Customer Story
INSPECS Group, a rapidly expanding global eyewear company, faced significant challenges in consolidating, managing financial planning, and meeting reporting requirements. With Lucanet, they were able to overcome these obstacles and save considerable time and resources.
INSPECS is a global provider of solutions to the eyewear market from the largest optical chains to individual consumers. Operating from 14 sales offices, INSPECS has manufacturing bases in Vietnam, China, Italy and UK.
Lucanet has transformed our financial processes, giving us more time to focus on strategic decisions and growth.
Ziv Mashasha
Group Accountant
The INSPECS Group experienced rapid growth with the number of companies increasing from 8 to over 14 and several sub-subsidiaries in a short period of time. This expansion presented significant challenges in consolidating the various accounts in different currencies and accounting standards quickly and consistently. In addition, the group needed to provide timely financial information to the AIM stock exchange.
The company relied on Excel spreadsheets, which proved unreliable especially when changes were made. As a result, the team spent an inordinate amount of time rechecking and recalculating figures, which had a negative impact on the efficiency of financial processes.
INSPECS chose Lucanet because of its intuitive interface and powerful functionality. Compared to other competitors, the software was easy to understand and follow, enabling a smooth transition from Excel-based processes.
"Initially, Lucanet was just for consolidation purposes," adds Ziv Mashasha, Group Accountant at INSPECS, "but the software was so helpful and promising for us that we decided to also include planning, working capital management and Power BI reporting.”
Since then, Lucanet has significantly improved the company's financial day-to-day operations. The software has saved time, increased automation and allowed inconsistencies to be identified more quickly. Ziv Mashasha is enthusiastic: "Lucanet now provides the backbone of the data and reporting we need. The improvements in terms of time spent consolidating, uploading adjustments and having them flow into every single report, such as the balance sheet or profit and loss, are incredible. We can literally look at the screen and see issues immediately.”
In terms of financial planning, the INSPECS finance team has also gained many new benefits. They can now show their board not just the budget, but different iterations of the budget, including stretch and multiple forecasts. This allows them to better plan for the impact of acquisitions on the business.
Thanks to Lucanet, INSPECS has saved more than 30 working days per year in preparing financial statements and reporting. This increased efficiency has allowed the company to focus on strategic decisions and continued growth, while maintaining confidence in the accuracy of its financial data.