaNet UK’s addition to the G-Cloud 9 framework will enable a wide range of Public Sector organisations to identify procurement opportunities from us as an approved supplier of Cloud-based technologies and we are looking forward to establishing the brand in this important sector” commented Gavin Allen, Managing Director of LucaNet UK & Ireland.    

LucaNet Continues on the Road to Success. Another strong year announced in 2016 company results

LucaNet Continues on the Road to Success. Another strong year announced in 2016 company results

Sales up 27%
270 new customers worldwide
New offices in Singapore and the USA

LucaNet, the provider of software and consulting services for Financial Corporate Performance Management, continued to enjoy rapid growth in the 2016 financial year. The company generated another double-digit increase in sales, this time of an impressive 27%. With the opening of its own offices in Singapore and the USA, LucaNet remains focused on its plans for internationalisation and now boasts thirteen sites in nine countries.

LucaNet grew successfully once again in 2016, increasing sales by 27% and achieved an average growth rate of some 30% over the past ten years. It has acquired 270 new customers of all sizes, from a wide range of business sectors globally, including Jochen Schweizer, Roland Berger and Vapiano as well as the Alibaba subsidiary Lazada and the Singapore-based pharmaceuticals group TauRx. 

LucaNet’s management team has a few plans up its sleeve for 2017 as well. Executive Board member Oliver Schmitz is confident: “We are very pleased with last year’s results. We are particularly delighted to have once again doubled our sales in the space of three years. In 2017, we want to take our successes in German-speaking countries and transfer them to the international stage, opening up new customer segments in the process.”  

Launched in January, the LucaNet 10 major release fully automates all the processes involved in financial controlling, by optimising all procedures for consolidation, planning, reporting and analysis. Oliver Schmitz continues… “Our software simplifies the complex interrelationships involved in business administration, giving the user a product that is intuitive to operate and that provides all the necessary information more quickly and more accurately. For the specialist department, that means greater security thanks to automated processes and fully traceable figures; for financial managers, it means a sound basis for their strategic decision-making.”
 

William Butler-Adams OBE announced as Keynote Speaker for Sense 2017 Event

William Butler-Adams OBE announced as Keynote Speaker for Sense 2017 Event

William Butler-Adams has been confirmed as the opening Keynote Speaker for Day 1 of our annual event, Sense 2017, which will be held at Silverstone on 20th & 21st June. Guest attendance is strictly limited to 30 people in order to permit maximum engagement of our audience with William. 

Gavin Allen, Managing Director of LucaNet UK & Ireland commented “I am absolutely delighted that William has agreed to join us at Sense 2017. LucaNet work closely with CFO’s, Financial Directors and Financial Controllers and I believe that William will provide the kind of insight into business growth that will be of great value to that community as business moves into uncharted waters as a consequence of Brexit”.

AS CEO of Brompton Bicycles Ltd., Will Butler-Adams is helping spearhead a new surge in British manufacturing. His company design, produce and distribute over 30,000 folding bikes each year from their UK factory – with half the 1200 parts in every Brompton made onsite. Even in the current economic climate, they are enjoying exponential growth. Will’s inspirational approach has seen his own overseas customers grow to account for 70% of sales. 

Visit our events page and register for Sense 2017

LucaNet further expands its business in the U.S.

LucaNet further expands its business in the U.S.

Philadelphia, May 10th, 2017 – The German corporate performance management software provider LucaNet is stepping up its North American activities by opening its own subsidiary in Philadelphia, Pennsylvania. Situated in the heart of the city, the office serves as a hub for all the company's business in the U.S. and Canada. Help will now be close at hand for the American companies previously served from Germany.

LucaNet's newest office is at 1900 Market Street in Philadelphia. The US office shares the same street on which Benjamin Franklin’s home once stood, and is located just a few hundred yards east of where the U.S. Declaration of Independence was signed on July 4, 1776. This historic address will now act as the control center for LucaNet's business in the U.S. and Canada. "LucaNet offers robust financial intelligence software that integrates with any ERP in an unparalleled way," explains Simon van Koppen, Managing Director of LucaNet North America, LucaNet's official market presence on the continent. "Moreover, users can configure and manage the software without being dependent on external consultants or IT. Combined with a rapid implementation methodology, we offer our solutions coupled with a very low total cost of ownership.” 

