Faster consolidation in tandem with SAP
Success story Neutrik AG
Liechtenstein's Neutrik AG was looking for ways to achieve more professionalism in terms of data quality and its overall process of creating consolidated financial statements. This was why it decided to replace its Excel-based approach to consolidation with LucaNet.
How Neutrik uses LucaNet software:
- Creation of financial statements in line with Swiss GAAP FER
- Full consolidation; elimination of intercompany debt; elimination of intercompany income and expense
- Annual and half-year reporting
About the enterprise
Neutrik is one of the world's leading providers in the design, manufacturing, and sale of plug connectors. The Neutrik Group operates around the world through subsidiaries in North America, Great Britain, Germany, France, India, Japan, Hong Kong, and China.
Use cases:
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Industry :
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Production / Industry
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Core Business :
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Development, production and sales of plug connectors for the professional entertainment industry
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Headquarter city :
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Schaan (Liechtenstein)
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Employees :
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1,000
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Website :
The challenge
Simple connection to SAP
To create its consolidated financial statements, Neutrik spent years working with Excel spreadsheets that were bloated, complicated, and cluttered. The process was very prone to errors and took a tremendous amount of time. The company needed to find a better way. Since the Liechtenstein-based enterprise has been using SAP as its main ERP system since 2005, the new tool needed to be able to connect to its existing SAP infrastructure. It was also important that the new software would allow for faster, more flexible consolidation and make consolidated data available in shorter order.
The solution
Consolidating in real time
Importing Neutrik's transaction figures and balances per ledger account along with its cost centers and cost categories didn’t take long. The data was imported via the interface to SAP, as well as in the form of trial balances in Excel and other reporting packages. The Liechtenstein company is benefiting in particular from the ability to drill down to the individual posting level. This allows users to view the corresponding posting documents for each transaction figure from the source systems with just one click.
The key consolidation steps at Neutrik AG include the elimination of intercompany debt and intercompany income and expense. The consolidation apps LucaNet offers for these process steps facilitate paired elimination of all group-internal issues at the press of a button.
LucaNet enables simple, flexible preparation of the data required for reporting. For instance, if data that only refers to a subgroup or specific individual companies is needed, the user can easily filter for this information. The relevant figures can then be presented transparently in predefined reports and analyses for various target groups.
