Customer Story
As the parent company of an international group, edding AG is in charge of its subsidiaries, including for controlling and accounting. Certainty in planning and quick reporting while also taking currency translation differences into account are guaranteed for the master marker makers – with Lucanet.
Edding’s company journey began in 1960 with just 500 Deutsche Marks in startup capital. Today, edding markers are a stationery staple the world over. Ideas, plans, and plotted success are all jotted down on the markers bearing the edding name.
Up until 2006, the finance department at edding still relied on Excel spreadsheets for the preparation of financial statements, planning, and consolidation. Those in charge of finance and accounting were looking for a software solution that not only would free them from the rampant proliferation of spreadsheets, but also ensure time savings and quality gains. Simplified financial planning and consolidation as well as guaranteed IFRS reconciliation were the outcomes they desired. And it all had to be clear, simple, and reliable.
During their search for software for the preparation of financial statements, edding enlisted the help of a business consulting firm. Company requirements and needs were analyzed and the following independent recommendation was made: Lucanet was the right solution for the company. And no wonder. The software meets all the defined criteria for consolidation, IFRS reconciliation, and financial planning. Straightforward and easy operation as well as a connection to the preexisting SAP system and individually definable wizards to reporting packages for the international subsidiaries sealed the deal. And all this with just a click.
Even preparing the first annual financial statements with the Lucanet software had the finance team at edding in awe: “The time savings and quality gains we achieved compared with previous statements are a tremendous advantage for us. Being able to integrate all parts of the consolidated financial statements while also taking currency translation differences into account was the next big step for that professional touch.”