Contact information.
-
Address"Ekzarh Yosif" street, 31, 1000 Sofia, Bulgaria
-
Phone:+359 2 980 95 99
-
Websitewww.balkanservices.com
Sunotec consolidates its financial statements using Lucanet
The classic example of companies taking the step to implement a financial consolidation software solution can be illustrated like this:
- Aggregating financial statement data across the Group becomes very complex and time-consuming;
- The risk of errors in the preparation of the final documents is growing;
- Highly skilled specialists in the Group structure are engaged in operational activities before reaching the core of the consolidation.
This is the point at which management realizes that it needs to look for a solution to automate the process of preparing a consolidated report so that:
- data to be consistent;
- operations are traceable;
- financial consolidation time is reduced.
A solution to achieve all of this was found with our help by Sunotec, the largest photovoltaic plant construction company by revenue in Bulgaria for 2023.
About Sunotec
Sunotec is a Bulgarian-German company with a 12% market share in the construction of industrial photovoltaic plants in Europe. It has more than 600 solar projects worldwide with a capacity of over 8.2 gigawatts.
The company employs over 2 000 people and has the second-largest fleet of in-house construction equipment in the sector in Europe.
The Group provides a full range of services related to constructing photovoltaic parks.
Last year, Sunotec undertook a significant restructuring to transition from a construction company in the renewable energy sector to a total solutions provider for the solar industry.
The company’s horizon includes expanding into markets on other continents where it already has a presence, such as Africa and Asia.
The company relies on reliable systems to optimize its operations in such a way that its management has time to focus on the essential things for the business.
The company chose the specialized platform – Lucanet CFO Platform of our long-time partner Lucanet and has been working with it successfully for more than a year.
Read more: MFG reduced financial consolidation time from 7 days to 2 days [case study]
The need for Lucanet’s specialized financial management solution
Sunotec is a relatively large group with over 80 companies. The specifics of the PV business are such that companies are set up on an ongoing basis for solar farm construction projects.
The restructuring of the Group results in a reshuffling of the companies exercising control.
Consolidation in such dynamics is complex to implement using spreadsheets (Excel).
In the meantime, the company is changing its financial and accounting system to one of the most popular ERP platforms in the world.
Project specifics
Sunotec is a Bulgarian-German group whose companies prepare accounts according to different standards – International Financial Reporting Standards (IFRS), German GAAP or Bulgarian national accounting standards.
Our team has structured the primary forms of the accounts.
A need has been identified to collect additional data and more detailed disaggregated data to automate the preparation of disclosures to the report.
Lucanet has a dedicated Group Report module for decentralized data collection. Here, additional rules are created and embedded to check and validate the data entered and its completeness – this provides the ability to verify the data at the individual report level, pre-reconciling the intra-group relationships, even before the consolidation process starts. A method is in place to import the Group Report data into the central part of Lucanet, where the consolidation procedures are executed.
Since the implementation of Lucanet at Sunotec, our work as consultants has mainly consisted of training and supporting key users.
As the next phase of the project, automatic integration with one of the ERP systems used in the Group will be made for some of the companies. The aim is to download accounting data to speed up the data collection process on an individual basis.
Looking for business software?
Our team is here to listen carefully and offer the right solution for you.
Timely reporting and smooth process
Since implementing Lucanet at Sunotec, the financial audit process has been more straightforward. The company’s auditors have individual profiles in the system. They can carry out data verification without the need for constant transmission of file information between them and the responsible employees in the Group.
The team told us that the key Lucanet user in the company has previous experience with the system and knows it. To date, he has been able to prepare the Group’s consolidated financial statements relying on our assistance.
I have been using Lucanet in my work for more than 5 years and believe that it deservedly holds one of the leading positions among consolidation systems worldwide.
For businesses with a complex organizational structure such as ours, the speed of data processing, reliability in the execution of consolidation procedures, and flexibility in the presentation of reports in different sections are of particular importance – and Lucanet meets our requirements and expectations completely”, shared his impressions of working with the platform Stoyan Tarakchiev, Consolidation Manager at Sunotec.
At this stage, Sunotec’s consolidated financial statements for 2023 have been prepared in Lucanet.
At Balkan Services, we have expert knowledge of business, technology and legislation and speak all three languages. We will listen carefully and advise you on choosing the right business system for your needs
Balkan Services has implemented business software solutions since 2006 and has completed over 720 projects for over 390 clients. We follow a proven implementation methodology with clear steps and best practice know-how.
