Sector: Automotive Industry
Product Range: Heated Seats
Revenue: EUR 130 M
Employees: 3000
Initial Situation
- A total of 8 operating companies in Europe, Asia and America
- Different regional entry systems and chart of accounts
- Costly annual consolidation of actual numbers in Excel with partly considerable differences
- Planning and reporting is only possible at the income statement level
- Regularly significant differences between reporting and HGB accounting at group level
- Dissatisfaction of the financing banks with the data quality
Procedures and Services
- Inventory and goal definition during a workshop
- Installation of the financial software "Lucanet”
- Reading 6 companies on document level and automatic identification of IC entries
- Transformation routines for the monthly data of 2 other foreign companies
- Development of a planning and reporting structure for all individual companies and the group
- Training a newly installed group accountant
Results
- Prompt monthly reporting of profit and loss, balance sheet and cash flow for individual companies and at group level
- Significant improvement in transparency within the companies and the group as well as for external stakeholders such as banks
- Significant increase in the controllability of the entire group with the same workforce
- Significant improvement in the speed and quality of consolidated financial statements
Source: Concentro