How Sourceability reduced its consolidation and budgeting process by 50%
Success story Sourceability
With multiple revenue and operating streams, flexible reporting and budgeting is crucial for the finance team of a multi-faceted company like Sourceability. As Sourceability expands its global footprint, the team also needed an affordable solution that would simplify the financial processes of consolidation, planning, and reporting.
With LucaNet, Sourceability has achieved 50% time-savings in the end-to-end finance process all integrated into a one-source-of-truth platform.
faster consolidation and budgeting processes
2021 budgeting process ran quite well; it is definitely a lot more structured compared to before and improves transparency. During the year, several updates to the budget version were also performed smoothly, and the entire process improved and serves the team well.
How Sourceability uses LucaNet software:
- Automated intercompany reconciliation
- Integrated financial and budget planning
- Accurate and timely tracking of changes
About the enterprise
As a leading company in the electronic industry, Sourceability provides a comprehensive suite of digital products and services to facilitate supply chain management across the supply chain. With multiple offices around the world, Sourceability is available to serve businesses across the globe.
Business Processes
-
Industry :
-
Production / Industry
-
Core Business :
-
Electronics Distribution
-
Headquarter city :
-
Doral (United States)
-
Employees :
-
310
-
Website :
The challenge
Manual process with spreadsheets and control issues
With the growth of Sourceability and the workload increasing significantly within the company's finance team, reforming and upgrading its financial process was paramount in becoming more efficient.
Furthermore, due to the manual process of data collection and analysis via spreadsheets from multiple global subsidiaries, reporting was complicated and time-consuming. This also made it difficult to detect errors and changes in data until the final reports were put together.
Budgeting and forecasting for a fast-paced and multi-faceted business
Additionally, it is crucial for the business to quickly evaluate and respond to actual performance against budgets and forecasts across different workstreams. Budgeting and reporting across different business units was vital in showcasing performance to investors.
With spreadsheets, putting together actual vs. budget reports is a never-ending race against time; and managing multiple versions of forecasts was a cumbersome and error-prone process.
The solution
Seamless data integration and transparency
Using LucaNet, there is now no need for the team to link multiple spreadsheets. Data is integrated inon a one-source-of-truth platform and automatically flows into user-defined reports. Changes in data and format are reflected almost instantaneously, allowing for on-the-spot review and adjustments. With the drill-down feature, the team can also efficiently trace reported numbers back to the source. This allowed Sourceability to deal more with reporting and review while enjoying new-found data transparency.
Efficient financial consolidation and planning
After a smooth implementation and training period with LucaNet’ s professional consultants, Sourceability was able to set up a full self-service consolidation and planning process for a lean team of only three users. Monthly consolidation and comparison reports can now be generated on-demand with just a few clicks. Budgeting and forecasting are also easily managed in-system with data entries across multiple departments.
With the time-savings and error-free information, the team will be able to focus on making meaningful financial analysis and impact on Sourceability and its business units.
faster consolidation and budgeting processes
