Simply exact – planning and reporting at the push of a button

Industry: electrical engineering and electronics

Headquarters: Düsseldorf (Germany)

Employees: about 400

Project: introduction of a professional software for effective monthly reporting; replacement of Excel tables, cutting down on the time required to prepare financial statements; involving the employees responsible for cost centres in the planning process

Modules: LucaNet.Financial Consolidation, LucaNet.Planner, LucaNet.Importer

Flexible enough to reproduce complex, fast changing structures in accounting, and intelligent enough to seamlessly document automatic transaction entries according to different assessment systems, this is how the software should be like. Toshiba Electronics wanted to make its consolidated controlling faster, more efficient and exact.

Toshiba Electronics Europe GmbH with its registered office in Düsseldorf is the European centre for semiconductor business area of the Japanese Toshiba Corporation. Düsseldorf has taken over the reporting system for the regional companies belonging to the consolidated group in Germany, France, the United Kingdom, Italy, Sweden, Spain and Finland.

"After detailed testing of the products available on the market we opted for LucaNet in 2003", says Ulrich Leib, Head of Controlling at Toshiba Electronics Europe GmbH. The financial statement for the entire reporting of European companies and external report for the consolidated group headquarters in Japan is created by Toshiba Electronics Europe every month. Besides, one of the main tasks of Toshiba Electronics Europe is to determine a half-year budget for the European companies.

Excel tables as too time-consuming

"Before introducing LucaNet, our team which consisted of three persons needed five to six days for monthly reporting", explains Ulrich Leib. We needed so much time for internal and external reporting, because of inefficient manual data processing and forwarding data in Excel tables. Sometimes at the stage of management consolidation unnecessary time was also spent to find formula errors in Excel worksheets.

Flexible standard software wanted

It was clear for the persons in charge at Toshiba Electronics Europe that a software which was flexible enough to reproduce complex, fast changing structures in accounting had to be introduced. Furthermore, it should be intelligent enough to seamlessly document the book entries processes according to different assessment systems. It should be internet- and intranet-enabled, and facilitate management and controlling in inserting monthly, half-year and annual financial statements online, without the need to send Excel files. Besides, 50 employees responsible for cost centres should be involved in the planning process, when a half-yearly budget was being determined. Thus, the requirements for the software to optimize accounting issues were established.
"Our certified public accountant recommended LucaNet to us, we had the company demonstrate the software to us, and after a detailed comparison with other solutions, we decided to select it", says Ulrich Leib and adds, "The time we need to prepare financial statements have been considerably cut down since the introduction of the software, now we only need one to two days for monthly reporting, instead of five to six days, as previously."

Flexibility thanks to good service

The software can be easily adjusted to changes in the organizational structure, such as creation of new departments. What Ulrich Leib most appreciates about the service of LucaNet AG are the professionalism and know-how of the consultants. "For a company like Toshiba, LucaNet offers a service which is unbeatable: as soon as a problem appears, we obtain assistance in just an hour, irrespective whether it is about a monthly financial statement, annual financial statement or determining the budget", says the Controller. "A decentralized, worldwide access to data via internet and intranet became possible after introducing the software. Sending Excel data after completing a monthly or annual financial statement, or after determining the budget was obsolete: today the employees with access rights can inspect the figures via web interface, this saves time."

"LucaNet helps to create a profit and loss account, balance sheet and liquidity planning by ready-to-use planning forms at the push of a button. Employees responsible for cost centres can be easily involved in the planning process without much training effort, this not only saves time, but also makes the planning more exact and the figures quickly available."

Ulrich Leib, Head of Controlling

Toshiba Electronics Europe GmbH