Financial consolidation in half the time
Success story Leica Camera AG
For a long time, Leica used an outdated and cumbersome consolidation solution. This prompted the company to switch to software that really can handle structures that are growing increasingly complex.
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How Leica uses LucaNet software:
- Consolidated financial statements in line with IFRS
- Documentation of postings
- Planning of turnover, material, and investments
About the enterprise
Leica stands for high technology made in Germany. And it is a part of the vision culture. The 35 mm format film was established with the first 35 mm format film camera constructed in 1913, and it made Leica famous around the world.
Use cases:
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Industry :
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Production / Industry
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Core Business :
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Optics
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Headquarter city :
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Wetzlar (Germany)
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Employees :
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1,600
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Website :
The challenge
Managing growth
Leica has experienced strong growth in recent years. This has caused its accounting needs to increase. The consolidation software Leica previously used was reaching its limits – especially in terms of usability, transparency, and auditability. The new tool had to be user-friendly and compatible with other systems used at the company, it had to document postings, and above all it had to grow with ever more complex structures at Leica.
The solution
Simple connection to SAP
In LucaNet, Leica found its ideal solution. Managers were particularly impressed by the convenience of the import process. The data was simply copied over from the source system, with no special preparation being required. This led to greater efficiency and time savings in consolidation. “Finally, software that is intuitive to use, connects well to SAP, and clearly documents postings”, says Uwe Lutz, Head of Finance at Leica.
Consolidated financial statements now ready 1.5 days sooner
Apart from being simpler to use, as already mentioned, the whole process was simplified by setting accounting rules and due to the traceability of consolidation postings. In total, by using LucaNet, Leica cut the time needed to prepare its financial statements from two or three days to just one day.
Planning is now also simpler: budgeting is handled centrally by the head office; the subsidiaries submit planning for each company; at the corporate level, all of the cost center managers are involved in planning. Planning includes turnover, material, investments, cost centers, and projects. This takes place at cost center level in the corporation, and at company level for the subsidiaries. For Leica, the greatest advantage of LucaNet lies in the creation of a planned balance sheet at the corporate level with payment modalities and accounting rules.
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