Push-button reporting leaves more time for analysis
Initially, Weidmann’s financial managers spent a lot of time compiling, copying, and editing reports by hand to achieve their desired presentation structure. This process involved many hours of manual work with meticulous detail. Weidmann’s new software has given them a fresh start in every facet of the report generation process. “It's really impressive: Instead of spending time on the complicated way in which we used to create reports and edit them by hand, I can really look into the numbers and find out what they mean. That also makes it much easier to explain them to my colleagues”, points out a satisfied Carol Martin.
Automated comparisons of group-internal transactions
Lucanet organizes and automates the process of IC reconciliation, meaning that all controllers within the group can view the transactions entered by their trade partners. “Our controllers used to have to send data to each other in Excel files, check through it, and compare their own figures with those of their trade partners by hand, which was fairly exhausting. They then had to track down missing invoices and transactions and report on them”, Martin adds.
Flexibility in currency conversion
In the United States, Weidmann’s reporting complies with US GAAP accounting standards. The company prepares a sub-consolidation with reports in U.S. dollars for this purpose. Weidmann also produces a separate consolidation in which it converts the currencies of its associated companies – Brazilian Reals, Canadian dollars, U.S. dollars, and so on – into Swiss francs. Lucanet easily provides the tools to combat this challenge. Once the data is in the system, selecting the desired currency is enough to display it immediately in the generated report.