As Managing Director, Mr. van Koppen is responsible for launching the LucaNet brand in the U.S. and Canadian markets, a task that includes seeking out suitable technology partners. With the ERP suppliers Exact Macola and the disclosure management provider SmartNotes now on board, it has not taken long for him to find success.

Mr. van Koppen brings many years of experience in consulting on, implementing and marketing international projects. He was previously based in Germany, working in international business development tapping into and expanding new markets.

He will be supported by Robert Lawson, a native of Philadelphia and the second Managing Director at LucaNet North America. Mr. Lawson has been with the company since 2015, starting out in Germany as International Business Manager until his transfer to the U.S., where he was responsible for consulting on and implementing projects for international customers. Mr. Lawson knows what makes the North American market tick: "The U.S. is a highly competitive market, and companies demand tools that will provide them with a consistent competitive advantage. With the LucaNet software, financial professionals will spend less time collecting, validating, and reporting data, and more time on the analysis to provide the business with that advantage.”

Having opened its site in the U.S., LucaNet is now represented in ten countries. Dominik Duchon, a member of the LucaNet Management Board, feels confident regarding the leap across the pond: "We are the leading supplier in the European corporate performance management sector because we consistently put ourselves in the user’s shoes. Our software enables all finance managers, from specialist users through to CFOs, to independently shape their processes more efficiently without the need for an IT department or external consultant. We firmly believe that these are the perfect conditions for success in the U.S. and Canadian markets."

About LucaNet

LucaNet was founded in 1999 by Rolf-Jürgen Moll and Oliver Schmitz. Although the company was originally conceived as a management consultancy, the shortcomings in the consolidation, planning, reporting, and analysis systems at the time inspired Mr. Moll and Mr. Schmitz to develop a fully integrated corporate performance management suite of their own. Their vision to provide finance managers with a product that would let them make all their decisions quickly and based on real data grew into a group with ten sites across the world. The company is headquartered in Berlin.

Its 1,700-plus customers include Data Mail, Ricola, Rocket Internet, RWL Water, Toshiba, and Vanguard, all of whom benefit from LucaNet’s flexible, high-performance CPM solution and expert advice.

Contact

LucaNet (North America) LLC

1900 Market St, 8th Floor

19103 Philadelphia, USA

 

Tel. +1 888 691 1523

info@lucanet.us

www.lucanet.us 

LucaNet 10 Optimises Financial Controlling

LucaNet 10 Optimises Financial Controlling

LucaNet sets new market standards

LucaNet AG, provider of software and consulting services for Financial Corporate Performance Management, has released a new version of its software for consolidation, planning, reporting and analysis. With LucaNet 10, the Berlin-based enterprise is launching an automated system that optimises all financial controlling processes and provides finance managers with all the information they need to make their decisions, more quickly and accurately than ever before. The release will introduce an array of new features to increase the efficiency of financial processes.

In order to ensure the lasting success of an enterprise, its accounting department needs to process and analyse the available data as efficiently as possible. Staff need fast, prompt and transparent access to all the relevant financial figures at a glance. Yet there is one problem that plagues enterprises across every sector, regardless of their size: the data is inconsistent, so processes such as reporting and the generation of financial statements need to be carried out manually. This is a slow, arduous process. As a result, those responsible for processing the data are left with little time for what really matters: the analysis and interpretation of the figures that forms the basis upon which many of the enterprise’s important strategic decisions are made. With the new version of its software, LucaNet has brought out a product that fully automates all the processes involved in financial controlling, thus optimising procedures in the fields of consolidation, planning, reporting and analysis.

