Customer Story

Revolutionizing multi-country financial consolidation and reporting

Success story Management Financial Group (in cooperation with our partner Balkan Services)

Handling the financial consolidation for numerous entities in seven different countries, Management Financial Group faced a daunting task: optimizing the financial consolidation process and improving data quality while meeting strict deadlines. The implementation of Lucanet made this challenge manageable, resulting in significant time savings and more reliable data.

How MFG uses Lucanet software:

Efficient management of financial consolidation for multiple companies
Replacement of manual spreadsheet-based methods
Single platform for data management, consolidation and reporting
Generate a wide range of reports, including financial statements, management reports, and regulatory filings

About the company

Management Financial Group (MFG) brings together leading providers of non-bank financial services in Central and Eastern Europe. With a mission to provide easy access to finance for everyone, MFG operates in seven European countries with plans for expansion. The group offers a wide range of financial and credit products to individuals and SMEs and is a market leader in non-bank consumer lending.

Lucanet has significantly streamlined our financial consolidation process, improving accuracy and saving time, so we can focus more on analysis and decision-making.

Blagovest Vitanov

Head of Group Department Budgeting and Reporting

The challenge

Managing complex consolidation across multiple countries

The Management Financial Group (MFG), operating across seven countries, faced an immense challenge with its financial consolidation process. The organization had to handle data from numerous entities, ensuring its integrity and accuracy while performing complex calculations and meeting tight deadlines. Using manual spreadsheet-based methods and basic consolidation tools, the financial team found the process to be time-consuming and error-prone, making it increasingly challenging to meet reporting deadlines and maintain financial transparency.

"We realized that our existing methods were simply not scalable or efficient enough to handle the growing number of companies that needed to be consolidated," says Blagovest Vitanov, Head of Group Department Budgeting and Reporting at MFG. The crucial need for improved data accuracy, control, auditability, and a streamlined process drove MFG to seek a more professional, innovative solution.

The solution

Love at first sight

"We decided that Lucanet was the best fit for us. It was something like love at first sight," says Blagovest. "Lucanet stood out for its user-friendly interface, flexibility, scalability, and positive reviews from other organizations in our industry that had successfully implemented it."

"Another decisive factor in choosing Lucanet was the demo that Balkan Services presented to us even before we decided to work with them," Blagovest is emphatic. He adds that the professionalism of the Balkan Services team was the reason why he wanted the realization of the project even more.

Next-level data collection and consolidation processes

The implementation of Lucanet has provided MFG with an intuitive, centralized platform for data management, collaboration and reporting, improving the efficiency and accuracy of the company's financial consolidation process.

Lucanet's user-friendly interface and flexibility made it an ideal fit for the MFG team, allowing multiple users to work on the same data simultaneously while ensuring consistent and up-to-date financial information.

The software streamlines data collection and validation, accelerates consolidation cycles, improves data transparency, facilitates accurate intercompany reconciliation, and provides comprehensive reporting capabilities.

Significant progress in reporting and budgeting

The group is now able to process company reports much faster. "A finished individual accounting report is transformed into a management report with several operations. Where before one person in the team could process one company in a day, now they can process three or four companies at the same time. This makes it easy for us to look at other things that we would otherwise not have time for," says Blagovest.

The team now also has a reliable tool to compare monthly actual performance with the budget for individual companies and the entire group. In addition, Lucanet facilitated the collection of statistical data and the calculation of various KPIs, adding another layer of insight to support strategic decision-making.

Ultimately, Management Financial Group was able to significantly streamline its financial consolidation process, improving accuracy and saving significant time. In fact, consolidation is becoming the favorite activity of MFG's reporting department. The consolidation process with Lucanet now takes only two days, as compared to seven or more days in previous periods.

How Lucanet software benefits MFG:

Standardized reporting processes
Improved accuracy and consistency of data
Enhanced collaboration across the accounting and finance teams
Holistic view of performance against planned targets
Better informed decision making