How MCL Land uses Lucanet software:
- Fast consolidation and flexible reporting
- Affordable solution to simplify the financial processes of data collection, consolidation, and reporting
About the company
MCL Land is a leading property group in Singapore and a member of the Jardine Matheson Group under Hongkong Land Holdings. MCL Land has a long track record of building quality homes in Singapore and Malaysia over the last 50 years, as well as an extensive portfolio of prime residential properties in Singapore and Malaysia, which are held through its subsidiaries and associates.
With this system, we can easily turn out the segment report and other management reports according to the currency requested and speed up the whole consolidation process for the group. It allows us to drill down to the individual posting level and full currency translation for oversea subsidiaries. It also fully automated all the steps in consolidation such as elimination of intercompany balance and equity elimination.
Chua Yoon Mee
Finance Manager
The Challenge
Manual Process with Spreadsheets and Control Issues
With the growth of MCL Land and the significantly increased workload within the company's finance team, reforming and upgrading its financial process was paramount in making itself more efficient.
Furthermore, due to the manual process of data collection and analysis via spreadsheets from multiple subsidiaries, reporting was complicated and time-consuming. This also made it difficult to detect errors and changes in data until the final reports were put together.
The Solution
Seamless Data Integration and Transparency
Using Lucanet, the team has now eliminated the need to link multiple spreadsheets together. Data is integrated on a one-source-of-truth platform and automatically flows into user-defined reports. Changes in data and format are reflected almost instantaneously, allowing for on-the-spot review and adjustments. With the drill down feature, the team can also efficiently investigate reported numbers down to the source. This allowed MCL Land to do more with reporting and review while enjoying newfound data transparency.
Efficient Financial Consolidation
After a smooth implementation and training period with Lucanet’s professional consultants, MCL Land was able to set up a full self-service consolidation and planning process for a lean team of only three users. Monthly consolidation and comparison reports can now be generated on-demand with just a few clicks.
With the time-savings and error-free information, the team will be able to focus on making meaningful financial analysis and impact for MCL Land and its business units.