“Clean data is the cornerstone of a reliable financial planning and analysis that can also weather times of crisis,” says Dominik Duchon of the LucaNet Executive Board. “Homespun Excel solutions are nice enough, but they’ll reach their limits sooner or later. What takes users in Excel days or even weeks to achieve – collecting and processing data from a variety of sources for reporting – our software can do in seconds, thanks to the ready-made interfaces it has with all the source systems. The data is compressed and processed automatically using a framework of rules, and potential triggers for errors are identified at an early stage in order to ensure that only validated data is included in the reports. This makes the generation of financial statements a much faster process, as no time is wasted searching for inconsistent entries.”

In addition to the high degree of automation it provides for data procurement, validation and further processing, LucaNet 10 also stands out due to its intuitive operation, the full administrative options it offers specialist users and the way it combines internal and external reporting. LucaNet has also taken the opportunity of the new release to plug a huge gap left by other systems currently on the market: rather than having to choose between a low-risk, easy-to-implement, standard software suite or a solution that is much more complex but also customisable, LucaNet 10 allows users to have both.

“Profit and loss statements, balance sheets and cash flow statements follow the same principles the world over. As such, it is possible for accounting teams to have software they can use straight away. But when an enterprise has individual requirements with regard to particular specialist aspects of the process, things start to look a little different. Data from different pots needs to be tapped and combined before it can be processed. Up until now, this was difficult to execute and standardise. y using apps we now have managed to strike the perfect balance between efficiency and customisability by combining these two options. This allows the seamless integration of additional, customer-specific options into the software, allowing users to transparently display completely individual records relating to their enterprise’s business – without losing out on the benefits of a standard software solution,” Duchon explains.

The Future Of Planning, Budgeting and Forecasting

The Future Of Planning, Budgeting and Forecasting

Now available for download, the recently published white paper and research from Gary Simon of FSN, from The Modern Finance Forum on LinkedIn, sponsored by LucaNet.

"The Future of Planning, Budgeting and Forecasting"

Download your free copy today.

In this 55 page white paper, over five chapters you can find the following informative content:

  1. Non Financial Data - The Forecasting Game Changer
  2. CFO's and Heads of FP&A At Loggerheads
  3. Cloud Uptake is Rising bu Outdated Processes Remain Unchallenged
  4. CFOs Who Ignore Continuous Planning May be Putting Their Business at Risk
  5. Bigger Models and More Stakeholders Don't Make for Better Business Modelling

To compliment your reading of this white paper, listen to Gary Simon present the findings and add additional context to this white paper, in this video, which can also be found in our resources page.


To also consider the impacts following Brexit on innovative technologies, and the modern office of finance, you might also like to hear our views from a recent interview conducted by The Business Reporter from The Daily and Sunday Telegraph.

City Of London Breakfast Briefings

City Of London Breakfast Briefings

Join us at one of our upcoming LucaNet UK & Ireland Breakfast Briefings, being held right in the heart of the City of London.

Spaces are strictly limited at this exclusive venue, so please reserve early, by going to the following link and placing your reservation. We look forward to meeting with you, and presenting some highly informative content.

EIGHT MEMBERS CLUB RESERVATION

Ahead of these breakfast briefings, you may also like to watch our recent interview with The Business Reporter of The Daily and Sunday Telegraph, as we discuss the impacts of Brexit on innovative technology and on the modern office of finance.

 

 

The Consolidation Challenge

The Consolidation Challenge

Join us on Thursday 23rd February 2017 at 12:30 GMT, for the first of our one hour interactive live webcasts. This month we focus on "The Consolidation and Data Challenge" of performing the traditional financial close and consolidation of the financials. Obtain your passcode to this exclusive webcast here.

Planning In The Modern Office of Finance

Planning In The Modern Office of Finance

In this Linked In Pulse article, Gavin Allen Managing Director LucaNet UK & Ireland, discusses the significance and emergence of both financial and non-financial planning, and how we must not forget the importance of a baseline key financial plan from the Profit and Loss, through Balance Sheet, to the Cash Flow.

LINKED IN PULSE ARTICLE HERE

Want to know more about the likely impacts of Brexit and what this means not only for innovative technology but also the modern of finance then please find below our recent interview with Business Reporter of The Daily and Sunday Telegraph.

THE DAILY TELEGRAPH LUCANET INTERVIEW